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

Baroda BNP Paribas Innovation Fund Direct Growth Plan has a NAV of ₹14.1164 as of 17 Sep 2026 and an AUM of ₹917 Cr. Its 1-year, 3-year and 5-year returns are 8.62%, 0% and 0%, and the scheme is tagged High Risk. Our view is that this is a thematic equity fund with a short listed history, so the recent return profile matters more than any long trailing record.

The fund has held up better than the benchmark over the last year, but the wider pattern is still uneven. With a concentrated portfolio and a fairly high-risk profile, it may suit investors who are comfortable with sharp swings and who want theme-driven equity exposure rather than a steady, benchmark-like ride.

Quick facts

Particular	Details
NAV	₹14.1164 as of 17 Sep 2026
AUM	₹917 Cr
Expense Ratio	1.06%
Launch Date	05 Mar 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y
Fund Managers	Jitendra Sriram, Abhay Joshi

The fund is managed by Jitendra Sriram and Abhay Joshi.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.56%	-3.66%
3M	4.81%	-3.71%
1Y	8.62%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

In the recent one-month window, the fund slipped mildly, but the drop was smaller than the benchmark’s decline. That matters because it suggests the portfolio has not simply moved in lockstep with the broad market during a weak stretch.

The three-month picture is much stronger. The fund has delivered a positive return while the benchmark has remained negative, which points to a sharper rebound and better short-term resilience. That kind of move can happen in a focused theme fund, where stock selection and sector exposure can matter more than broad market direction.

The one-year record is also ahead of the benchmark by a wide margin, but the fund’s listed history is still short. We would treat that as evidence of a promising recent phase rather than a full cycle proof point. The absence of usable 3-year and 5-year performance data means investors do not yet have a long compounding history to judge how durable the approach may be across different market conditions.

Overall, the pattern is better in the short and medium term than the benchmark, but it still needs time to build a more complete track record. For a new thematic equity fund, that is the key context: the recent stretch looks encouraging, yet the data still leaves open how it behaves through a full market cycle.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Baroda BNP Paribas Innovation?

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.

Already holding Baroda BNP Paribas Innovation? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

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

Fund	1Y return	3Y return	5Y return
Baroda BNP Paribas Innovation Fund Direct Growth Plan	8.62%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	Data not available	Data not available

The fund’s 1-year return is well below the stronger recent numbers seen in several theme-led peers, especially the metal-and-energy and healthcare-oriented funds listed here. That said, the fund is still ahead of the benchmark over the same period, so the comparison is not simply weak-versus-strong market exposure.

Because only one peer here has usable 3-year data, the longer-horizon comparison is limited. Against that longer record, the current fund has no comparable 3-year or 5-year figure to match, so the short-term story is clearer than the long-term one. In practical terms, the peer set highlights how much this category can diverge across themes, while the fund itself still has to prove whether its recent gains can be extended beyond a short stretch.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
One 97 Communications Limited	IT	5.05%
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	4.5%
Divi'S Laboratories Limited	Healthcare	4.13%
Linde India Limited	Inds. Gases & Fuels	3.85%
Hitachi Energy India Limited	Capital Goods	3.64%
Acutaas Chemicals Limited	Healthcare	3.44%
Navin Fluorine International Limited	Chemicals	3.4%
Bosch Limited	Automobile & Ancillaries	3.27%
TVS Motor Company Limited	Automobile & Ancillaries	3.24%
Eternal Limited	Retailing	3.04%

The top 10 holdings account for approximately 37.56% of the portfolio.

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

The largest holding, One 97 Communications Limited, has a weight of 5.05%, so no single position dominates the portfolio on its own. The gap from the first holding to the tenth is modest rather than steep, which suggests the fund is spreading exposure across a number of names instead of relying on one or two outsized bets.

That said, the top 10 still represent a meaningful 37.56% of the portfolio, and the disclosed list runs to 48 holdings overall. Our view is that this points to a structure that is diversified beyond the headline names, while still leaving enough room for a few positions to matter more than the rest. The mix across IT, healthcare, industrials, automobiles and chemicals also fits the kind of stock-specific approach usually associated with a thematic innovation fund.

Source data date: as of 17 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk equity exposure and can stay invested for a longer horizon. The recent return pattern is positive over 3 months and 1 year, but the shorter listed history means the journey is still untested across a full cycle.

The benchmark comparison is encouraging in the near term, yet the peer set shows that other thematic funds can move much faster in strong phases. The trade-off is clear: you may get exposure to a focused innovation-led portfolio, but you also accept wider swings and a performance path that may differ sharply from broad-market funds.

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 17 Sep 2026

Frequently asked questions

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

The current NAV is ₹14.1164 as of 17 Sep 2026.

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

The fund’s 1-year return is 8.62%, while the 3-year and 5-year returns are Data not available.

How does the fund compare with its benchmark?

It has outperformed the Nifty 50 over 1 month, 3 months and 1 year. The 1-year return is 8.62% versus -7.13% for the benchmark.

How does it compare with the peer funds listed here?

Its 1-year return is below several peer funds shown here, including the stronger recent returns from healthcare and metal-and-energy themes. The peer comparison is more mixed because only one peer has a usable 3-year figure.

Is there a minimum SIP amount?

The minimum SIP amount is ₹500.

What risk and portfolio traits stand out?

The fund is tagged High Risk and its top 10 holdings account for 37.56% of the portfolio. That combination suggests a focused equity strategy where individual positions may matter meaningfully.

Bottom line

Baroda BNP Paribas Innovation Fund Direct Growth Plan has shown a better short-term return pattern than its benchmark, but it still lacks a long trailing record that would show how the strategy behaves across different market phases. The peer set also suggests that other thematic funds have delivered stronger recent numbers, so the fund’s current case rests more on its recent improvement and portfolio style than on a long history. With a High Risk tag and a portfolio that is spread across 48 holdings, it may suit investors who can tolerate volatility and are comfortable with a focused innovation-led equity approach.

Published on 18 September 2026 at 12:51 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.