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

Kotak MNC Fund Direct Growth Plan currently has a NAV of ₹12.606 as of 17 September 2026 and an AUM of ₹2,309 Cr. Its 1-year, 3-year and 5-year returns are 15.67%, 0% and 0% respectively, and the scheme sits in the High Risk bucket. In our view, the fund is still at an early stage as a listed product, so the limited return history matters as much as the current snapshot.

For investors, the key question is whether the portfolio’s multinational-leaning stock selection can justify the risk. The fund has outpaced the benchmark over 1 year, but the shorter history means the longer-term return picture is still developing.

Quick facts

Particular	Details
NAV	₹12.606 as of 17 Sep 2026
AUM	₹2,309 Cr
Expense Ratio	0.58%
Launch Date	28 Oct 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.50% on or before 90D, Nil after 90D
Fund Managers	Harsha Upadhyaya, Dhananjay Tikariha, Abhishek Bisen

The fund is managed by Harsha Upadhyaya, Dhananjay Tikariha and Abhishek Bisen.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.6%	-3.66%
3M	0.06%	-3.71%
1Y	15.67%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund has been noticeably steadier over the most recent quarter than over the latest month. The 1-month decline was modestly worse than the benchmark, while the 3-month figure turned slightly positive even as the benchmark stayed negative. That tells us the fund has handled the recent stretch better than the index, but not without short-term swings.

On a 1-year view, the gap is much clearer. The fund’s 15.67% return stands well ahead of the benchmark’s -7.13%, which points to a strong relative showing over the period available to us. Even so, the short record means there is no 3-year or 5-year track record yet for a fuller cycle-based reading.

The provided daily path also suggests a pattern of recovery after weaker patches rather than a straight-line rise. That matters for investors because the fund’s return profile has not been smooth, and the High Risk tag is consistent with that kind of movement. Our view is that the fund has shown encouraging momentum, but the history is still too short to treat the 1-year outcome as a settled long-run pattern.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Kotak MNC?

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 MNC Fund Direct Growth Plan	15.67%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	Data not available	Data not available

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

Against the available 1-year peer figures, the fund trails several sector- and theme-focused alternatives on raw return, especially ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan and the healthcare names. That said, the comparison is not apples-to-apples in a strict sense because the peer set spans different themes, and this fund’s mandate is more diversified. In the shorter windows, its recent return is better than the benchmark and therefore shows a more resilient near-term profile than the index. The lack of 3-year and 5-year history for the fund also means the longer-term comparison is incomplete.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Maruti Suzuki India Limited	Automobile & Ancillaries	4.99%
Mtar Technologies Limited	Capital Goods	4.27%
Hindustan Unilever Ltd.	FMCG	4.26%
Ami Organics Ltd	Healthcare	4.11%
Azad Engineering Ltd	Capital Goods	4.09%
Oracle Financial Services Software Ltd	IT	3.8%
Britannia Industries Ltd.	FMCG	3.75%
Nestle India Ltd.	FMCG	3.56%
Ge Vernova T&D India Limited	Capital Goods	3.47%
Sun Pharmaceutical Industries Ltd.	Healthcare	3.44%

The largest holding, Maruti Suzuki India Limited, sits at 4.99%, so no single position dominates the visible portfolio. The tenth holding is 3.44%, which means the drop from the top holding to the tenth is fairly modest rather than sharp. That spread suggests the fund may be building exposure through a cluster of mid-sized positions instead of leaning on one or two outsized bets.

The top 10 holdings together account for approximately 39.74% of the portfolio, while 43 holdings are disclosed in total. That combination points to a portfolio that is reasonably spread out, but not so broad that the leading names lose importance. In practical terms, the biggest holdings are still likely to have greater influence on returns, yet the long tail may help keep single-stock dependence in check.

Because the disclosed holdings extend beyond the visible top 10, the fund still has enough breadth to soften concentration at the top. At the same time, the weights in the leading names remain close enough that performance may depend on how several holdings behave together rather than on one clear anchor position.

To see all holdings, visit the Kotak MNC Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and who can stay invested long enough for the portfolio to play out over a full cycle. The short history shows a strong 1-year outcome, but the lack of a longer public return record means the experience is still developing. Investors who can tolerate uneven short-term moves and who want an equity fund with a somewhat distinct stock-selection style may find the setup relevant.

The main trade-off is simple: the fund has shown better recent behaviour than the benchmark, but the path has not been smooth and the long-term track record is not yet available. That makes it more suitable for investors who can accept variability in exchange for the possibility of differentiated equity exposure. It is less suited to anyone who needs stable, predictable month-to-month outcomes.

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: 0.50% if units are sold on or before 90 days; nil after 90 days.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Kotak MNC Fund Direct Growth Plan?

The current NAV is ₹12.606 as of 17 September 2026.

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

The fund’s 1-year return is 15.67%, while its 3-year and 5-year returns are Data not available because the track record is still too short for those periods.

How has the fund done against the benchmark?

It has done better than the benchmark over 1 year, with 15.67% versus -7.13%. Over 3 months, it is also slightly positive while the benchmark is negative.

How does it compare with the peer funds listed here?

Its 1-year return is lower than several of the peer funds shown, especially the more thematic healthcare and metals-focused options. The fund’s short-term profile is still respectable, but the peer set shows stronger raw 1-year numbers in several cases.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What is the risk category and who manages the fund?

The fund is in the High Risk category. It is managed by Harsha Upadhyaya, Dhananjay Tikariha and Abhishek Bisen.

Bottom line

Kotak MNC Fund Direct Growth Plan has shown better recent performance than the benchmark, but its public return history is still short, so the longer-term picture is not yet fully formed. In the peer set shown, several funds post stronger 1-year numbers, while this fund stands out more for its diversified MNC-style portfolio and balanced top-holding weights. The risk level is High Risk, and the fund appears best suited to investors who can handle volatility and want an equity allocation with a reasonably spread top portfolio rather than heavy concentration in one holding.

Published on 18 September 2026 at 3:29 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.