HSBC CRISIL IBX Gilt June 2027 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HSBC CRISIL IBX Gilt June 2027 Index Fund Direct Growth Plan had an NAV of ₹12.7958 as of 17 Sep 2026 and a scheme AUM of ₹180 Cr. Its 1-year, 3-year and 5-year returns are 5.55%, 7.3% and 0% respectively, and the scheme carries a Balanced Risk profile.

Our view is that this is a narrow, maturity-linked gilt strategy rather than a broad market fund, so its return pattern should be read alongside the short-dated government securities it holds. The recent numbers look steadier than the benchmark, and the portfolio is heavily anchored to one sovereign security, which supports a clearer duration profile but also keeps the holding mix concentrated.

Quick facts

Particular	Details
NAV	₹12.7958 as of 17 Sep 2026
AUM	₹180 Cr
Expense Ratio	0.16%
Launch Date	23 Mar 2023
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 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.28%	-3.66%
3M	1.18%	-3.71%
1Y	5.55%	-7.13%
3Y	7.3%	5.82%
5Y	0%	Data not available

Recent behaviour has been more resilient than the benchmark. Over 1 month, 3 months and 1 year, the fund stayed in positive territory while the benchmark remained negative in each of those periods, which tells us the scheme has held up better in the latest market phase.

The longer view is still constructive, but not dramatically so. The 3-year return of 7.3% is ahead of the benchmark’s 5.82%, suggesting the fund has added moderate value over a full cycle, even though the gap is not wide.

The 5-year figure is shown as 0% because the scheme was launched in March 2023, so the record is too short to build a real 5-year history. For that reason, the more useful read is the combination of 1-year strength and 3-year stability rather than the unavailable long-history comparison.

That pattern fits a gilt index fund with a defined maturity profile. The 1-month and 3-month trends point to contained volatility, while the 3-year path suggests gradual compounding rather than sharp jumps. For investors, that usually matters more than chasing high short-term returns.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD HSBC CRISIL IBX Gilt June 2027 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
HSBC CRISIL IBX Gilt June 2027 Index Fund Direct Growth Plan	5.55%	7.3%	0%
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. On the latest 1-year figure, the fund trails the faster-moving peer returns in the table, but its own profile is different because it is a gilt strategy rather than an equity index fund. The 3-year return remains positive and ahead of the benchmark, yet it is still well below the stronger peer numbers available on that horizon. The short-term and longer-term views therefore tell different stories: compared with peers, the scheme looks steadier and more defensive, but not designed to match equity-style return bursts.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.38% GOI Mat 20-Jun-2027	Government Securities	82.75%
8.24% GOI 15-Feb-2027	Government Securities	11.17%
6.79% GOI 15-May-2027	Government Securities	2.84%
7.02% GOI 27-May-2027	Government Securities	2.41%
TREPS	Cash & Cash Equivalents and Net Assets	0.9%

The largest holding is 7.38% GOI Mat 20-Jun-2027 at 82.75%, which means the fund is overwhelmingly anchored to a single government security. That kind of structure may keep the portfolio easy to understand, but it also means the largest position is likely to have greater influence on day-to-day behaviour than any other line item.

The weight then falls sharply to 11.17% for the second holding and to low single digits after that. By the time we reach the smallest disclosed holding, TREPS at 0.9%, the spread is very wide, so the disclosed mix is not evenly balanced across positions.

All five disclosed holdings together account for 100% of the portfolio, and the fund discloses only five holdings in total. That tells us the scheme is highly concentrated in the listed sovereign basket rather than spread across a long tail of positions, which is typical of a maturity-specific index approach.

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with a balanced-risk profile and who want exposure to a government-securities-led index strategy rather than an equity-style return engine. The return pattern points to better short-term resilience than the benchmark, while the 3-year record suggests moderate compounding rather than rapid growth.

It is more suitable for a medium-term horizon where an investor can accept that the scheme may not keep pace with high-growth peers in strong equity markets. The main trade-off is that the portfolio’s concentrated sovereign exposure may support clarity and stability, but it also limits diversification within the disclosed holdings.

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 HSBC CRISIL IBX Gilt June 2027 Index Fund Direct Growth Plan?

The current NAV is ₹12.7958 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year, 3-year and 5-year returns are 5.55%, 7.3% and 0% respectively.

How has the fund performed versus the benchmark?

It has done better than the benchmark over 1 month, 3 months and 1 year, and it is also ahead over 3 years. The benchmark has been negative over the shorter periods shown.

How does the fund compare with the peer funds shown here?

Its 1-year return is below the stronger peer figures listed, but the comparison is not apples-to-apples because those peers are different index strategies. On the longer horizon with available data, the fund’s 3-year return is positive but still below the higher peer numbers shown.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹1,000.

What risk category and portfolio style does this fund have?

The fund is classified as Balanced Risk, and its disclosed holdings are concentrated in government securities, led by 7.38% GOI Mat 20-Jun-2027. It also has no exit load and is managed by Mahesh Chhabria and Mohd Asif Rizwi.

Bottom line

This fund has looked steadier in the recent periods than its benchmark, while the 3-year return remains positive and modest. Compared with the peer figures shown, it does not compete on headline return strength, but it also offers a different risk profile through concentrated sovereign exposure. That makes it more relevant for investors who value a government-securities-led approach and can live with a narrower portfolio structure. The key question is whether that steadiness and structure fit the investor’s horizon and return expectations.

Published on 18 September 2026 at 12:10 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.