Aditya Birla SL Nifty Smallcap 50 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Nifty Smallcap 50 Index Fund Direct Growth Plan has a NAV of ₹24.2795 as of 01 Sep 2026 and manages ₹348 Cr. Its 1-year, 3-year and 5-year returns are 17.85%, 19.94% and 14.10%, and the fund sits in the High Risk category.

Our view is that this is a small-cap index option for investors who can tolerate sharp swings and want exposure to a high-volatility segment through a rules-based structure. The longer-term return profile has been stronger than the benchmark, while the recent 1-year phase has also stayed ahead of the benchmark, which points to a fund that has held up reasonably well across different market conditions.

Quick facts

Metric	Value
NAV	₹24.2795
AUM	₹348 Cr
Expense Ratio	0.46%
Launch Date	05 Apr 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% if units are sold within 15 days; nil after 15 days
Fund Managers	Mehul Dama, Priya Sridhar

The fund is managed by Mehul Dama and Priya Sridhar.

Source data date: as of 01 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	1.59%	-2.90%
3M	11.68%	2.44%
1Y	17.85%	-2.90%
3Y	19.94%	6.01%
5Y	14.10%	6.43%

The recent pattern has been constructive. Over 1 month and 3 months, the fund stayed positive while the benchmark was weaker over the same stretch, which suggests the strategy has handled short-term volatility better than the benchmark in this phase.

That recent strength does not look isolated. The 1-year return is well ahead of the benchmark, and the 3-year figure also shows a wide gap in favour of the fund. This matters because small-cap allocations often move through sharp cycles, and the fund has still preserved a positive compounding path through those swings.

The 5-year return is lower than the 3-year figure, which tells us the path has not been smooth. Even so, the fund still stands ahead of the benchmark over 5 years, so the longer record remains better than the benchmark despite drawdowns along the way.

For investors, the key takeaway is that the fund has shown recovery after weaker phases rather than a straight line up. That is consistent with a higher-risk small-cap exposure, where patience and the ability to absorb interim declines matter as much as headline returns.

Source data date: as of 01 Sep 2026

Should you BUY or HOLD Aditya Birla SL Nifty Smallcap 50 Index?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

Already holding Aditya Birla SL Nifty Smallcap 50 Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Nifty Smallcap 50 Index Fund Direct Growth Plan	17.85%	19.94%	14.10%
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	36.30%	29.92%	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	27.90%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	27.62%	Data not available	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	27.38%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	27.38%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On 1-year return, the fund trails the strongest peer figures in this set, but it remains comfortably above its benchmark. The 3-year and 5-year numbers are more balanced in context: the fund is behind the best available peer figures where they exist, yet it has a much fuller long-run record than several peers that do not show longer history. That creates a mixed picture of short-term competitiveness and longer-term consistency.

The difference between short-term and longer-term peer comparison is important here. The recent 1-year return is respectable, but the standout peer figures are higher. At the same time, the fund’s 3-year and 5-year returns are meaningfully positive, which keeps it relevant for investors who care more about cycle-to-cycle resilience than a one-period lead.

Source data date: as of 01 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight

The top 10 holdings account for approximately 0.0% of the portfolio.

The portfolio disclosure available here does not list individual holdings, so we cannot attribute influence to any one company or sector from the visible holdings table. What we can say is that the disclosed holding universe is broad enough to include 50 constituents in the index-style strategy, and that usually means the portfolio is designed around diversified small-cap exposure rather than a single-stock theme.

Because individual weights are not visible in the holdings table, we should be cautious about making concentration claims beyond the disclosed structure. In a small-cap index fund, the practical risk often comes less from manager discretion and more from the inherent volatility of the underlying segment, which can move sharply even when diversification is present.

Source data date: as of 01 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and can stay invested for a longer horizon. The return pattern over 1 year, 3 years and 5 years shows that the fund can recover well over time, but it can also move through periods of weakness, especially when small caps are under pressure.

The benchmark comparison also matters. The fund has stayed ahead of the benchmark across the reported horizons, which supports the case for investors who want systematic small-cap participation rather than benchmark-like stability. The trade-off is simple: higher growth potential comes with sharper interim swings, so it is better suited to investors who can tolerate volatility without reacting to short-term drawdowns.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: 0.25% if units are sold within 15 days; nil after 15 days.

Source data date: as of 01 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Nifty Smallcap 50 Index Fund Direct Growth Plan?
The current NAV is ₹24.2795 as of 01 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 17.85%, 19.94% and 14.10%.

How has it performed versus the benchmark?
It has stayed ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The benchmark figures are weaker over the same periods, especially over 1 year.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund?
The fund is managed by Mehul Dama and Priya Sridhar.

What is the exit load and risk category?
The fund is in the High Risk category. The exit load is 0.25% if units are sold within 15 days, and nil after 15 days.

Bottom line

Aditya Birla SL Nifty Smallcap 50 Index Fund Direct Growth Plan has delivered a stronger long-term pattern than its benchmark, and the recent year has also stayed positive. That combination matters because small-cap exposure is rarely smooth, and the fund’s return path shows both recovery and volatility. The High Risk label fits that experience. For investors who want diversified small-cap exposure and can tolerate sharp swings, the fund looks more suited to a long holding period than a short-term allocation.

Published on 2 September 2026 at 2:49 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.