HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund Direct Growth Plan has a NAV of ₹13.3695 as of 16 Sep 2026 and scheme AUM of ₹1,749 Cr. Its 1-year, 3-year and 5-year returns are 5.69%, 7.39% and 0%, and the risk category is Balanced Risk.

Our view is that this is a steady income-oriented index fund with a bond-heavy portfolio that is anchored in government securities and state development loans. The recent return profile has improved versus the supplied benchmark, but the longer-term picture still reflects a measured, lower-volatility style rather than aggressive growth.

Quick facts

Particular	Details
NAV	₹13.3695 as of 16 Sep 2026
AUM	₹1,749 Cr
Expense Ratio	0.22%
Launch Date	31 Mar 2022
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Mahesh Chhabria, Mohd Asif Rizwi

The fund is managed by Mahesh Chhabria and Mohd Asif Rizwi.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.17%	-4.41%
3M	1.27%	-3.6%
1Y	5.69%	-7.76%
3Y	7.39%	5.74%
5Y	Data not available	Data not available

The recent return pattern is stronger than the benchmark across every available period. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which suggests better short-term resilience in a difficult rate environment.

The 1-year figure remains ahead of the benchmark by a wide margin, but the gap is narrower over 3 years, where the fund’s return is still above the benchmark yet not by the same amount. That tells us the fund has held up reasonably well, but it is not producing a sharply accelerating compounding profile.

The longer run looks stable rather than explosive. The three-year path shows steady gains with small fluctuations, while the one-year path also improves gradually instead of jumping sharply. For investors, that pattern is more consistent with a disciplined income strategy than with a high-growth equity-style return profile.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 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.

Already holding HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund Direct Growth Plan	5.69%	7.39%	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 materially below the equity-oriented peer funds listed here, which is expected given its debt-led construction. Even so, its 3-year return compares more favourably with the peer set than the 1-year gap might suggest, because a few peers with available 3-year data are higher but others do not show longer-history numbers at all.

That makes the short-term and medium-term comparison tell different stories. In the short term, the fund trails the stronger growth peers by a wide margin; over three years, the return profile is steadier and more in line with a defensive income mandate. The conclusion for investors is that this fund should be judged on consistency and rate sensitivity rather than on equity-style upside.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.06% GOI – 10-Apr-2028	Government Securities	30.27%
7.17% GOI – 08-Jan-2028	Government Securities	10.85%
7.36% Maharashtra SDL 12-Apr-2028	Government Securities	7.8%
8.05% Tamilnadu SDL – 18-Apr-2028	Government Securities	7.08%
8.05% Gujarat SDL 31-Jan-2028	Government Securities	5.86%
6.97% Karnataka SDL 26-Feb-2028	Government Securities	4.88%
6.97% Maharashtra SDL 18-Feb-2028	Government Securities	3.16%
8.28% GOI – 21-Sep-2027	Government Securities	3.03%
8.28% Tamil Nadu SDL 14-Mar-2028	Government Securities	3.03%
6.98% Maharashtra SDL 26-Feb-2028	Government Securities	2.87%

The single largest holding, 7.06% GOI – 10-Apr-2028, carries a 30.27% weight, so it is likely to have a meaningful influence on the fund’s movement. After that, the weights step down quickly, with the tenth holding at 2.87%, which shows that exposure is not evenly spread across the top positions.

The top ten holdings together account for approximately 78.83% of the portfolio, and the fund discloses 27 holdings in total. That suggests a fairly concentrated structure at the top, but not a one-position portfolio. The long tail beyond the top ten may still matter, yet the largest government-security and SDL positions are clearly the main drivers of portfolio behaviour.

This mix may help explain why the fund’s performance has been comparatively stable rather than volatile. A portfolio built around dated government securities and SDLs can be more sensitive to interest-rate moves than to equity market swings, so investors may see moderate fluctuations rather than sharp growth spurts.

To see all holdings, visit the HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who can accept Balanced Risk and are comfortable with a debt-oriented return profile rather than equity-style upside. The 1-year and 3-year numbers point to measured gains, while the benchmark comparison shows that the fund has recently held up better than the Nifty 50 reference in down periods.

The main trade-off is that steadier behaviour comes with limited growth ambition. Investors with a medium-term horizon who want exposure to a defined maturity-style government bond and SDL portfolio may find the structure easier to understand than a diversified credit product. Those looking for fast capital appreciation may find the return pattern too restrained.

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 16 Sep 2026

Frequently asked questions

What is the current NAV of HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund Direct Growth Plan?
The current NAV is ₹13.3695 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.69%, its 3-year return is 7.39%, and its 5-year return is 0.

How has the fund done against the benchmark?
It has beaten the benchmark across the available periods. The gap is especially visible in the recent 1-month, 3-month and 1-year numbers.

How does this fund compare with the peer funds listed here?
Its return profile is much more modest than the equity-oriented peer funds in the table, but its 3-year number is steadier than the short-term spread might suggest.

What is the minimum SIP amount?
The minimum SIP amount is ₹1000.

What is the exit load and who manages the fund?
There is no exit load. The fund is managed by Mahesh Chhabria and Mohd Asif Rizwi.

Bottom line

This fund’s recent improvement looks better than its weaker benchmark backdrop, but the longer-term return pattern still points to a measured, income-oriented profile rather than a high-growth one. Against the listed peers, it is clearly less aggressive on recent returns, yet its debt-led structure and Balanced Risk label make that difference understandable. The portfolio is also quite top-heavy, with government securities and SDLs carrying most of the visible weight. That combination may suit investors who value steadier bond exposure and can tolerate modest upside.

Published on 17 September 2026 at 2:40 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.