Kotak CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Kotak CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan has a NAV of ₹11.0998 as of 15 Sep 2026 and an AUM of ₹269 Cr. Its 1-year, 3-year and 5-year returns are 6.8%, 0% and 0%, and the fund sits in the Balanced Risk category.

Our view is that this is a short-duration debt index fund suited to investors who want a conservative income-oriented allocation, but the return history is still brief because the fund launched in March 2025. The portfolio is built mainly around bank CDs and select corporate debt, which helps explain the relatively steady pattern rather than sharp swings.

Quick facts

Particular	Details
NAV	₹11.0998 as of 15 Sep 2026
AUM	₹269 Cr
Expense Ratio	0.12%
Launch Date	07 Mar 2025
Min SIP	₹100
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Manu Sharma

The fund is managed by Manu Sharma.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.47%	-4.81%
3M	1.79%	-3.63%
1Y	6.8%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern has been steady rather than dramatic. Over 1M and 3M, the fund stayed close to the 1.00 level in its movement pattern, with only small upward steps, which is consistent with a low-volatility debt strategy. That kind of behaviour usually points to gradual accrual rather than sharp capital gains.

The 1-year figure is more meaningful here, because the fund has only been live since March 2025. At 6.8%, the fund has produced a positive return while the benchmark has been negative over the same span. That gap matters because it shows the fund’s debt-oriented structure has behaved very differently from the benchmark’s more volatile path.

For 3M, the fund’s 1.79% return also compares well with the benchmark’s -3.63%. The same is true over 1M, where the fund is slightly positive while the benchmark is still down. Our reading is that the fund has been holding its line better in the recent period than the benchmark, even though the overall return profile remains modest by design.

The longer-term picture is limited by the fund’s age, so we would not stretch the 1-year figure into a full-cycle conclusion. Still, the available evidence suggests a smoother return pattern than the benchmark and a more stable compounding path rather than a high-growth trajectory.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Kotak CRISIL-IBX Financial Services 3-6 Months Debt 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 CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan	6.8%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	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 trails the stronger equity-style peer returns in this table, but that comparison is not the main lens for a short-duration debt strategy. More relevant is that its recent return profile remains positive while several peers show much higher one-year figures. On 3-year and 5-year figures, only two peers have usable data, and those are equity-oriented funds with far higher numbers, so the comparison speaks more to strategy differences than direct like-for-like competition.

What stands out is the contrast between the fund’s stable short-term behaviour and the larger swings seen in the peer set. That means the peer table tells two stories at once: this fund is not trying to match high-growth returns, but it is behaving consistently for a debt index product.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Axis Bank Ltd.**	Certificate of Deposit	14.58%
Indian Bank	Certificate of Deposit	12.77%
Canara Bank**	Certificate of Deposit	11.72%
7.68% Indian Railway Finance Corporation Ltd.**	Corporate Debt	9.29%
7.91% Tata Capital Ltd.**	Corporate Debt	9.29%
7.52% REC Ltd	Corporate Debt	9.28%
6.4% LIC Housing Finance Ltd.	Corporate Debt	9.26%
Bank of Baroda	Certificate of Deposit	9.11%
Triparty Repo	Cash & Cash Equivalents and Net Assets	6.71%
HDFC Bank Ltd.**	Certificate of Deposit	5.45%

The top 10 holdings account for approximately 97.46% of the portfolio.

To see all holdings, visit the Kotak CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan page

The largest holding is Axis Bank Ltd.** at 14.58%, followed by Indian Bank at 12.77% and Canara Bank** at 11.72%. That top cluster is meaningful, but the decline from the largest position to the tenth holding at 5.45% is not extreme, so the portfolio does not appear to depend on a single oversized exposure.

The mix is still quite concentrated in practical terms because the disclosed top 10 holdings already represent 97.46% of the portfolio, and there are 13 disclosed holding rows in total. That suggests most of the portfolio’s outcome may be driven by a compact set of positions, especially the bank CDs and the corporate debt names near the top.

At the same time, the spread across certificates of deposit, corporate debt and triparty repo may help limit reliance on one issuer type alone. Our view is that the structure looks concentrated enough to matter, but not so narrow that one line item dominates the entire fund.

Source data date: as of 15 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with a Balanced Risk profile and want a short-duration debt allocation rather than aggressive return seeking. The one-year return is positive, while the benchmark has been negative over the same period, but the fund’s own history is still short.

It fits a horizon where steady accrual matters more than fast capital appreciation. The trade-off is that the portfolio may deliver smoother behaviour and lower market-style swings, but the return potential is also naturally modest compared with higher-growth fund types.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of Kotak CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Plan?
The current NAV is ₹11.0998 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 6.8%, while the 3-year and 5-year returns are not available in a meaningful sense yet because the scheme is still very new.

How does the fund compare with its benchmark?
The fund has done better than the benchmark over 1M, 3M and 1Y. The benchmark figures are negative for those periods, while the fund remains positive.

How does the fund compare with the peer funds listed here?
Its 1-year return is lower than the higher-growth peer funds shown in the comparison table, but those peers follow very different strategies. For a debt index fund, the more useful point is that this fund has stayed positive while several peers have much higher but equity-style return profiles.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

What kind of portfolio does this fund hold?
The portfolio is concentrated in bank certificates of deposit, select corporate debt and triparty repo. The largest disclosed holding is Axis Bank Ltd.** at 14.58%, and the top 10 holdings together account for approximately 97.46% of the portfolio.

Bottom line

This fund’s recent behaviour is steadier than its benchmark, but its return history is still short, so the longer-term story is not yet fully built out. Compared with the peer table, it looks much more conservative in return profile, which is in line with a short-duration debt strategy rather than a growth-oriented one.

The Balanced Risk profile, the bank-heavy holding mix and the tight concentration in the top positions all point to a fund that may suit investors looking for a relatively measured debt allocation. The main trade-off is straightforward: smoother behaviour and lower dependence on market swings, in exchange for returns that are likely to remain modest.

Published on 16 September 2026 at 2:18 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.