Aditya Birla SL Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Overnight Fund Direct Growth Plan had a NAV of ₹1488.357 as of 01 Sep 2026 and an AUM of ₹9,747 Cr. Its 1-year, 3-year and 5-year returns are 5.29%, 6.10% and 5.70%, and the risk category is Low Risk.

Our view is that this is a conservative liquid fund with stable behaviour, modest return consistency and a portfolio dominated by cash-like instruments. It suits investors who value low volatility and do not expect equity-style upside.

Quick facts

Metric	Value
NAV	₹1488.357
AUM	₹9,747 Cr
Expense Ratio	0.08%
Launch Date	01 Nov 2018
Min SIP	₹0
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Kaustubh Gupta

The fund is managed by Kaustubh Gupta.

Source data date: as of 01 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.41%	-2.9%
3M	1.28%	2.44%
1Y	5.29%	-2.9%
3Y	6.10%	6.01%
5Y	5.70%	6.43%

The fund’s short-term pattern has been steadier than the benchmark’s. Over 1 month and 1 year, the benchmark moved sharply at points, while the fund stayed positive in both windows. That kind of profile matters for investors who want low drama rather than chasing large jumps.

Over 3 years, the fund and benchmark have been close, with the fund slightly ahead at 6.10% versus 6.01%. Over 5 years, however, the benchmark has been stronger at 6.43% compared with the fund’s 5.70%. Our reading is that the fund has kept up reasonably well over medium horizons, but it has not consistently outpaced the benchmark over the full period.

The return pattern also fits the portfolio mix. With most of the portfolio in TREPS and reverse repo, the fund is built for stability and liquidity, so a smooth compounding pattern is more relevant than high absolute growth. Recent behaviour suggests that the fund has remained defensive, and that is exactly how we would expect an overnight-style portfolio to behave.

For investors, the key point is that the fund has shown controlled movement rather than aggressive acceleration. The trade-off is visible in the 5-year period, where the return is decent but not the strongest outcome versus the benchmark.

Source data date: as of 01 Sep 2026

Should you BUY or HOLD Aditya Birla SL Overnight?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Overnight Fund Direct Growth Plan	5.29%	6.10%	5.70%
Bank of India Overnight Fund Direct Growth Plan	5.54%	6.24%	5.82%
360 ONE Overnight Fund Direct Growth Plan	5.35%	Data not available	Data not available
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.32%	6.11%	5.70%
Nippon India Overnight Fund Direct Growth Plan	5.32%	6.12%	5.72%
DSP Overnight Fund Direct Growth Plan	5.31%	6.10%	5.70%

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

On the latest 1-year figure, the fund trails Bank of India Overnight Fund Direct Growth Plan but stays very close to the rest of the peer set. The gap is not wide, which suggests a fairly tight return band across this category.

Over 3 years, the fund is slightly behind Bank of India Overnight Fund Direct Growth Plan and Nippon India Overnight Fund Direct Growth Plan, while remaining close to Baroda BNP Paribas Overnight Fund Direct Growth Plan and DSP Overnight Fund Direct Growth Plan. Over 5 years, it again sits a little below the stronger peer figures, but the difference is modest rather than dramatic.

The short-term and longer-term comparisons tell a similar story: this fund has been consistent, but it has not led the available peer returns on the longer windows. For investors, that means the case rests more on stability and liquidity management than on return advantage.

Source data date: as of 01 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	57.89%
Reverse Repo	Cash & Cash Equivalents and Net Assets	38.34%
91 Day T-Bill 13.08.26	Treasury Bills	2.05%
364 Day T-Bill 20.08.26	Treasury Bills	1.79%

The largest holding, TREPS, accounts for 57.89% of the portfolio, so it is likely to have the greatest influence on day-to-day stability. Reverse repo is also large at 38.34%, which means the fund is very heavily tilted toward cash-like and short-duration instruments.

The drop from the first holding to the third and fourth is steep. After the two very large cash-equivalent positions, the rest of the disclosed portfolio is split between two treasury bill holdings of only 2.05% and 1.79%, which shows how quickly the weight tapers off.

Because all four disclosed holdings add up to 100% and there are only four rows in the visible portfolio, the structure is highly concentrated in a few positions rather than spread across a long tail. That concentration is not unusual for an overnight-oriented liquid strategy, but it does mean the portfolio is tightly anchored to cash management instruments.

Source data date: as of 01 Sep 2026

Who should invest

This fund is suited to conservative investors who want low volatility and are comfortable with a low-risk profile. The 1-year, 3-year and 5-year returns show steady compounding rather than strong capital appreciation, and the benchmark comparison indicates that it has stayed broadly in line over some periods while lagging slightly over longer ones.

Our view is that the better fit is an investor with a short holding horizon or a parking role in mind, where liquidity and stability matter more than chasing higher returns. The main trade-off is clear: you accept a modest return profile in exchange for a portfolio that is dominated by cash-equivalent holdings and behaves in a controlled manner.

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: No exit load.

Source data date: as of 01 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Overnight Fund Direct Growth Plan?

The current NAV is ₹1488.357 as of 01 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year, 3-year and 5-year returns are 5.29%, 6.10% and 5.70%.

How does the fund compare with its benchmark?

It is slightly ahead of the benchmark over 3 years, but behind over 5 years. Over 1 year, the fund is positive while the benchmark is negative.

How does it compare with peer overnight funds?

Its returns are broadly in the same band as the peer funds listed here, though Bank of India Overnight Fund Direct Growth Plan is a little stronger on the available 1-year, 3-year and 5-year figures.

What is the minimum SIP amount?

The minimum SIP amount is ₹0.

Who manages the fund and what is its exit load?

Kaustubh Gupta manages the fund. The exit load is nil.

Bottom line

Aditya Birla SL Overnight Fund Direct Growth Plan looks like a steady liquid fund rather than a return leader. Recent performance has stayed stable, while the longer-term record is broadly respectable but a little weaker than the benchmark over 5 years and a shade behind some peers on the available windows. The portfolio is heavily concentrated in TREPS and reverse repo, which reinforces its low-risk character. For investors who want liquidity, stability and a low-volatility profile, that mix is useful; for those seeking higher growth, it is naturally limited.

Published on 2 September 2026 at 3:23 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.