Kotak BSE Housing Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Kotak BSE Housing Index Fund Direct Growth Plan had a NAV of ₹12.391 as of 17 September 2026 and an AUM of ₹12 Cr. Its 1-year, 3-year and 5-year returns are -13.53%, 5.41% and 0% respectively, and the scheme carries a High Risk label. Our view is that this is a narrow thematic index fund that suits investors who can tolerate sharp swings and want housing-linked exposure with a low expense ratio, but the recent weakness means it needs patience rather than short-term expectations.

The fund tracks a housing-oriented basket but its recent return pattern has been uneven, and the 1-year outcome is weaker than its longer-term 3-year reading. The portfolio is concentrated in a handful of large positions, so the performance path may differ meaningfully from broader equity funds even when the underlying theme recovers.

Quick facts

Particular	Details
NAV	₹12.391 as of 17 Sep 2026
AUM	₹12 Cr
Expense Ratio	0.22%
Launch Date	28 Aug 2023
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar

The fund is managed by Satish Dondapati, Abhishek Bisen and Jeetu Valechha Sonar.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-7.85%	-3.66%
3M	-5.48%	-3.71%
1Y	-13.53%	-7.13%
3Y	5.41%	5.82%
5Y	Data not available	Data not available

Recent returns have been soft across every shorter window, which tells us that the fund has faced pressure not just over one period but across several adjacent time frames. The 1-month and 3-month figures are negative, so the weakness is not isolated to a single bad week or event.

Over 1 year, the fund trails the benchmark by a noticeable margin, which shows that the housing theme has not kept pace with the broader market segment represented by the benchmark over the same stretch. That gap matters because it indicates the fund has needed more time to recover than a plain market index would.

The 3-year return is positive, but only slightly below the benchmark. That suggests a more balanced long-run picture than the recent numbers imply, with the fund still capable of compounding over a multi-year holding period even though the path has been uneven. The supplied 5-year history is not long enough to present a 5-year figure in a meaningful way, so the more useful read is that short-term softness has overshadowed a modestly positive medium-term trend.

For an investor, the key point is that this fund has not moved in a steady line. Its longer-term behaviour is better than the latest year, but the recent pattern warns that a theme-led fund can lag for extended stretches before it starts to work again.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Kotak BSE Housing 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
Kotak BSE Housing Index Fund Direct Growth Plan	-13.53%	5.41%	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 weaker than the peer set shown here, where the comparison funds have positive 1-year figures. Even on the longer view, the fund’s 3-year return is modest versus the stronger multi-year outcomes visible for some peers, especially the technology- and market-structure-linked funds in the table.

That said, the peer picture is not uniform because some funds do not have 3-year figures available. The useful takeaway is that the current fund has lagged on both the recent and multi-year lens, while a few peers have shown much stronger momentum over the same broad period. The short-term story and the longer-term story therefore both lean weak, rather than one offsetting the other.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Dixon Technologies India Ltd	Consumer Durables	5.96%
DLF Limited	Realty	5.57%
Macrotech Developers Ltd	Realty	5.41%
Kei Industries Ltd.	Electricals	5.02%
Grasim Industries Ltd.	Diversified	5.01%
Phoenix Mills Ltd.	Realty	4.95%
Ultratech Cement Ltd.	Construction Materials	4.91%
Havells India Ltd.	Capital Goods	4.84%
Shree Cement Ltd.	Construction Materials	4.62%
Polycab India Limited	Electricals	4.49%

The top 10 holdings account for approximately 50.78% of the portfolio.

To see all holdings, visit the Kotak BSE Housing Index Fund Direct Growth Plan page

Its largest holding is Dixon Technologies India Ltd at 5.96%, which is meaningful but not extreme on its own. The next few positions are also close in size, so the portfolio does not rely on one outsized stock to the same degree some concentrated strategies do.

The weight then steps down gradually through the first ten holdings, from 5.96% to 4.49%. That relatively tight band suggests the fund spreads its visible exposure across several names rather than making a very sharp bet on a single leader.

Even so, the top 10 holdings together make up about half of the portfolio, and there are 26 disclosed holding rows in total. That combination points to moderate concentration in the biggest positions, with a longer tail outside the top 10 that may still matter, but less visibly than the leading names.

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk allocations and can stay invested through uneven periods. The 1-year weakness versus the benchmark shows that the theme can underperform broader market moves for stretches, while the 3-year reading shows that recovery is possible over a longer horizon.

The main trade-off is between thematic upside and volatility. Investors who want a housing-linked equity exposure and can hold through drawdowns may find the profile acceptable, but those who need smoother short-term outcomes or want a broad-market pattern of returns may find the swings uncomfortable.

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 Kotak BSE Housing Index Fund Direct Growth Plan?
The current NAV is ₹12.391 as of 17 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is -13.53%, its 3-year return is 5.41%, and the 5-year figure is Data not available.

How does it compare with the benchmark?
The fund trails the benchmark over 1 year and is slightly behind over 3 years. The 1-month and 3-month periods are also weaker than the benchmark.

How does it compare with the peer funds shown here?
Its 1-year return is weaker than the peer funds listed here, and its 3-year return is also modest compared with the stronger multi-year figures available for some peers.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.

What is the risk level, and who manages the fund?
The fund is classified as High Risk. It is managed by Satish Dondapati, Abhishek Bisen and Jeetu Valechha Sonar.

Bottom line

This fund’s recent performance is weaker than its longer-term 3-year record, so the near-term picture is more strained than the medium-term one. It also compares unfavourably with the peer set on the returns shown here, which makes the current stretch look especially soft. The portfolio is not dominated by a single stock, but the top holdings still account for a sizable share, so theme-driven moves may remain pronounced. That makes the fund more suitable for investors who can accept volatility and wait for a longer cycle.

Published on 18 September 2026 at 9:15 AM 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.