Baroda BNP Paribas NIFTY SDL Dec 2028 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Baroda BNP Paribas NIFTY SDL Dec 2028 Index Fund Direct Growth Plan is an index fund with a current NAV of ₹12.9247 as of 17 Sep 2026 and scheme AUM of ₹116 Cr. Its 1-year, 3-year and 5-year returns are 5.35%, 7.34% and 0%, and the scheme is tagged under Balanced Risk. In our view, this fits investors who can accept a moderate-risk profile and want a fixed-maturity-style government-securities exposure rather than a high-growth equity allocation.

The fund’s return path has been steady rather than fast, and the portfolio is built almost entirely around state government securities maturing in 2028. That makes the structure relatively clear, but it also means the return profile is tied closely to the underlying SDL basket and interest-rate movement. For investors looking for stability over a medium horizon, that can be useful; for those seeking strong upside, the recent figures do not point to that kind of outcome.

Quick facts

Particular	Details
NAV	₹12.9247 as of 17 Sep 2026
AUM	₹116 Cr
Expense Ratio	0.19%
Launch Date	24 Mar 2023
Min SIP	₹500
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Vikram Pamnani, Ayan Nandy

The fund is managed by Vikram Pamnani and Ayan Nandy.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.01%	-3.66%
3M	1.12%	-3.71%
1Y	5.35%	-7.13%
3Y	7.34%	5.82%
5Y	Data not available	Data not available

The recent pattern looks firmer than the benchmark, especially over the 1-month, 3-month and 1-year windows. The fund has held near-flat to mildly positive territory while the benchmark has stayed negative over those same periods, which suggests the scheme has been better insulated from the latest market drift than the benchmark series.

That said, the longer view is more measured. The 3-year return of 7.34% is positive, but it is still a fairly restrained outcome for a fund that is intended to track a specific SDL maturity bucket. The 5-year figure is not available, so we should avoid reading too much beyond the live record since launch in 2023.

The time pattern also points to a fund that has not moved in a straight line. There was a soft patch in parts of the 1-year path, followed by a recovery into the latest reading. Our view is that this type of behaviour is consistent with a fixed-income index strategy where small changes in rates and security prices can matter, but large equity-style swings are not the main feature.

Against the benchmark, the message is clear: the fund has been ahead across the available short and medium windows. Even so, the returns are modest in absolute terms, so the appeal is more about relative steadiness than standout growth.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Baroda BNP Paribas NIFTY SDL Dec 2028 Index?

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 NIFTY SDL Dec 2028 Index Fund Direct Growth Plan	5.35%	7.34%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

The fund’s 1-year return trails the strongest peer figures in this set by a wide margin, even though it has stayed ahead of its benchmark over the same period. The 3-year return is also well below the 3-year figures shown by the leading peer with available data, while the peers with only 1-year readings have posted much stronger recent gains. That creates a clear contrast: the fund looks relatively steady versus its benchmark, but it has not matched the stronger short-term growth shown by the peer group here.

What matters more for our read is that the short-term and longer-term pictures do not tell the same story. The fund has outpaced the benchmark on the available recent windows, yet its return level still sits materially below several peer schemes that have benefited from different market exposures. For investors, that means the comparison is less about outright return leadership and more about whether a steadier SDL-linked path is the right trade-off.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
8.36% State Government Securities (12/12/2028)	Government Securities	66.13%
8.08% State Government Securities (26/12/2028)	Government Securities	24.7%
8.53% State Government Securities (20/11/2028)	Government Securities	4.42%
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	3.11%
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	1.64%

Here the largest holding is substantial on its own at 66.13%, so one security is likely to have the greatest influence on day-to-day portfolio behaviour. The next holding is also large at 24.7%, but the drop from the first to the third holding is steep, which shows that the allocation is not evenly spread across many positions.

The top three holdings together already account for 95.25%, and the full disclosed set covers only five holdings. That tells us the portfolio is highly concentrated in a small number of state government securities, with the remaining slice held in cash and receivables. In our view, this structure may help keep the portfolio transparent, but it also means the return profile is closely tied to a narrow set of instruments.

Because the disclosed holdings stop at five and already sum to 100%, the tail is effectively absent in the visible portfolio. That makes the fund easy to understand, but it also leaves less room for diversification benefits within the disclosed mix.

Source data date: as of 17 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with a Balanced Risk profile and want exposure that behaves more like a compact government-securities strategy than a broad market fund. The available return pattern shows moderate gains over 1 year and 3 years, with no sign of equity-like acceleration, so the fit is stronger for medium-horizon investors who value steadier outcomes.

The key trade-off is that the portfolio is concentrated in a few SDL positions, so returns can be shaped heavily by a narrow set of securities and rate movements. That may suit investors who want a defined maturity-oriented fixed-income allocation, but it is less compelling for those who are looking for stronger upside relative to the peer set or the benchmark. The portfolio mix supports clarity, not breadth.

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 Baroda BNP Paribas NIFTY SDL Dec 2028 Index Fund Direct Growth Plan?
The current NAV is ₹12.9247 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 5.35%, its 3-year return is 7.34%, and its 5-year return is Data not available.

How does the fund compare with its benchmark?
It has outpaced the benchmark on the available 1-month, 3-month, 1-year and 3-year readings. The benchmark’s 1-year return is -7.13%, while the fund’s 1-year return is 5.35%.

Is the fund’s portfolio concentrated?
Yes. The top three holdings account for 95.25%, and the disclosed portfolio contains only five holdings in total. That means the fund is heavily concentrated in a small set of state government securities.

Who manages the fund?
The fund is managed by Vikram Pamnani and Ayan Nandy.

What is the exit load?
There is no exit load.

Bottom line

This fund’s recent numbers are better than its benchmark on the available short windows, but the longer view is still measured rather than strong. Compared with the peer set, its return profile is more subdued, which makes the fund look like a steadier SDL-linked option rather than a high-return contender. The portfolio is concentrated in a very small set of state government securities, so investors need to be comfortable with a narrow underlying mix. Our view is that it may suit medium-horizon investors who want clear, limited exposure and can accept modest returns.

Published on 18 September 2026 at 12:41 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.