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

ITI Liquid Fund Direct Growth Plan has a NAV of ₹1,474.4733 as of 15 Sep 2026 and a scheme AUM of ₹52 Cr. Its 1-year, 3-year and 5-year returns are 6.18%, 6.71% and 6.12%, and the scheme sits in the Balanced Risk category.

Our view is that this is a liquid fund for investors who want relatively steady return behaviour, short holding periods and a portfolio built largely from cash-like instruments, treasury bills, certificates of deposit and short-term debt. The recent return profile is modest rather than flashy, but it has stayed broadly aligned with the category’s conservative role.

Quick facts

Particular	Details
NAV	₹1,474.4733 as of 15 Sep 2026
AUM	₹52 Cr
Expense Ratio	0.09%
Launch Date	24 Apr 2019
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	Laukik Bagwe

The fund is managed by Laukik Bagwe.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.46%	-4.81%
3M	1.5%	-3.63%
1Y	6.18%	-8.27%
3Y	6.71%	5.59%
5Y	6.12%	5.58%

The fund’s short-term return pattern has been steadier than the benchmark’s. Over 1 month and 3 months, the benchmark was negative while the fund stayed positive, which tells us the portfolio has been sheltered from the sharper swings seen in equities. That is consistent with a liquid strategy and also explains why the return path looks subdued but orderly.

On a 1-year basis, the fund’s 6.18% return is clearly ahead of the benchmark’s -8.27%. That gap is less about chasing upside and more about preserving capital through an uneven period for the benchmark. For investors who compare liquid funds with riskier market indices, this is exactly the kind of behaviour they would expect to see.

Over 3 years and 5 years, the fund remains positive at 6.71% and 6.12%, while the benchmark is 5.59% and 5.58%. The spread is not dramatic, but it does show that the fund has held a small edge over the benchmark across longer windows as well. The recent time pattern suggests a controlled, low-volatility compounding path rather than sharp bursts of performance.

We read this as a fund that has behaved consistently within its category purpose. It has not depended on a single strong quarter or a one-off rebound; instead, the longer trail points to incremental gains with limited volatility, which is usually what liquid-fund investors are trying to access.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ITI 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.

Already holding ITI Liquid? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
ITI Liquid Fund Direct Growth Plan	6.18%	6.71%	6.12%
Axis Liquid Fund Direct Growth Plan	6.6%	7.02%	6.4%
Sundaram Liquid Fund Direct Growth Plan	6.6%	7.01%	6.38%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.59%	7.02%	6.41%
JioBlackRock Liquid Fund Direct Growth Plan	6.58%	Data not available	Data not available
Edelweiss Liquid Fund Direct Growth Plan	6.57%	7.02%	6.39%

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 stronger peer figures in this group by a small margin, but the gap is not large. On 3-year and 5-year numbers, it also sits below the better peer outcomes, which suggests its longer-term pace has been a touch softer than the stronger comparable funds with available figures.

The short-term and longer-term stories are slightly different, though. In the near term the fund remains positive and fairly stable, while several peers are a bit higher on 1-year return. Over longer windows, the peer set with available data also edges ahead, so the comparison points to a fund that is steady but not the quickest compounder among the comparable liquid funds.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS 01-Sep-2026	Cash & Cash Equivalents and Net Assets	16.9%
91 Days Tbill (MD 17/09/2026)	Treasury Bills	13.43%
7.98% Bajaj Housing Finance Limited (09/09/2026)	Corporate Debt	9.62%
Canara Bank (14/09/2026)	Certificate of Deposit	9.59%
Punjab National Bank (15/09/2026)	Certificate of Deposit	8.63%
ICICI Securities Limited (03/09/2026)	Commercial Paper	7.69%
HDFC Bank Limited (10/09/2026)	Certificate of Deposit	7.68%
ICICI Bank Limited (15/09/2026)	Certificate of Deposit	7.67%
Kotak Securities Limited (24/09/2026)	Commercial Paper	7.66%
91 Days Tbill (MD 03/09/2026)	Treasury Bills	3.84%

The top 10 holdings account for approximately 92.71% of the portfolio.

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

The largest holding, TREPS 01-Sep-2026, is 16.9%, which is sizeable for a liquidity-focused fund but still leaves room for a broad ladder of near-cash instruments. The next positions are also meaningful, with Treasury Bills and several bank CDs and commercial papers carrying weights in the high single digits. That mix may help keep day-to-day cash management orderly.

The drop from the largest position to the tenth is not extreme, but it is noticeable. After the first few holdings, the weights ease into a tighter band, which suggests the portfolio is not relying on one dominant security to carry the fund. Instead, influence is likely to be shared across a cluster of short-duration instruments.

With 92.71% of the portfolio covered by the top 10 holdings and 13 holdings disclosed in total, the visible portfolio looks fairly concentrated at the top but still diversified across cash, sovereign paper, bank paper and corporate debt. In our view, that structure may help the fund balance liquidity needs with incremental return generation.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who are comfortable with a low-to-moderate return profile and want a liquid strategy that has stayed positive across the available short, medium and longer windows. The Balanced Risk label, the steady pattern versus the benchmark and the largely short-dated portfolio make it more suitable for conservative parking of money than for chasing higher growth.

The main trade-off is simple: investors may accept lower upside in exchange for steadier movement and a portfolio built around near-cash instruments. A short to medium holding horizon is the natural match, especially for those who value liquidity and consistency over aggressive performance swings.

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 applies on a declining scale for redemptions made within the first week: 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, and nil on or after Day 7. After the holding period, there is no exit load.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of ITI Liquid Fund Direct Growth Plan?

The current NAV is ₹1,474.4733 as of 15 Sep 2026.

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

The fund’s 1-year return is 6.18%, the 3-year return is 6.71% and the 5-year return is 6.12%.

How does it compare with the benchmark?

It has outpaced the benchmark across all shown periods. The benchmark’s 1-year, 3-year and 5-year returns are -8.27%, 5.59% and 5.58%, while the fund has stayed positive throughout.

How does it compare with peer liquid funds?

It is close to the stronger peer figures on a recent basis, but several comparable liquid funds have slightly higher 1-year, 3-year and 5-year returns where data is available. That makes the fund steady, though not the fastest mover in the peer set.

Is there a minimum SIP?

Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Laukik Bagwe. Exit load starts at 0.007% for Day 1 and steps down each day until it becomes nil on or after Day 7.

Bottom line

ITI Liquid Fund Direct Growth Plan has shown a steadier return path than the benchmark, with modest but positive results over 1 year, 3 years and 5 years. Compared with the peer set on available figures, it is a little softer on longer-term return but still broadly competitive. The portfolio is built around cash, treasury bills and short-term bank and corporate paper, which supports its liquid-fund role. For investors who value stability, liquidity and a short holding profile, that combination is the key takeaway.

Published on 16 September 2026 at 12:50 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.