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 ₹1,478.369 as of 08 Sep 2026 and a scheme AUM of ₹16,095 Cr. Its 1-year, 3-year and 5-year returns are -2.64%, 13.31% and 14.52% respectively, and the scheme carries a High Risk label.

Our view is that this is an equity ELSS fund with meaningful long-term compounding, but a choppier recent stretch than its longer record. The portfolio is led by large financials and other established businesses, which can support resilience over time, yet the fund still fits investors who are comfortable with higher short-term swings and a three-year lock-in.

Quick facts

Particular	Details
NAV	₹1,478.369 as of 08 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 08 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.97%	-3.86%
3M	4.02%	1.69%
1Y	-2.64%	-5.72%
3Y	13.31%	6.3%
5Y	14.52%	6.05%

The recent pattern is uneven but not weak relative to the benchmark. Over 1 month the fund fell less than the benchmark, and over 3 months it recovered more sharply than the benchmark, which suggests it has handled short swings better than the index in this window.

The 1-year number is still negative, but it remains less negative than the benchmark. That matters because it shows the fund did not simply mirror the index during a difficult phase; it has been cushioning some of the downside even while absolute returns stayed under pressure.

The clearer picture appears over 3 years and 5 years. The fund’s 13.31% three-year return and 14.52% five-year return are both well ahead of the benchmark’s 6.3% and 6.05%, so the longer-term compounding story is materially stronger than the recent one. That mix points to a fund with recovery ability, but also with enough variability that the path has not been smooth.

We also see periods of drawdown and rebound within the longer series, which fits an equity scheme that can move around meaningfully before compounding reasserts itself. For investors, the main takeaway is that the fund has not been a straight-line performer; the stronger long-term result has come through a volatile route.

Source data date: as of 08 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	-2.64%	13.31%	14.52%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	16.61%	22.64%	17.76%
Quant ELSS Tax Saver Fund Direct Growth Plan	15.44%	14.57%	15.7%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	10.54%	11.89%	16.25%
JM ELSS-Tax Saver Fund Direct Growth Plan	10.28%	16.29%	14.85%
ITI ELSS Tax Saver Fund Direct Growth Plan	8.23%	17.25%	13.5%

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 stronger peer numbers, while its 3-year and 5-year figures sit in the middle of the peer set shown here. That creates a split story: the recent period has been softer than several peers, but the longer-term record is still competitive and not out of line with the stronger ELSS names on display.

What stands out is that the fund’s longer-term numbers do not collapse after a weaker year. Even with a negative 1-year return, the 3-year and 5-year returns remain ahead of the benchmark and close enough to several peers to show that the longer compounding record has substance. The short-term comparison says the fund has lagged the best recent movers; the longer-term comparison says it has remained relevant on a multi-year basis.

Source data date: as of 08 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 disclosed holding, ICICI Bank Ltd., is a 9.14% position, so it is large enough to matter but not so dominant that the portfolio rests on a single stock. The next few positions are also in banks, which means financials remain an important part of the fund’s equity exposure.

The drop from the first holding to the tenth is steady rather than abrupt, moving from 9.14% to 2.71%. That suggests a portfolio built around several meaningful positions rather than one or two oversized bets, even though the top weights still have greater influence than the smaller names.

The top 10 holdings account for approximately 50.37% of the portfolio, and the full disclosed list contains 48 holdings. That combination points to moderate concentration at the top with a longer tail underneath, which may help diversify stock-specific risk while still keeping the biggest names influential.

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

Source data date: as of 08 Sep 2026

Who should invest

This fund suits investors who can handle High Risk equity exposure and are comfortable with a three-year lock-in. The return pattern suggests that short periods can be weak or uneven, so a longer horizon is more important than a near-term payoff mindset.

It is more appropriate for someone who values the tax-saving ELSS structure but can tolerate volatility in exchange for the chance of stronger multi-year compounding. The main trade-off is straightforward: the fund has shown better longer-term results than its benchmark, but the route has not been smooth and recent returns have been softer than the multi-year record.

The portfolio’s bank-heavy tilt may appeal to investors who are comfortable with large financial exposures as part of an equity allocation. That said, the holding mix still leaves the scheme dependent on equity market conditions, so it works best as a long-term satellite in a broader plan rather than as a low-volatility holding.

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 08 Sep 2026

Frequently asked questions

What is the current NAV of HDFC ELSS-Tax Saver Fund Direct Growth Plan?
Its NAV is ₹1,478.369 as of 08 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is -2.64%, its 3-year return is 13.31%, and its 5-year return is 14.52%.

How does the fund compare with the benchmark?
It has done better than Nifty 50 over 3 years and 5 years, and it has also been less weak over 1 year. The benchmark returns are -5.72% for 1 year, 6.3% for 3 years and 6.05% for 5 years.

How does it compare with peer ELSS funds?
Its recent 1-year return is below several peers shown here, but its 3-year and 5-year returns remain competitive. The longer-term record is stronger than the benchmark and broadly in the same conversation as several peer funds on multi-year returns.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
Amar Kalkundrikar manages the fund. The scheme has no exit load after the holding period.

Bottom line

HDFC ELSS-Tax Saver Fund Direct Growth Plan has a mixed near-term record but a firmer multi-year profile. Its 1-year return has been negative, yet the 3-year and 5-year numbers are comfortably ahead of the benchmark, which tells us the longer compounding story is stronger than the recent stretch. The portfolio is led by large bank names, so the fund has a clear financials tilt and a moderately concentrated top end. It suits investors who can accept High Risk volatility for long-term ELSS exposure.

Published on 9 September 2026 at 3:54 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.