Invesco India Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Invesco India Liquid Fund Direct Growth Plan is currently at a NAV of ₹3895.3875 as of 04 Sep 2026, with scheme AUM of ₹20,748 Cr. Its 1-year, 3-year and 5-year returns are 6.52%, 6.97% and 6.32% respectively, and it sits in the Balanced Risk category.

Our view is that this is a steady liquid fund rather than a return-chasing one. The return profile has stayed close to its benchmark over longer periods, and the portfolio is built around short-duration money market instruments and bank paper, which supports liquidity and helps keep day-to-day movement contained.

Quick facts

Particular	Details
NAV	₹3,895.3875 as of 04 Sep 2026
AUM	₹20,748 Cr
Expense Ratio	0.15%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D
Fund Managers	Krishna Cheemalapati, Kunal Jain

The fund is managed by Krishna Cheemalapati and Kunal Jain.

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.56%	-2.95%
3M	1.74%	2.27%
1Y	6.52%	-4.43%
3Y	6.97%	5.88%
5Y	6.32%	6.29%

The recent picture is mixed, but not unstable. Over 1 month, the fund has been positive while the benchmark has been negative, which suggests a defensive short-term pattern. Over 3 months, the benchmark has done slightly better, so the fund has not been uniformly ahead in the latest stretch.

The longer view is more important for a liquid fund, and here the fund has stayed ahead over 1 year and 3 years. The 5-year return is also just ahead of the benchmark, which tells us the excess return is modest rather than dramatic. That is consistent with a cash-management style product where the main goal is preservation of liquidity with measured compounding.

The path of returns also looks fairly controlled rather than sharp and cyclical. The pattern through the 3-year and 5-year series suggests gradual compounding with periods of mild fluctuation, not the kind of sharp swings that would usually worry conservative cash-allocation investors. In our view, that makes the fund more suitable for stability-led allocation than for trying to outperform in a strong equity-like manner.

Against the benchmark, the fund’s longer-term edge is small but visible, while the short-term numbers are less consistent. That split matters because it tells us the fund has been steadier over time than it has been exciting in any one recent window.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD Invesco India Liquid?

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
Invesco India Liquid Fund Direct Growth Plan	6.52%	6.97%	6.32%
Axis Liquid Fund Direct Growth Plan	6.61%	7.03%	6.38%
Sundaram Liquid Fund Direct Growth Plan	6.61%	7.03%	6.37%
JioBlackRock Liquid Fund Direct Growth Plan	6.6%	Data not available	Data not available
Aditya Birla SL Liquid Fund Direct Growth Plan	6.6%	7.03%	6.39%
Edelweiss Liquid Fund Direct Growth Plan	6.58%	7.03%	6.37%

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

The fund is close to the stronger peer return cluster on 1 year, but it sits a little below the funds that have 1-year returns of 6.58% to 6.61%. On 3 years, it is also slightly under the available peer figures around 7.03%, and the same pattern holds on 5 years where peers shown are around 6.37% to 6.39%. The short-term gap is small, but it is visible.

That said, the comparison is not telling a completely different story from the benchmark analysis. The fund has been a little softer than several peers on available longer-period returns, yet it has still produced a stable multi-year profile. For an investor who values consistency more than a marginal return edge, that may matter more than a narrow difference of a few basis points.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
National Bank for Agriculture and Rural Development 2026 **	Commercial Paper	7.2%
91 Days Tbill (MD 08/10/2026)	Treasury Bills	5.75%
91 Days Tbill (MD 01/10/2026)	Treasury Bills	4.44%
Bank of Baroda 2026 ** #	Certificate of Deposit	4.25%
Canara Bank 2026 #	Certificate of Deposit	4.06%
HDFC Bank Limited 2026 ** #	Certificate of Deposit	3.58%
Kotak Securities Limited 2026 **	Commercial Paper	2.88%
HDFC Bank Limited 2026 #	Certificate of Deposit	2.76%
ICICI Securities Limited 2026 **	Commercial Paper	2.64%
Indian Bank 2026 ** #	Certificate of Deposit	2.51%

The largest holding is 7.2% in National Bank for Agriculture and Rural Development 2026 **, so no single position dominates the portfolio on its own. The next few holdings are also fairly close in size, and the tenth holding is still 2.51%, which tells us the weight falls away gradually rather than collapsing after the top name.

The top 10 holdings together account for approximately 40.07% of the portfolio, so the disclosed sleeve is spread across a longer tail rather than concentrated in just a handful of positions. With 50 total holdings, the fund appears to rely on a broad set of short-duration instruments, which may help reduce dependence on any one borrower or security.

For a liquid fund, that structure is constructive because it may support day-to-day redemption needs while limiting single-name influence. At the same time, the portfolio is still meaningfully built around the top positions, so the larger holdings are likely to have greater influence on the fund’s short-term behaviour than the smaller tail.

To see all holdings, visit the Invesco India Liquid Fund Direct Growth Plan page

Source data date: as of 04 Sep 2026

Who should invest

This fund fits investors who are comfortable with low-to-moderate volatility and want short-horizon parking with steady liquidity. The Balanced Risk label, the stable multi-year return pattern and the close benchmark tracking all point toward a fund that is better suited to conservative allocation needs than to return maximisation.

A longer horizon still helps, because the 3-year and 5-year returns show the steadier compounding that tends to matter more than any one recent month. The main trade-off is straightforward: you are accepting modest return differences versus stronger peers in exchange for a smoother, liquidity-oriented profile built around treasury bills, CDs and commercial paper.

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: 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of Invesco India Liquid Fund Direct Growth Plan?
The current NAV is ₹3895.3875 as of 04 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.52% over 1 year, 6.97% over 3 years and 6.32% over 5 years.

How has it done against the benchmark?
It has stayed slightly ahead over 1 year and 3 years, and it is also marginally ahead over 5 years. Over 3 months, the benchmark has been higher.

How does it compare with the peer funds listed here?
Its 1-year return is close to the peer group shown, but slightly below the stronger peer numbers at 6.58% to 6.61%. The same pattern holds over 3-year and 5-year figures where available.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Krishna Cheemalapati and Kunal Jain. Exit load reduces from 0.007% on Day 1 to NIL on or after 7 days.

Bottom line

Invesco India Liquid Fund Direct Growth Plan has delivered a steadier longer-term picture than its latest short window suggests, with 3-year and 5-year returns that remain close to benchmark behaviour. It is a Balanced Risk liquid fund with a portfolio built around treasury bills, certificate of deposit exposure and commercial paper, which supports its liquidity-first role. On available peer return data, it is slightly behind several comparable funds, but the gap is modest rather than wide.

Published on 5 September 2026 at 3:05 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.