HDFC NIFTY200 Momentum 30 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC NIFTY200 Momentum 30 Index Fund Direct Growth Plan currently has a NAV of ₹10.0987 as of 17 Sep 2026 and a scheme AUM of ₹608 Cr. Its 1-year, 3-year and 5-year returns are -3.63%, 0%, and 0% respectively, and it sits in the High Risk bucket. Our view is that this is a momentum-led index fund that has not yet built a long return history, so investors are mainly judging it on its recent path, benchmark behaviour and portfolio shape rather than on a long track record.

The fund’s recent weakness versus the benchmark matters, but its concentrated basket of 30 holdings and High Risk profile also mean it can move sharply when momentum works. For investors who can accept that kind of variability, it is more of a tactical equity allocation than a steady core holding.

Quick facts

Particular	Details
NAV	₹10.0987 as of 17 Sep 2026
AUM	₹608 Cr
Expense Ratio	0.4%
Launch Date	28 Feb 2024
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 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.13%	-3.66%
3M	-3.61%	-3.71%
1Y	-3.63%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is weak in absolute terms, but the fund has still held up better than the benchmark over every available period. That gap is narrow over 1M and 3M, which tells us the fund has not been sharply different from the benchmark in the short run, yet it has lost less over 1Y. The last few months also show a choppy path rather than a smooth climb, so this is not a fund that has offered steady monthly progression.

Because the scheme launched in 2024, there is no meaningful 3-year or 5-year record yet. That limits how much we can read into long-term compounding, and it also means the recent drawdown and rebound pattern matters more than a longer cycle of behaviour. The available one-year shape suggests momentum exposure can help preserve relative strength even when the broader market weakens, but it has not turned the period into a positive return outcome.

Against the NIFTY 50 benchmark, the fund has been ahead on a relative basis in every reported window, though the edge is more visible over 1Y than over 1M or 3M. That tells us the fund has avoided some of the benchmark’s downside, but it has not delivered a meaningfully different short-term growth profile. For investors, the main takeaway is that relative resilience has been present, while absolute returns remain negative.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD HDFC NIFTY200 Momentum 30 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 NIFTY200 Momentum 30 Index Fund Direct Growth Plan	-3.63%	Data not available	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 trails the peer set by a wide margin, even though several peers in this list have posted strong positive outcomes. That makes the recent return profile look clearly softer than the stronger momentum seen elsewhere in the table. Where the comparison becomes more useful is over longer horizons: the fund has no available 3-year or 5-year figures yet, so it cannot be judged on the same long-run footing as the peers that do have those records.

That gap changes the reading of the table. Short-term results point to weakness versus the listed peers, while the absence of longer history prevents us from saying whether this is a temporary phase or a durable pattern. For now, the peer picture is more favourable to schemes with a fuller return history and stronger one-year outcomes, while this fund is still proving its place on performance consistency.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Laurus Labs Ltd.	Healthcare	5.95%
Multi Commodity Exchange of India L	Finance	5.86%
Shriram Finance Ltd.	Finance	5.33%
Hindalco Industries Ltd.	Non – Ferrous Metals	5.09%
Tata Steel Ltd.	Iron & Steel	4.75%
Cummins India Ltd.	Automobile & Ancillaries	4.5%
NTPC Limited	Power	4.49%
Ge Vernova T&D India Limited	Capital Goods	4.31%
Vedanta Ltd.	Non – Ferrous Metals	4.3%
Adani Power (Mundra) Limited	Power	4.22%

The top 10 holdings account for approximately 48.8% of the portfolio.

To see all holdings, visit the HDFC NIFTY200 Momentum 30 Index Fund Direct Growth Plan page

The largest holding, Laurus Labs Ltd., carries a 5.95% weight, which is meaningful but not extreme for a 30-stock index fund. The drop from the first holding to the tenth is modest rather than abrupt, moving from 5.95% to 4.22%, so the top end is fairly tightly packed. That suggests the fund may not be dominated by a single name; instead, several holdings could share influence.

At the same time, the displayed top 10 alone already account for 48.8% of the portfolio, which means the fund is not broadly spread across just these names. With 30 disclosed holdings in total, the portfolio likely has a longer tail beyond the top positions, but the visible slice still shows a meaningful level of concentration. For investors, that can mean returns may be shaped more by a cluster of larger positions than by a single standout stock.

The sector mix in the top holdings is also varied, spanning healthcare, finance, metals, power, capital goods and industrial exposure. That breadth may reduce dependence on one industry theme, but the individual weights remain close enough that several positions could matter together when momentum trends change.

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can tolerate periods when returns are negative even if the benchmark is weaker. The available record is short, so the main evidence is the recent return pattern rather than a long cycle of compounding. That makes a longer horizon more suitable than a short trading-style view.

It may appeal to investors who want a rules-based momentum strategy inside an index structure and are prepared for uneven performance. The trade-off is straightforward: you are accepting sharper swings and a concentrated 30-stock design in exchange for the possibility that momentum can improve relative outcomes when the style is in favour.

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 NIFTY200 Momentum 30 Index Fund Direct Growth Plan?
The NAV is ₹10.0987 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is -3.63%, while the 3-year and 5-year returns are Data not available in the currently disclosed performance set.

How has the fund done versus the benchmark?
It has been ahead of the NIFTY 50 benchmark in every reported period. The gap is small over 1M and 3M, and wider over 1Y.

How does it compare with the peer funds listed here?
Its 1-year return is weaker than the listed peers with available 1-year data. The fund also does not yet have 3-year or 5-year figures available, which limits a fuller comparison.

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 performance is weaker in absolute terms, but it has still held up better than the benchmark over the periods disclosed. The shorter history means there is no long-run return pattern yet, so investors are mainly evaluating its current momentum exposure and portfolio construction. Among the listed peers, its one-year result is clearly softer, while the absence of 3-year and 5-year figures keeps the longer-term comparison incomplete. The High Risk profile and 30-stock structure make it more suitable for investors who can accept volatility and a concentrated style tilt.

Published on 18 September 2026 at 12:58 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.