Bandhan Multi-Factor Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Multi-Factor Fund Direct Growth Plan has a NAV of ₹9.43 as of 16 Sep 2026 and a scheme AUM of ₹646 Cr. Its 1-year, 3-year and 5-year returns are -6.07%, 0% and 0%, and the fund sits in the High Risk category. Our view is that this is a fund for investors who can tolerate sharp swings and are comfortable with an early-stage performance record that has not yet established a long compound-return history.

The benchmark is Nifty 50, and the fund has trailed that benchmark over the latest 1-year period. With a concentrated top-holding book and 35 disclosed holdings in total, the strategy is still building a more complete performance record. The fund may suit investors who want factor-led equity exposure and can stay invested through uneven phases rather than judge it only on the recent year.

Quick facts

Particular	Details
NAV	₹9.43 as of 16 Sep 2026
AUM	₹646 Cr
Expense Ratio	0.85%
Launch Date	30 Jul 2025
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Exit Load	0.50% on or before 30D, Nil after 30D
Fund Managers	Rishi Sharma, Nilesh Saha, Brijesh Shah

The fund is managed by Rishi Sharma, Nilesh Saha and Brijesh Shah.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-6.85%	-4.41%
3M	-5.55%	-3.6%
1Y	-6.07%	-7.76%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent picture has been weak. The fund is negative over 1 month, 3 months and 1 year, and the shorter stretches show that drawdowns have remained present rather than fading quickly. That points to a fund whose path has been choppy enough for investors to feel the downsides even though the longer record is still short.

Against Nifty 50, the fund has been slightly less weak over 1 year, but it has lagged over both 1 month and 3 months. That mixed pattern matters: it suggests the fund has not been moving in lockstep with the benchmark, and the short-term behaviour has been softer than the benchmark’s own recent move. For an equity fund, that kind of relative movement can be acceptable only if the investor is explicitly seeking a factor-based approach and is ready for periods of underperformance.

Because the scheme launched in July 2025, there is no real 3-year or 5-year track record to compare. In practice, that means the current evidence base is mostly about early behaviour rather than a completed market cycle. Our view is that investors should treat the fund as a newer multi-factor equity strategy whose future appeal will depend on whether its factor mix can improve consistency after this weak opening phase.

The time pattern also suggests that recovery has not yet been smooth. The 1-year trend still ends below the starting point, so the fund has not yet shown that the early weakness was fully reversed. That makes patience important, but only for investors who can absorb volatility without relying on near-term stability.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Bandhan Multi-Factor?

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 Multi-Factor Fund Direct Growth Plan	-6.07%	Data not available	Data not available
Baroda BNP Paribas Gold ETF FoF Direct Growth Plan	34.39%	Data not available	Data not available
HDFC Innovation Fund Direct Growth Plan	14.3%	Data not available	Data not available
Bajaj Finserv Small Cap Fund Direct Growth Plan	13.33%	Data not available	Data not available
Quant Equity Savings Fund Direct Growth Plan	8.75%	Data not available	Data not available
Kotak Active Momentum Fund Direct Growth Plan	6.31%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year figures, the fund trails every peer shown here, while several peers have posted meaningfully positive results. That makes the short-term comparison clearly weaker than the peer set. At the same time, the absence of 3-year and 5-year figures across the comparison set means the longer-horizon picture is incomplete for most of these schemes too, so the main contrast is really in recent performance rather than a full-cycle history.

Viewed this way, the short-term gap is more important than a missing long-term comparison. The fund has not only lagged its benchmark over 3 months, it has also not matched the stronger 1-year outcomes seen elsewhere in this group. For investors, that means the peer set currently highlights how much improvement the fund still needs before its return profile looks competitive on recent numbers.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Axis Bank Limited	Bank	4.33%
Polycab India Limited	Electricals	4.09%
Suzlon Energy Limited	Capital Goods	4.07%
Tata Steel Limited	Iron & Steel	4.07%
Power Grid Corporation of India Limited	Power	4.01%
Ultratech Cement Limited	Construction Materials	3.99%
JSW Steel Limited	Iron & Steel	3.95%
Lupin Limited	Healthcare	3.95%
Hero Motocorp Limited	Automobile & Ancillaries	3.83%
Bajaj Auto Limited	Automobile & Ancillaries	3.82%

The top 10 holdings account for approximately 40.11% of the portfolio.

To see all holdings, visit the Bandhan Multi-Factor Fund Direct Growth Plan page

The largest position, Axis Bank Limited, has a weight of 4.33%, which is not oversized on its own. The next few positions remain close in size, and the gap from the first holding to the tenth holding is modest, with the tenth position at 3.82%. That shape suggests the fund is not making a single very large bet on one stock, but it is still clearly selective rather than widely spread across many names.

The top 10 holdings together make up 40.11% of the portfolio, while 35 holdings are disclosed in total. That combination points to a portfolio that has a meaningful core but still leaves room for a longer tail of smaller positions. Because the weights are clustered fairly tightly around the 4% level, several holdings may have similar influence, and the portfolio could react to a broad set of stock-specific moves rather than one dominating position.

For investors, that structure may be easier to understand than a highly concentrated one-stock style, but it still carries active selection risk. The disclosed book is broad enough to avoid dependence on a handful of names, yet the top positions are large enough to matter individually. In our view, that balance fits a fund whose outcomes may depend on how well the factor process keeps the selected basket aligned with market conditions.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors with a high tolerance for volatility and a willingness to hold through uneven stretches. The High Risk label matches the recent return pattern: the fund has been negative over 1 month, 3 months and 1 year, and it has not yet built a long completed record of 3-year or 5-year performance. That makes a longer investment horizon important, especially if you want time for the factor approach to work through market cycles.

The main trade-off is between the possibility of a differentiated equity style and the discomfort of weaker near-term outcomes. Compared with the benchmark and the peer set on available recent figures, the fund has not yet shown strong consistency. Investors who need steadier short-term behaviour may find that difficult, while those comfortable with higher swings may view it as a newer strategy worth tracking over time.

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: 0.50% if units are sold on or before 30 days; nil after 30 days.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan Multi-Factor Fund Direct Growth Plan?

The current NAV is ₹9.43 as of 16 Sep 2026.

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

The fund’s 1-year return is -6.07%, while the 3-year and 5-year returns are both 0% in the available record. Because the scheme launched in July 2025, the longer figures do not yet represent a full long-term history.

How does the fund compare with Nifty 50?

It has lagged Nifty 50 over 1 month and 3 months, but it has been slightly less weak than the benchmark over 1 year. That gives a mixed picture rather than a clear, consistent edge.

How does it compare with the listed peer funds on recent performance?

On the 1-year figures shown here, it trails every peer in the comparison table. The gap is especially wide versus the stronger recent performers in the group.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Rishi Sharma, Nilesh Saha and Brijesh Shah. The exit load is 0.50% if units are sold on or before 30 days, and nil after 30 days.

Bottom line

Bandhan Multi-Factor Fund Direct Growth Plan is still in an early performance stage, and its recent return pattern has been weak relative to both the benchmark and the peer set on available 1-year figures. The portfolio is fairly spread across 35 holdings, but the top positions still matter enough to shape outcomes. Given the High Risk profile and the short live history, the fund looks better suited to investors who are comfortable with volatility and want to wait for a longer track record before judging the strategy.

Published on 17 September 2026 at 9:57 AM 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.