HDFC Nifty G-Sec Jul 2031 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC Nifty G-Sec Jul 2031 Index Fund Direct Growth Plan is priced at ₹13.3032 as of 17 Sep 2026 and manages ₹637 Cr. Its 1-year, 3-year and 5-year returns are 4.78%, 7.44% and 0% respectively, and the scheme carries a Medium Risk label.

Our view is that this is a relatively plain-vanilla gilt index option for conservative debt allocation, but the recent return pattern is more mixed than the longer 3-year record. The portfolio is almost entirely concentrated in government securities, so the outcome is likely to track changes in sovereign bond prices more than anything else.

Quick facts

Particular	Details
NAV	₹13.3032 as of 17 Sep 2026
AUM	₹637 Cr
Expense Ratio	0.2%
Launch Date	10 Nov 2022
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Anupam Joshi, Sankalp Baid

The fund is managed by Anupam Joshi and Sankalp Baid.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.98%	-3.66%
3M	0.37%	-3.71%
1Y	4.78%	-7.13%
3Y	7.44%	5.82%
5Y	Data not available	Data not available

The recent pattern has been steadier than the benchmark. Over 1 month, the fund slipped modestly, but the decline was much smaller than the benchmark’s move, which helps explain why the relative gap is favourable over short windows.

At the 3-month and 1-year marks, the fund has stayed in positive territory while the benchmark has been negative. That matters because it shows the scheme is not just avoiding deep drawdowns; it has also delivered a better near-term path than the benchmark during a period when the benchmark has been weak.

The 3-year figure is the clearest sign that the fund has compounded at a healthier pace than the benchmark over a fuller cycle. The jump from a softer 1-month stretch to stronger 1-year and 3-year numbers suggests the fund is more sensitive to bond-market moves than a straight-line income product, but its longer trend remains ahead of the benchmark.

There is no 5-year track record available here, so our read on durability must rely on the available 3-year and shorter-period behaviour. On that basis, the fund has shown better resilience than the benchmark, although the short-term movement also reminds us that gilt funds can still fluctuate when bond prices move.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD HDFC Nifty G-Sec Jul 2031 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
HDFC Nifty G-Sec Jul 2031 Index Fund Direct Growth Plan	4.78%	7.44%	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 is far below the strongest peer returns shown here, but its 3-year return is still comfortably positive. That split tells us the recent period has been harder for the scheme than for several equity-linked peers, while the longer window still shows a reasonable outcome for a gilt strategy.

Compared with the peers that have 3-year figures, the fund’s 7.44% is below the more growth-oriented names with available 3-year data, yet the comparison is not apples-to-apples because the peer set spans different themes. Even so, the short-term numbers and the longer-term number together suggest the fund’s role is stability and rate sensitivity rather than return leadership.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.1% GOI Mat 120731	Government Securities	85.6%
8.97% GOI Mat 051230^	Government Securities	4.57%
7.02% GOI Mat 180631	Government Securities	3.99%
5.77% GOI Mat 030830	Government Securities	3.44%
TREPS – Tri-Party Repo	Cash & Cash Equivalents and Net Assets	0.91%
Net Current Assets	Cash & Cash Equivalents and Net Assets	0.88%

The largest holding, 6.1% GOI Mat 120731, carries 85.6% weight, so the portfolio is heavily anchored to one sovereign security. That single position is likely to have the greatest influence on the scheme’s day-to-day behaviour, especially when government bond prices move.

The weight then falls sharply to 4.57% for the next bond, and the remaining holdings are all below 4%. That drop is steep, which means the portfolio is not balanced across many similarly sized lines; instead, it is dominated by one major exposure with a small set of supporting positions.

Because the disclosed holdings account for 99.39% of the portfolio across just 6 holdings, the structure looks tightly concentrated rather than broadly spread. That concentration may help keep the fund close to its index mandate, but it also means the portfolio outcome is likely to be shaped mainly by the movement in a handful of government securities.

Source data date: as of 17 Sep 2026

Who should invest

This fund may suit investors who are comfortable with interest-rate linked movement and want exposure to government securities rather than corporate credit. Its Medium Risk profile and mostly positive 3-year trend suggest a relatively measured debt allocation, but the recent 1-month softness shows that returns can still move around.

The better fit is usually a medium- to long-term horizon where short-term mark-to-market changes are less important. The trade-off is simple: you get sovereign bond exposure and a relatively low-cost index structure, but you also accept that returns may lag riskier market-linked funds in stronger rally periods and can still fluctuate when bond yields shift.

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 HDFC Nifty G-Sec Jul 2031 Index Fund Direct Growth Plan?
The current NAV is ₹13.3032 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 4.78% and its 3-year return is 7.44%. The 5-year return is Data not available.

How has it performed versus the benchmark?
The fund has done better than the benchmark over 1 month, 3 months, 1 year and 3 years. The benchmark has been weaker across those same periods.

How does it compare with the peer funds shown here?
Its short-term return is lower than the equity-leaning peers listed here, while its 3-year return is still positive. The comparison points to a different role in the portfolio rather than a direct return contest.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Anupam Joshi and Sankalp Baid. There is no exit load.

Bottom line

The fund’s recent movement is softer than its 3-year record, but the longer window is still constructive and clearly better than the benchmark’s own path. Against the peer set shown here, the scheme does not match the headline return numbers from equity-oriented funds, yet that is consistent with its gilt profile and Medium Risk tag. The portfolio is highly concentrated in government securities, which makes the fund’s behaviour fairly direct and bond-market driven. It can fit investors looking for sovereign debt exposure with a stable, index-based approach.

Published on 18 September 2026 at 8:23 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.