HDFC Nifty Top 20 Equal Weight Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC Nifty Top 20 Equal Weight Index Fund Direct Growth Plan is an index fund with a NAV of ₹9.7992 as of 15 Sep 2026 and scheme AUM of ₹91 Cr. Its 1-year, 3-year and 5-year returns are -6.31%, 0% and 0% respectively, and it falls in the High Risk bucket. Our view is that this fund suits investors who can handle equity-style volatility and want a simple index approach, but the recent return pattern has been weak enough that the portfolio fit matters more than the headline number.

Because it tracks an equity benchmark and holds only 20 stocks with equal weights, the fund is designed for a concentrated style within a rules-based format. That can work when market leadership broadens, but it can also lag when the chosen names do not hold up. The Direct Growth Plan structure also keeps the expense ratio low at 0.3%.

Quick facts

Particular	Details
NAV	₹9.7992 as of 15 Sep 2026
AUM	₹91 Cr
Expense Ratio	0.3%
Launch Date	25 Mar 2025
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Arun Agarwal, Nandita Menezes

The fund is managed by Arun Agarwal and Nandita Menezes.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.72%	-4.81%
3M	-1.17%	-3.63%
1Y	-6.31%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern is better than the benchmark, but only by a narrow margin in 1 month and by a clearer gap over 3 months and 1 year. Even so, the 1-year return is still negative, so the fund has not yet shown a clean recovery path over the recent cycle.

The daily movement pattern also points to a stop-start trend rather than a smooth climb. We see phases of small gains interrupted by repeated drawdowns, which is typical of an equity index fund that is exposed to a narrow set of stocks. That kind of path can suit investors who stay invested through swings, but it can feel uneven when returns are still rebuilding.

Over the periods where benchmark figures are available, the fund has consistently done less badly than Nifty 50, which is a useful sign. The key point is that relative resilience has not yet turned into positive absolute performance on a 1-year view, so the recent track record remains cautious rather than strong.

The lack of 3-year and 5-year return history also matters. The fund launched in March 2025, so there is not yet a long live record to judge compounding through a full market cycle.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD HDFC Nifty Top 20 Equal Weight 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 Top 20 Equal Weight Index Fund Direct Growth Plan	-6.31%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	Data not available

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

The current fund’s 1-year return is materially below the positive peer figures shown here, so its recent stretch looks weak against the peer set. The longer-horizon picture is harder to compare because the fund does not yet have live 3-year or 5-year returns, while some peers do, including positive 3-year numbers in a few cases.

That creates two different stories. On a recent basis, the fund has lagged the stronger peer returns by a wide margin; on a track-record basis, it is still too young for a full long-term comparison. For investors, that means the peer table favours patience and evidence over assumption: the short-term outcome has been poor, but the absence of a long cycle makes the longer view incomplete.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eternal Limited	Retailing	6.2%
HCL Technologies Ltd.	IT	5.71%
Titan Company Ltd.	Diamond & Jewellery	5.71%
Tata Consultancy Services Ltd.	IT	5.51%
Infosys Limited	IT	5.2%
Mahindra & Mahindra Ltd.	Automobile & Ancillaries	5.18%
Bajaj Finance Ltd.	Finance	5.17%
ICICI Bank Ltd.	Bank	5.13%
Sun Pharmaceutical Industries Ltd.	Healthcare	5.13%
Kotak Mahindra Bank Limited	Bank	5.01%

The top 10 holdings account for approximately 53.95% of the portfolio.

To see all holdings, visit the HDFC Nifty Top 20 Equal Weight Index Fund Direct Growth Plan page

The largest holding, Eternal Limited, is 6.2%, and the tenth holding is still 5.01%. That is a fairly tight spread, which is consistent with an equal-weight style where no single stock dominates by a very large margin.

At the same time, the listed positions are clustered close together in the 5% area, so the next few holdings may have similar influence on returns. The portfolio’s 53.95% combined weight across the top 10 disclosed holdings suggests that a meaningful share of the fund sits in a relatively small number of names, even though the weights themselves are broadly balanced.

Because there are 20 disclosed holdings in total, the tail beyond the top 10 may still matter, but the visible part of the portfolio already shows a moderate level of concentration. In practice, that means the fund may be sensitive to how a compact group of stocks performs rather than relying on one or two oversized positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk and can hold through equity volatility. The 1-year return is negative, while the benchmark has also been weak, so the key expectation should be uneven near-term performance rather than stable gains.

It is more suitable for a medium-to-long investment horizon than for money that may be needed soon. The equal-weight structure means the fund may behave differently from a standard market-cap index, so investors need to accept tracking-style volatility and the possibility of periods when the chosen basket lags broader large-cap market moves.

The main trade-off is simple: low-cost, rules-based equity exposure in exchange for a portfolio that can swing and has not yet built a long public history. The current portfolio design also means outcomes may depend on a relatively compact set of stocks, so patience matters.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of HDFC Nifty Top 20 Equal Weight Index Fund Direct Growth Plan?
The current NAV is ₹9.7992 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -6.31%, while the 3-year and 5-year returns are 0% in the record available for this fund.

How has the fund performed against Nifty 50 recently?
It has done better than Nifty 50 over 1 month, 3 months and 1 year, but the fund’s own 1-year return is still negative.

How does it compare with the peer funds listed here?
Its 1-year return is below the positive 1-year returns shown by the peers in this review. Some peers also show positive 3-year figures, which this fund does not yet have.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Arun Agarwal and Nandita Menezes. There is no exit load.

Bottom line

This fund’s recent return profile is weaker than several peer figures and still negative on a 1-year basis, even though it has held up a little better than the benchmark over the short windows shown. The High Risk tag and equal-weight structure mean it can move sharply, but the low expense ratio is a practical plus. The main portfolio feature is its compact 20-stock design, where the top holdings sit close together in weight rather than being dominated by one large position. That makes it more suitable for patient equity investors who can accept uneven early-stage results.

Published on 16 September 2026 at 2:41 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.