Kotak Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Kotak Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund Direct Growth Plan currently has a NAV of ₹13.4496 as of 16 Sep 2026 and a scheme AUM of ₹2,941 Cr. Its 1-year, 3-year and 5-year returns are 5.46%, 7.07% and 0%, and the scheme sits in the Medium Risk bucket.

Our view is that this is a niche, duration-aware index fund with a portfolio built around state government securities maturing in 2032. The return pattern has been steadier over 3 years than over the most recent 1 year, but the benchmark has been weaker over the same recent periods. That makes the fund more suitable for investors who want a conservative debt-oriented allocation and can accept a moderate-risk profile.

Quick facts

Particular	Details
NAV	₹13.4496 as of 16 Sep 2026
AUM	₹2,941 Cr
Expense Ratio	0.2%
Launch Date	11 Feb 2022
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Abhishek Bisen

The fund is managed by Abhishek Bisen.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.08%	-4.41%
3M	0.7%	-3.6%
1Y	5.46%	-7.76%
3Y	7.07%	5.74%
5Y	Data not available	Data not available

The fund has held up better than the benchmark over the recent 1-month and 3-month periods, even though both have remained uneven. That relative resilience matters because the benchmark itself has been weak over the latest 1-year window, while the fund still managed a positive 1-year return.

Over 3 years, the fund’s 7.07% return is ahead of the benchmark’s 5.74%. That tells us the longer pattern is still constructive, but not dramatically so. The gap is meaningful enough to show an edge, yet it is not large enough to suggest a strongly differentiated compounding profile.

The broader return path also looks uneven rather than smooth. The recent 1-month dip followed a firmer 3-month outcome, which fits a fund tied to dated government securities and benchmark-sensitive movement rather than a high-growth equity pattern. For investors, that means the fund may work better as a measured debt allocation than as a return-chasing product.

There is no 5-year return figure to assess, so we would avoid reading too much into the missing long-horizon history. On the available numbers, the fund has done better than the benchmark across the shorter windows and modestly better over 3 years, which is the most useful signal here.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Kotak Nifty SDL Apr 2032 Top 12 Equal Weight 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 Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund Direct Growth Plan	5.46%	7.07%	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 recent 1-year result is much lower than the leading peer figures shown here, while the 3-year return is also below the stronger peer outcomes available in the table. That means the fund has not matched the most aggressive recent gainers on return numbers, even though it has stayed positive over the same periods.

The comparison story is mixed because some peers have much stronger short-term numbers, but their longer-term figures are not always available. Against the peers with both 1-year and 3-year figures, this fund looks more muted on return momentum, even though it remains ahead of some benchmark behaviour in its own performance section. For investors, the key difference is between steadier debt-style movement and the sharper upside visible in some thematic peers.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.70% Andhra Pradesh State Govt – 2032 – Andhra Pradesh	Government Securities	17.9%
7.73% Maharashtra State Govt – 2032 – Maharashtra	Government Securities	16.11%
7.72% Maharashtra State Govt – 2032 – Maharashtra	Government Securities	14.69%
7.63% Gujarat State Govt – 2032 – Gujarat	Government Securities	11.36%
7.14% Karnataka State Govt – 2032 – Karnataka	Government Securities	7.58%
7.74% Andhra Pradesh State Govt – 2032 – Andhra Pradesh	Government Securities	5.51%
7.57% Gujarat State Govt – 2032 – Gujarat	Government Securities	4.42%
7.12% Tamil Nadu State Govt – 2032 – Tamil Nadu	Government Securities	2.86%
Net Current Assets/(Liabilities)	Cash & Cash Equivalents and Net Assets	2.35%
7.73% Andhra Pradesh State Govt – 2032 – Andhra Pradesh	Government Securities	1.9%

The top 10 holdings account for approximately 84.68% of the portfolio.

To see all holdings, visit the Kotak Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund Direct Growth Plan page

The largest holding is 17.9%, which is substantial for a single security in a debt-oriented portfolio. The next few positions are also large, but the weights step down after the top two and then again into the mid-single digits, which suggests the portfolio is still leaning on a handful of dominant lines rather than spreading influence evenly across all positions.

The difference between the first and tenth disclosed holdings is wide. That spread tells us the fund may be more sensitive to movement in the biggest state-govt lines than a more evenly distributed index fund would be, even though it still holds 22 disclosed positions in total.

Because the top 10 disclosed holdings already make up about 84.68% of the portfolio, the tail beyond those positions is likely to have a smaller influence on day-to-day behaviour. That does not make the portfolio extreme, but it does show that the fund is concentrated enough for the larger holdings to matter in performance and volatility.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who are comfortable with Medium Risk and want a debt-oriented index strategy rather than a high-growth equity style. The return profile is steadier over 3 years than the weak benchmark’s recent 1-year behaviour, but the fund has not produced standout upside on the kind of figures that some peer funds have shown.

A longer investment horizon makes more sense here than a short trading-style view, because the portfolio is built around dated state government securities and the recent path has been uneven. The main trade-off is that you get a more measured return pattern and lower expense structure, but you give up the kind of sharp recent gains visible in some thematic peer funds.

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 Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund Direct Growth Plan?
Its current NAV is ₹13.4496 as of 16 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.46%, the 3-year return is 7.07%, and the 5-year return is 0%. There is no usable 5-year figure available in the performance table.

How has the fund performed versus the benchmark?
It has done better than the benchmark over 1 month, 3 months, 1 year and 3 years. The 3-year return is 7.07% versus 5.74% for the benchmark.

How does it compare with the peer funds shown here?
Its recent return numbers are lower than several of the peer funds shown, especially on the 1-year figure. The 3-year number is also below the stronger peer readings that are available.

Is there a minimum SIP amount?
The fund allows SIPs, but no minimum SIP amount is stated here.

Who manages the fund and what is the exit load?
Abhishek Bisen manages the fund. The exit load is nil, so there is no exit load on sale.

Bottom line

This fund has a steadier 3-year pattern than its weak benchmark backdrop, but its most recent figures are not especially strong when set against the peer set shown here. The risk category is Medium Risk, and the portfolio leans heavily on a small number of state-government securities maturing in 2032. That structure may appeal to investors seeking a debt-oriented index exposure with a defined profile, rather than those looking for sharper near-term return momentum.

Published on 17 September 2026 at 2:14 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.