Baroda BNP Paribas Business Conglomerates Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Baroda BNP Paribas Business Conglomerates Fund Direct Growth Plan has a NAV of ₹10.0469 as of 18 Sep 2026 and an AUM of ₹646 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme sits in the High Risk category. Our view is that this is a theme-led equity fund for investors who can tolerate sharp swings and who want exposure to a concentrated basket of large Indian businesses rather than a smooth return pattern.

The fund’s recent movement has been uneven, and the benchmark comparison does not yet point to a clear edge. The portfolio has meaningful weight in a few large holdings, which can make outcomes more dependent on stock-specific moves. That combination makes it more suitable for a long horizon and a high risk appetite than for investors who want steadier short-term results.

Quick facts

Particular	Details
NAV	₹10.0469 as of 18 Sep 2026
AUM	₹646 Cr
Expense Ratio	0.5%
Launch Date	22 Sep 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Exit Load	NIL upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y
Fund Managers	Rohan Korde, Kushant Arora

The fund is managed by Rohan Korde and Kushant Arora.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.58%	-3.73%
3M	0.56%	-3.14%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term picture is mixed. Over one month, the fund fell less than the benchmark, which suggests some relative resilience in a weak spell. Over three months, the fund moved slightly positive while the benchmark stayed negative, so the fund has held up better in the most recent quarter than the index proxy.

That said, the longer view is still too short to call the pattern stable. The fund was launched on 22 Sep 2025, so the 3-year and 5-year figures are not yet available, and the portfolio has not built a long public return record. For now, we can only judge the fund on its recent path, which has been choppy rather than steadily compounding.

Against Nifty 50, the fund has not shown a decisive or persistent advantage across the available periods. The one-month move was slightly better than the benchmark, while the three-month move was clearly better. That suggests recent behaviour has been more defensive than the benchmark, but it does not yet establish consistency across market conditions.

For investors, the main takeaway is that the fund’s early life has been volatile enough to demand patience. The current pattern is better suited to someone evaluating the theme and portfolio style first, rather than someone expecting a proven long-term return record already built over multiple market cycles.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Baroda BNP Paribas Business Conglomerates?

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
Baroda BNP Paribas Business Conglomerates Fund Direct Growth Plan	Data not available	Data not available	Data not available
Baroda BNP Paribas Gold ETF FoF Direct Growth Plan	36.68%	Data not available	Data not available
Bajaj Finserv Small Cap Fund Direct Growth Plan	15.77%	Data not available	Data not available
HDFC Innovation Fund Direct Growth Plan	14.62%	Data not available	Data not available
Quant Equity Savings Fund Direct Growth Plan	9%	Data not available	Data not available
Kotak Active Momentum Fund Direct Growth Plan	8.62%	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 several peers that have meaningful positive returns, while its own figure is not yet available because the scheme is still very young. The short-term comparison therefore leans against the fund, even though its recent one-month and three-month moves have been better than the benchmark. Since 3-year and 5-year peer figures are also unavailable for these schemes, the comparison mostly tells a near-term story rather than a full-cycle one.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Larsen & Toubro Limited	Infrastructure	8.01%
Mahindra & Mahindra Limited	Automobile & Ancillaries	7.31%
Reliance Industries Limited	Crude Oil	5.92%
Bajaj Finance Limited	Finance	5.15%
Titan Company Limited	Diamond & Jewellery	4.26%
Ultratech Cement Limited	Construction Materials	3.49%
Bajaj Auto Limited	Automobile & Ancillaries	3.38%
Tata Consultancy Services Limited	IT	3.01%
JSW Steel Limited	Iron & Steel	2.91%
Hindustan Zinc Limited	Non – Ferrous Metals	2.76%

The top 10 holdings account for approximately 46.2% of the portfolio.

To see all holdings, visit the Baroda BNP Paribas Business Conglomerates Fund Direct Growth Plan page

The largest holding is Larsen & Toubro Limited at 8.01%, followed closely by Mahindra & Mahindra Limited at 7.31%. That is a meaningful starting point for a young fund, because the top position alone may have a noticeable impact on returns when infrastructure or capital-goods sentiment changes.

The fall in weights from the first to the tenth holding is measured rather than abrupt. The top five holdings all sit above 4%, while the tenth holding is 2.76%, so the portfolio still keeps exposure spread across a number of businesses rather than relying on just one or two names. Even so, the top 10 already make up 46.2% of the portfolio, which means the visible core is fairly significant.

With 45 holdings in total, the fund may still have a longer tail beyond the top names, but the disclosed structure suggests that the largest positions are likely to carry more influence than the smaller ones. That balance can support focused thematic exposure, though it can also make the portfolio more sensitive to stock-specific moves in the largest names.

Source data date: as of 18 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk exposure and who can stay invested for a long period. Its young track record, uneven recent performance and concentrated core holdings make it a better match for people who can tolerate uncertainty while the strategy develops a fuller history.

The main trade-off is between theme-driven upside and near-term stability. The fund has not yet built a long record across multiple cycles, and the benchmark comparison has been mixed over the short windows available. Investors who prefer steadier outcomes or more predictable return patterns may find that trade-off too demanding, while those who want targeted business-conglomerate exposure may accept it.

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: NIL upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Baroda BNP Paribas Business Conglomerates Fund Direct Growth Plan?

The NAV is ₹10.0469 as of 18 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 not available yet because the scheme is still too new for those longer period figures. Its recent 1-month return is -3.58% and its 3-month return is 0.56%.

How has it performed against Nifty 50 recently?

It has been slightly better than Nifty 50 in the recent short windows available. Over 1 month, the fund fell less than the benchmark, and over 3 months it was positive while the benchmark was negative.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund?

The fund is managed by Rohan Korde and Kushant Arora.

What is the exit load and risk level?

The fund is marked High Risk. The exit load is NIL upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y.

Bottom line

This is a young, High Risk fund whose short-term behaviour has been uneven but slightly better than the benchmark in the most recent windows. It does not yet have a long return record, so the early evidence is more about how the portfolio behaves than about a proven cycle-tested outcome. The portfolio is led by a handful of large holdings, which gives it a focused profile and may make the fund more sensitive to stock-specific moves. That setup suits investors who understand the trade-off and can stay patient.

Published on 21 September 2026 at 9:52 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.