HDFC ELSS-Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC ELSS-Tax Saver Fund Direct Growth Plan has a NAV of ₹1,492.895 as of 03 Sep 2026 and a scheme AUM of ₹16,095 Cr. Its 1-year, 3-year and 5-year returns are -2.33%, 13.95% and 14.68%, and it is tagged as High Risk.

Our view is that this is a fund for investors who can stay with equity volatility through the ELSS lock-in period and beyond. The longer-horizon numbers are clearly steadier than the 1-year outcome, while the portfolio is anchored in large financials and other established businesses.

Quick facts

Particular	Details
NAV	₹1,492.895 as of 03 Sep 2026
AUM	₹16,095 Cr
Expense Ratio	1.08%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load after holding period
Fund Managers	Amar Kalkundrikar

The fund is managed by Amar Kalkundrikar.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.06%	-3.01%
3M	4.98%	1.95%
1Y	-2.33%	-4.4%
3Y	13.95%	5.74%
5Y	14.68%	6.27%

The recent pattern is mixed, but it is better than it first looks. Over 1 month the fund was slightly less weak than the benchmark, and over 3 months it moved back into positive territory while the benchmark also recovered but remained lower.

The 1-year figure is still negative, yet it is meaningfully less weak than the benchmark. That tells us the fund has handled the recent stretch better than the index, even if absolute returns have not been comfortable in the short run.

The more important picture is the 3-year and 5-year record. Both periods show the fund ahead of the benchmark by a wide gap, which supports the idea that this scheme has been able to compound better over longer holding periods than it has in the latest year.

From the multiplier path, the fund has gone through clear phases of weakness and recovery rather than a straight line. For investors, that usually means the experience can look uneven over shorter windows, but the longer arc has still been constructive compared with the benchmark.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD HDFC ELSS-Tax Saver?

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
HDFC ELSS-Tax Saver Fund Direct Growth Plan	-2.33%	13.95%	14.68%
Quant ELSS Tax Saver Fund Direct Growth Plan	15.65%	15.72%	15.89%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	13.9%	22.94%	17.44%
JM ELSS-Tax Saver Fund Direct Growth Plan	9.7%	17%	14.76%
ITI ELSS Tax Saver Fund Direct Growth Plan	9.49%	18.19%	13.9%
Edelweiss ELSS Tax saver Fund Direct Growth Plan	9.32%	14.94%	12.74%

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

On 1-year numbers, the fund trails the stronger peer outcomes and sits below every peer listed here. The longer view is more balanced: its 3-year and 5-year returns are above two peers and close to the middle of the group, but still below the best available figures. That split matters, because it shows the fund has not matched the quickest recent upswings, even though its longer-horizon compounding remains competitive enough against several peers.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	9.14%
HDFC Bank Ltd.£	Bank	7.72%
Axis Bank Ltd.	Bank	6.11%
Maruti Suzuki India Limited	Automobile & Ancillaries	4.86%
Bharti Airtel Ltd.	Telecom	4.64%
State Bank of India	Bank	4.47%
Kotak Mahindra Bank Limited	Bank	4.24%
SBI Life Insurance Company Ltd.	Insurance	3.49%
HCL Technologies Ltd.	IT	2.99%
Hyundai Motor India Limited	Automobile & Ancillaries	2.71%

The largest holding, ICICI Bank Ltd., is 9.14% of the portfolio, so no single position dominates the fund on its own. The weight then steps down fairly steadily, from 7.72% and 6.11% in the next two positions to 2.71% by the tenth holding, which suggests the visible part of the portfolio is spread across several meaningful stakes rather than concentrated in one or two names.

The top 10 holdings together account for approximately 50.37% of the portfolio, so roughly half of the scheme is still concentrated in its largest disclosed positions. With 48 holdings disclosed in total, the fund likely combines that core exposure with a longer tail of smaller positions, which may reduce dependence on any single stock while still keeping the portfolio tilted toward its major ideas.

That structure can matter for an ELSS fund because it may allow the manager to express a clear view through larger holdings while retaining diversification across the rest of the book. The mix of banks, two automobile names, telecom, insurance and IT also points to a portfolio that is not tied to only one sector theme.

To see all holdings, visit the HDFC ELSS-Tax Saver Fund Direct Growth Plan page

Source data date: as of 03 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested for at least the ELSS lock-in period and preferably longer. The negative 1-year return shows that shorter holding periods can be uncomfortable, but the 3-year and 5-year figures, together with the stronger-than-benchmark longer-term record, make the fund more suitable for patient investors than for those seeking smooth near-term outcomes.

The trade-off is clear: you accept volatility in exchange for the possibility of stronger long-run compounding than the benchmark. The portfolio’s heavy presence in large financials may appeal to investors who want a familiar large-cap tilt inside an ELSS wrapper, but they still need to tolerate market swings along the way.

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 after holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of HDFC ELSS-Tax Saver Fund Direct Growth Plan?
The current NAV is ₹1,492.895 as of 03 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -2.33%, the 3-year return is 13.95%, and the 5-year return is 14.68%.

How does the fund compare with Nifty 50?
It has done better than Nifty 50 over 3 years and 5 years, while also holding up better over 1 year. The benchmark’s 1-year, 3-year and 5-year figures are -4.4%, 5.74% and 6.27%.

How does the fund compare with peer ELSS funds on recent returns?
Its 1-year return is lower than the peer figures listed here, but its 3-year and 5-year numbers remain competitive versus several peers. The longer-term picture is stronger than the short-term one.

Is there a minimum SIP for this fund?
Yes. The minimum SIP amount is ₹500.

Who manages the fund, and what is the exit load?
The fund is managed by Amar Kalkundrikar. There is no exit load after the holding period.

Bottom line

HDFC ELSS-Tax Saver Fund Direct Growth Plan has had a weaker recent year, but its 3-year and 5-year records are much more stable and remain ahead of the benchmark. Against the peer set used here, the fund looks less compelling on the latest 1-year figure, yet its longer-term returns still hold up reasonably well. The risk profile is High Risk, and the portfolio leans heavily into large banks, which may suit investors who want a large-cap-tilted ELSS and can live with short-term swings.

Published on 4 September 2026 at 10:16 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.