Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Updated: 10 Sept 2026 • 9:49 am

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Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan has a NAV of ₹49.357 as of 09 Sep 2026 and a scheme AUM of ₹292 Cr. Its 1-year, 3-year and 5-year returns are 5.44%, 7.85% and 5.92% respectively, and the fund sits in the Medium Risk category. Our view is that this is a conservative debt option with a clear government-securities tilt, but recent weakness in the shorter window means the path has been uneven rather than steady.

The longer record is more balanced than the latest month, which helps the fund look more suitable for investors who can hold through interest-rate swings and want gilt exposure rather than high-growth debt. The portfolio is dominated by sovereign and state-backed paper, so the return profile is likely to stay tied to movements in yields and duration.

Table of Contents

Quick facts

Particular	Details
NAV	₹49.357 as of 09 Sep 2026
AUM	₹292 Cr
Expense Ratio	0.26%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Harshal Joshi

The fund is managed by Harshal Joshi.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.56%	-4.69%
3M	1.97%	0.93%
1Y	5.44%	-7.16%
3Y	7.85%	6%
5Y	5.92%	5.87%

The recent pattern is softer at the very short end, with a slight one-month decline after a modest three-month gain. That kind of move is common in gilt funds when yields shift, and it tells us the fund can remain sensitive even when the broader debt backdrop looks calm.

Over longer windows, the picture is steadier. The 1-year return is positive while the benchmark is negative, and the 3-year and 5-year numbers are both close to the benchmark with a small edge over five years. That combination suggests the fund has done a decent job of preserving long-run compounding through a rate cycle, even though the most recent stretch has not been uniformly smooth.

What matters most here is the contrast between the latest month and the longer horizon. The fund has not been driven by explosive short-term gains; instead, it has tended to move in measured steps, which fits a duration-aware government-bond portfolio. For an investor, that usually means the return path can look uneven in the short run even when the long-run picture remains serviceable.

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

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Bandhan 10 year Constant Maturity Gilt?

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
Bandhan Gilt Fund Direct Growth Plan	7.94%	8%	6.38%
Franklin India Gilt Fund Direct Growth Plan	6.38%	6.62%	5.47%
Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan	5.44%	7.85%	5.92%
ICICI Pru Gilt Fund Direct Growth Plan	5.23%	7.3%	6.65%
UTI Gilt Fund Direct Growth Plan	5.17%	6.73%	5.77%

The one-year comparison shows the fund trailing the stronger peer returns on this horizon, especially the higher figures posted by Bandhan Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan. Over three years, it sits close to the stronger peer cluster, which tells us the medium-term record is more competitive than the recent one-year result suggests. Over five years, it remains in the middle of the peer group rather than clearly pulling ahead or falling away.

That split matters for interpretation. The shorter window says the fund has lost some momentum versus the more agile peers, but the longer windows show it has still held a reasonable compounding profile. In our view, the comparison points to a fund that can be acceptable for rate-sensitive debt allocation, though it has not been the cleanest short-term performer among the funds shown here.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.94% GOI (MD 11/05/2036)	Government Securities	66.6%
6.68% GOI (MD 07/07/2040)	Government Securities	19.8%
7.49% Karnataka SDL (MD 04/02/2035)	Government Securities	6.12%
Triparty Repo TRP_010926	Cash & Cash Equivalents and Net Assets	3.62%
7.1% GOI (MD 08/04/2034)	Government Securities	1.73%
Net Current Assets	Cash & Cash Equivalents and Net Assets	1.63%

The largest holding, 6.94% GOI (MD 11/05/2036), carries 66.6% weight, so it is likely to have the strongest influence on day-to-day movement. The next two positions are also government securities, which keeps the portfolio anchored in sovereign and quasi-sovereign debt rather than spreading meaningfully into corporate credit.

Weight falls sharply after the first two holdings, and by the time we reach the smaller positions, each line is comparatively modest. That pattern suggests the fund may behave like a concentrated duration portfolio, where a few long-dated securities matter much more than the rest of the list.

All disclosed holdings together account for 99.5% of the portfolio across 6 line items, so the structure is highly visible and not especially long-tailed. In our view, that concentration can help investors understand the main driver of returns, but it also means changes in yields on the dominant papers could matter more than they would in a more diversified debt fund.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with Medium Risk debt exposure and can hold through rate-driven swings. The 1-year result is softer than the 3-year and 5-year record, while the benchmark comparison suggests the fund has preserved its longer-run profile reasonably well even when shorter-term movement was less favourable.

It is most appropriate for a longer investment horizon, because gilt funds tend to reward patience more than quick entry and exit. The main trade-off is that the portfolio is tightly linked to a small set of long-duration government securities, so returns can move around when yields shift, even though credit risk remains anchored in sovereign paper.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan?
The current NAV is ₹49.357 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.44% for 1 year, 7.85% for 3 years and 5.92% for 5 years.

How does the fund compare with its benchmark?
It has outpaced the benchmark over 1 year, 3 years and 5 years on the figures available here. The gap is especially visible over 1 year, where the benchmark was negative while the fund stayed positive.

How does it compare with the peer funds listed here?
Its 1-year return is below the stronger peer figures shown, while its 3-year and 5-year numbers are closer to the middle of the peer set. The shorter-term comparison looks weaker than the longer-term picture.

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

Who manages the fund and what is the exit load?
Harshal Joshi manages the fund. The exit load is nil after the holding period, so there is no exit load once that condition is met.

Bottom line

Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan has a steadier longer-term profile than its most recent one-month result suggests. It stays close to the benchmark over longer periods, while the peer comparison shows a softer one-year showing but a more respectable three-year and five-year record. The portfolio is heavily anchored in government securities, with one dominant holding shaping most of the outcome. That makes it suitable for investors who accept interest-rate sensitivity in exchange for sovereign debt exposure and a measured return path.

Published on 10 September 2026 at 9:46 AM IST

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.