Kotak Multi Factor Passive FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Kotak Multi Factor Passive FOF Direct Growth Plan is an equity FoF with a current NAV of ₹10.634 as of 16 September 2026 and scheme AUM of ₹135 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk bucket. Our view is that this is still an early-stage scheme, so investors should read the recent swings alongside its portfolio structure rather than rely on a long operating history.

It has moved broadly in line with its benchmark over the recent periods, but the return record is too short to form a strong longer-term track record. The portfolio is built almost entirely from two domestic ETF holdings, so the fund may suit investors who want a factor-oriented passive wrapper and are comfortable with the higher uncertainty that comes with a newly launched product.

Quick facts

Particular	Details
NAV	₹10.634 as of 16 Sep 2026
AUM	₹135 Cr
Expense Ratio	0.0%
Launch Date	20 Mar 2026
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Rohit Tandon, Abhishek Bisen

The fund is managed by Rohit Tandon and Abhishek Bisen.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.32%	-4.41%
3M	-3.29%	-3.60%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is uneven rather than one-sided. Over 1 month, the fund declined more than the benchmark, which tells us the strategy did not protect capital as well during that stretch. Over 3 months, it held up a little better than the benchmark, so the short-term path has included some recovery.

Because the scheme launched only on 20 March 2026, the 1-year, 3-year and 5-year figures are not available in a meaningful way yet. That makes the recent chart more useful for now than any longer-horizon comparison. Our read is that the fund has shown modest resilience in one window and weakness in another, which is consistent with a new product still finding its post-launch rhythm.

Compared with NIFTY 50, the fund is only slightly behind over 1 month and slightly ahead over 3 months. That gap is small enough to suggest the benchmark relationship has been fairly close so far. At this stage, there is no mature longer-term compounding history to separate this scheme decisively from the benchmark on return evidence alone.

The broader takeaway is that the fund has not yet built a long return record, so short-term behaviour matters more than usual. Investors who look at it should focus on whether they are comfortable with a fresh launch whose early period has moved within a tight band around the benchmark rather than showing a clear multi-period lead.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Kotak Multi Factor Passive FOF?

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 Multi Factor Passive FOF Direct Growth Plan	Data not available	Data not available	Data not available
ICICI Pru Multi-Asset Active FOF Direct Growth Plan	Data not available	Data not available	Data not available
Tata Multi Sector Passive FOF Direct Growth Plan	Data not available	Data not available	Data not available
Kotak Diversified Equity All Cap Omni FOF Direct Growth Plan	Data not available	Data not available	Data not available
SBI Nifty Midcap 150 Momentum 50 ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available

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

The peer table is not yet useful for a return-led separation because the currently visible schemes do not provide a usable 1-year, 3-year or 5-year return readout here. That means the discussion shifts back to structure: this fund is a two-ETF FoF with a large allocation to a low-volatility sleeve and a smaller momentum sleeve, while the peer set includes both active and passive FoFs with different sleeves. On the available figures, we can compare names and structures, but not claim a stronger return edge from the peer list.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Kotak Nifty 100 Low Volatility 30 ETF	Domestic Mutual Funds Units	78.69%
Kotak Nifty 200 Momentum 30 ETF	Domestic Mutual Funds Units	19.35%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.09%

Among the disclosed holdings, the largest position is Kotak Nifty 100 Low Volatility 30 ETF at 78.69%, which is very substantial for a single sleeve inside a fund of funds. The weight then falls sharply to 19.35% for Kotak Nifty 200 Momentum 30 ETF, and the residual cash and net asset position is 3.09%. That gap tells us the fund is likely to have greater influence from the low-volatility ETF than from anything else in the portfolio.

The disclosed holdings are only three in number, and together they account for 100% of the portfolio. That makes the scheme look highly concentrated in terms of top-level exposures, even though those exposures themselves are fund units rather than individual stocks. In practical terms, the two ETF sleeves may dominate the return pattern, while the small repo holding may mainly support day-to-day liquidity.

Because the holdings list is complete and short, there is no long tail here to absorb changes in either sleeve. Our read is that the portfolio design is straightforward and transparent, but it also means the scheme’s outcome may depend heavily on how the two underlying factor ETFs behave relative to each other and to the broader market.

Source data date: as of 16 Sep 2026

Who should invest

This fund is suited to investors who are comfortable with High Risk exposure and who can give the strategy enough time to move beyond its launch phase. The recent return pattern does not yet offer a stable long record, so a short holding period would not give the idea space to play out.

We see it as more appropriate for investors who want a factor-based passive structure and can accept that the returns may stay close to the benchmark in some periods while diverging in others. The main trade-off is between a simple two-sleeve portfolio and the uncertainty that comes with a newly launched scheme whose performance history is still developing.

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 16 Sep 2026

Frequently asked questions

What is the current NAV of Kotak Multi Factor Passive FOF Direct Growth Plan?
Its current NAV is ₹10.634 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available because the scheme is very new.

How has the fund compared with NIFTY 50 recently?
It has been slightly behind the benchmark over 1 month and slightly ahead over 3 months. The short-term gap is small.

How does the portfolio look?
The portfolio is highly concentrated in two ETF sleeves, with Kotak Nifty 100 Low Volatility 30 ETF at 78.69% and Kotak Nifty 200 Momentum 30 ETF at 19.35%.

Is there an exit load?
No exit load applies if units are sold anytime.

Who manages the fund?
The fund is managed by Rohit Tandon and Abhishek Bisen.

Bottom line

Kotak Multi Factor Passive FOF Direct Growth Plan is still building its track record, so the recent numbers matter more than any longer-horizon reading. The fund has moved broadly close to NIFTY 50 in the short run, but it does not yet have a meaningful multi-year return history to lean on. Its High Risk label and its concentrated two-ETF structure mean the strategy is simple, but not broad-based. It may suit investors who want a factor-driven passive allocation and can tolerate a new scheme with limited performance history.

Published on 17 September 2026 at 3:46 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.