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

Baroda BNP Paribas Ultra Short Term Fund Direct Growth Plan is priced at ₹1688.2436 as of 11 Sep 2026 and manages ₹665 Cr. Its 1-year, 3-year and 5-year returns are 6.67%, 7.25% and 6.64%, and it carries a Balanced Risk profile. Our view is that the fund has delivered a steady long-term pattern with only mild near-term variation, which may suit investors looking for debt allocation with measured return potential rather than aggressive upside.

The benchmark-linked comparison is mixed over shorter periods, but the fund’s multi-year return pattern is still orderly. With a low expense ratio and a portfolio built around short-dated debt, CDs and cash-like exposure, it appears designed more for stability of compounding than for sharp return swings.

Quick facts

Particular	Details
NAV	₹1,688.2436 as of 11 Sep 2026
AUM	₹665 Cr
Expense Ratio	0.31%
Launch Date	01 Jun 2018
Min SIP	₹500
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load
Fund Managers	Vikram Pamnani, Gurvinder Singh Wasan

The fund is managed by Vikram Pamnani and Gurvinder Singh Wasan.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.48%	-3.66%
3M	1.83%	-1.91%
1Y	6.67%	-7.62%
3Y	7.25%	6.22%
5Y	6.64%	5.84%

Recent performance has been calm rather than dramatic. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which points to a defensive return pattern in a weaker market backdrop. That kind of behaviour is useful for investors who value smoother short-term outcomes over chasing swings.

The 1-year number is also clearly better than the benchmark, and the 1-year trend line shows a generally constructive path with some short pauses rather than deep drawdowns. That matters because ultra-short debt funds are often judged on consistency, not just the end-point return.

Over 3 years and 5 years, the fund has continued to compound at 7.25% and 6.64%. The benchmark is lower over the same windows, at 6.22% and 5.84%, so the fund has stayed ahead on the longer view as well. Our view is that the gap is not explosive, but it is meaningful enough to show that the strategy has preserved a better return profile than the benchmark through the cycle.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Baroda BNP Paribas Ultra Short Term?

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 Ultra Short Term Fund Direct Growth Plan	6.67%	7.25%	6.64%
Nippon India Ultra Short Term Fund Direct Growth Plan	7.06%	7.6%	6.97%
Axis Ultra Short Term Fund Direct Growth Plan	6.86%	7.46%	6.76%
Invesco India Ultra Short Term Fund Direct Growth Plan	6.83%	7.36%	6.6%
DSP Ultra Short Term Fund Direct Growth Plan	6.8%	7.44%	6.65%
ICICI Pru Ultra Short Term Fund Direct Growth Plan	6.79%	7.43%	6.75%

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

On the 1-year view, the fund trails the strongest peer returns in this set, though it remains close to the cluster of peer outcomes. That suggests the recent period has been respectable rather than standout.

The longer view is more balanced. At 7.25% over 3 years and 6.64% over 5 years, the fund is behind the stronger peer figures available here, but it is still competitive and sits in the same broad return band. The short-term and long-term comparisons tell a slightly different story: the recent one-year stretch is softer than the best peer results, while the multi-year record remains orderly and close enough to the peer group to show consistent participation in the asset class.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	8.85%
Indian Bank (04/12/2026) #	Certificate of Deposit	6.65%
Indusind Bank Limited (27/01/2027) ** #	Certificate of Deposit	4.38%
Export Import Bank of India (11/11/2026) ** #	Certificate of Deposit	4.16%
6.4% LIC Housing Finance Limited (30/11/2026)	Corporate Debt	3.9%
8.28% PNB Housing Finance Limited (30/12/2026) **	Corporate Debt	3.77%
7.75% Sundaram Finance Limited (11/12/2026) **	Corporate Debt	3.76%
Punjab National Bank (02/09/2026) ** #	Certificate of Deposit	3.76%
Standard Chartered Capital Limited (23/09/2026) **	Commercial Paper	3.74%
8.05% Muthoot Finance Limited (25/11/2027) **	Corporate Debt	3.73%

The top 10 holdings account for approximately 46.7% of the portfolio.

To see all holdings, visit the Baroda BNP Paribas Ultra Short Term Fund Direct Growth Plan page

The single largest holding is Clearing Corporation of India Ltd at 8.85%, which is meaningful but not dominant. The next few positions step down fairly quickly into the 6% to 4% range, and by the tenth holding the weight is 3.73%. That pattern suggests that no single line item is likely to drive the portfolio on its own, although the largest few positions can still have a visible influence.

With 46.7% of assets in the displayed top 10 and 35 total holdings disclosed, the portfolio looks moderately spread out rather than narrowly concentrated. The mix of cash-like exposure, certificates of deposit, corporate debt and commercial paper may help keep the fund’s return pattern relatively measured, while still allowing the portfolio to earn incremental carry from multiple short-dated positions.

Source data date: as of 11 Sep 2026

Who should invest

This fund may suit investors who want a debt-oriented allocation and are comfortable with a Balanced Risk profile rather than a very low-volatility label. The return pattern is steady over 1 year, 3 years and 5 years, and it has stayed ahead of the benchmark over each of those periods, which points to a relatively disciplined compounding profile.

The better fit is likely an investor with a medium-term to longer-term horizon who values consistency and prefers a portfolio built around short-dated instruments, CDs and cash-equivalent exposure. The main trade-off is that the fund is not designed to deliver high growth swings; it aims for measured returns, so the upside may be more restrained even when the path is smoother.

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 11 Sep 2026

Frequently asked questions

What is the current NAV of Baroda BNP Paribas Ultra Short Term Fund Direct Growth Plan?

The current NAV is ₹1688.2436 as of 11 Sep 2026.

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

The 1-year return is 6.67%, the 3-year return is 7.25%, and the 5-year return is 6.64%.

How has it compared with the benchmark?

It has stayed ahead of the benchmark over 1 year, 3 years and 5 years. The benchmark returns are -7.62%, 6.22% and 5.84% across those periods.

How does it compare with peer funds on returns?

Its 1-year return of 6.67% is below the strongest peer figures listed here, while its 3-year and 5-year returns remain broadly in the same range as the peer group. The recent and longer-term pictures are therefore slightly different.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What is the risk profile, portfolio mix and exit load?

The fund carries a Balanced Risk profile. Its top holdings include cash-like exposure, certificates of deposit, corporate debt and commercial paper, and the exit load is no exit load.

Source data date: as of 11 Sep 2026

Bottom line

Baroda BNP Paribas Ultra Short Term Fund Direct Growth Plan shows a steadier long-term profile than a fast-moving one. Its recent return picture is somewhat softer than the best peer figures, but the 3-year and 5-year record remains solid and ahead of the benchmark. The portfolio is diversified across 35 disclosed holdings, with the largest position still well below a controlling share. Overall, it looks suited to investors who want debt exposure with a measured return path and can accept modest upside in exchange for smoother compounding.

Published on 15 September 2026 at 4:27 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.