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

Axis Overnight Fund Direct Growth Plan is a low-risk liquid fund with a current NAV of ₹1,459.8526 as of 17 Sep 2026 and scheme AUM of ₹11,325 Cr. Its 1-year, 3-year and 5-year returns are 5.3%, 6.11% and 5.74%, respectively.

Our view is that this fund suits investors who want very short-duration parking with relatively steady behaviour rather than aggressive return chasing. The portfolio is heavily anchored in cash-like and treasury-bill instruments, which supports stability, while the benchmark comparison shows the fund has held up better over the 1-year period than the index used here.

Quick facts

Particular	Details
NAV	₹1,459.8526 as of 17 Sep 2026
AUM	₹11,325 Cr
Expense Ratio	0.06%
Launch Date	15 Mar 2019
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Sachin Jain, Hardik Satra

The fund is managed by Sachin Jain and Hardik Satra.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-3.66%
3M	1.27%	-3.71%
1Y	5.3%	-7.13%
3Y	6.11%	5.82%
5Y	5.74%	5.72%

The short-term pattern has been calm, with small positive returns over 1 month and 3 months. That matters because overnight and liquid funds are often used for temporary parking, where consistency is usually more important than sharp upside.

Over the 1-year period, the fund’s 5.3% return is materially better than the benchmark’s -7.13%. That is a useful sign of defensive behaviour in a weak benchmark environment, even though the fund itself is not meant to chase equity-like growth.

Longer-term, the 3-year return of 6.11% and 5-year return of 5.74% sit close to each other, which suggests a fairly stable compounding path. The benchmark also shows a similar 5-year return, but the 1-year divergence is notable because it highlights that the fund has been more resilient in the recent period than the index used for comparison.

From the movement pattern, we read a portfolio that has not shown wide swings and has gradually compounded over time. For investors, that is generally the main appeal: predictability and capital preservation orientation rather than an attempt to outpace riskier categories.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Axis 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
Axis Overnight Fund Direct Growth Plan	5.3%	6.11%	5.74%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.59%	7.02%	6.41%
Axis Liquid Fund Direct Growth Plan	6.59%	7.01%	6.4%
Sundaram Liquid Fund Direct Growth Plan	6.58%	7%	6.38%
JioBlackRock Liquid Fund Direct Growth Plan	6.57%	Data not available	Data not available
Nippon India Liquid Fund Direct Growth Plan	6.56%	6.99%	6.37%

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

Against the peer set, the fund’s 1-year return of 5.3% trails the 6.56% to 6.59% band seen in the stronger liquid-fund examples here. That means the recent return profile is respectable, but not as strong as several comparable funds on the same horizon.

The longer-term picture is closer. Its 3-year return of 6.11% remains below the 6.99% to 7.02% range shown by the available peers, while the 5-year return of 5.74% is also below the 6.37% to 6.41% range available in this group. So the gap is visible on both medium and long horizons, not just in the latest year.

That said, the short-term and long-term comparison tell slightly different stories in terms of stability. The fund has behaved steadily, but the peer set has delivered somewhat stronger compounded returns where figures are available. For an investor, the takeaway is that this fund appears more about low-volatility cash management than trying to match the stronger return numbers of the better-performing liquid funds.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	87.69%
AMC Repo Clearing Limited	Cash & Cash Equivalents and Net Assets	8.15%
182 Days Tbill (MD 10/09/2026)	Treasury Bills	1.63%
182 Days Tbill (MD 18/09/2026)	Treasury Bills	1.32%

The largest holding, Clearing Corporation of India Ltd, carries a weight of 87.69%, so it is likely to have the greatest influence on day-to-day portfolio behaviour. The next holding is much smaller at 8.15%, and the remaining two treasury-bill positions are near the 1% to 2% range, which shows a sharp fall from the first line item to the rest.

Because the four disclosed holdings together account for 98.79% of the portfolio, the fund is extremely concentrated within a very short list of cash-like instruments. That concentration may support a stable overnight-style structure, but it also means the portfolio is not spread across a long tail of many small positions.

With only four disclosed holdings in total, the structure is easy to read and leaves little ambiguity about where the money is parked. In our view, that kind of concentration is typical for a very short-duration fund and may help explain why the fund’s returns have stayed in a narrow band over longer periods.

Source data date: as of 17 Sep 2026

Who should invest

This fund fits investors with a conservative risk tolerance who are looking for a parking option rather than a return-maximising allocation. Its low-risk profile and steady 1-year, 3-year and 5-year numbers suggest it is better suited to short holding periods or very near-term cash management than to long-horizon wealth building.

The main trade-off is straightforward: the fund can offer stability and ease of exit, but it is not designed to compete with higher-return liquid peers on every horizon. Investors who want predictable behaviour, limited duration exposure and a simple portfolio structure may find that trade-off acceptable.

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 17 Sep 2026

Frequently asked questions

What is the current NAV of Axis Overnight Fund Direct Growth Plan?

The current NAV is ₹1,459.8526 as of 17 Sep 2026.

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

The fund’s 1-year return is 5.3%, the 3-year return is 6.11% and the 5-year return is 5.74%.

How does the fund compare with its benchmark?

On the 1-year period, the fund has done better than the benchmark return of -7.13%. Over 3 years and 5 years, the fund and benchmark are much closer, with the fund slightly ahead on 3 years and almost matched on 5 years.

How does it compare with peer liquid funds on available return data?

On the available peer figures, several liquid funds show stronger 1-year, 3-year and 5-year returns than this fund. The comparison suggests steadier behaviour here, but lower compounded returns than the stronger peer examples.

What is the minimum SIP amount?

A minimum SIP amount is not stated here, so we are not using one.

What is the fund’s risk profile and exit load?

The fund is in the Low Risk category. It has no exit load, and the fund is managed by Sachin Jain and Hardik Satra.

Bottom line

This fund’s recent return pattern is steadier than its benchmark, while its longer-term returns remain in a narrow band that suits cash-style investing more than aggressive return seeking. Compared with available peer return data, the fund trails several liquid-fund examples on 1-year, 3-year and 5-year figures. The portfolio is highly concentrated in a handful of cash-like and treasury-bill positions, which supports its low-risk character. For investors who value stability and short-duration parking, that profile is the main attraction.

Published on 18 September 2026 at 4:19 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.