LIC MF Equity Savings Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

LIC MF Equity Savings Fund Direct Growth Plan is at ₹32.7126 as of 09 Sep 2026, with scheme AUM of ₹38 Cr. Its 1-year, 3-year and 5-year returns are 3.91%, 8.71% and 7.76% respectively, and it carries a Medium Risk label. Our view is that this is a relatively steady hybrid option for conservative investors who can accept moderate ups and downs in exchange for a mix of equity participation and defensive allocation.

The return pattern is more convincing over 3 years and 5 years than over the last 1 year, which has been softer. The portfolio’s visible mix is led by cash and liquid exposure, which may help explain the calmer profile, but it also means the fund may not behave like a pure growth scheme when markets run strongly.

Quick facts

Particular	Details
NAV	₹32.7126 as of 09 Sep 2026
AUM	₹38 Cr
Expense Ratio	1.17%
Launch Date	01 Jan 2013
Min SIP	₹200
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 12% of units and 1% for remaining units on or before 3M, Nil after 3M
Fund Managers	Siddharth Panjwani, Pratik Shroff

The fund is managed by Siddharth Panjwani and Pratik Shroff.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.01%	-4.69%
3M	3.2%	0.93%
1Y	3.91%	-7.16%
3Y	8.71%	6%
5Y	7.76%	5.87%

The recent pattern is mixed. The fund was flat to mildly positive over 1 month and 3 months, which is consistent with a relatively restrained profile rather than a sharp momentum-led run. That is useful for investors who prefer smoother behaviour, but it also means the fund has not shown a strong short burst of excess return.

Over 1 year, the fund’s 3.91% return is better than the benchmark’s -7.16%, so it held up materially better through the latest 12-month stretch. That gap matters because it shows the fund has been more resilient than the benchmark during a difficult period for the index.

Over longer stretches, the picture is steadier. The 3-year return of 8.71% is ahead of the benchmark’s 6%, and the 5-year return of 7.76% is also ahead of the benchmark’s 5.87%. Our reading is that this is not a high-octane compounder, but it has produced a more dependable long-term path than the benchmark while keeping short-term swings relatively contained.

The daily pattern behind these periods also points to a fund that tends to move gradually rather than dramatically. For investors, that usually means the main appeal is consistency and downside control rather than aggressive upside capture.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD LIC MF Equity Savings?

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
LIC MF Equity Savings Fund Direct Growth Plan	3.91%	8.71%	7.76%
Edelweiss Equity Savings Fund Direct Growth Plan	8.73%	11.43%	9.77%
HSBC Equity Savings Fund Direct Growth Plan	8.46%	12.8%	11.08%
WOC Equity Savings Fund Direct Growth Plan	7.66%	Data not available	Data not available
Mahindra Manulife Equity Savings Fund Direct Growth Plan	7.15%	9.34%	8.91%
Capitalmind Flexi Cap Fund Direct Growth Plan	6.06%	Data not available	Data not available

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

On the available return figures, the fund trails the stronger peer outcomes over 1 year, 3 years and 5 years. Edelweiss Equity Savings Fund Direct Growth Plan and HSBC Equity Savings Fund Direct Growth Plan have higher returns across all three overlapping periods, while Mahindra Manulife Equity Savings Fund Direct Growth Plan is also ahead on each available measure. That said, the comparison does not change the fund’s own profile: it still looks steadier than the benchmark and has delivered positive long-term returns without large short-term spikes.

The short-term and longer-term stories therefore diverge a little. Relative to peers, the fund has been more subdued on returns, but relative to the benchmark it has been more resilient. For investors who prioritise calmer behaviour over chasing the strongest return numbers, that distinction matters more than a single period snapshot.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	20.53%
LIC MF Liquid Fund-Dr PLN-GR	Domestic Mutual Funds Units	9.66%
Cipla Ltd.	Healthcare	2.78%
State Bank of India	Bank	2.46%
Eternal Ltd.	Retailing	2.05%
Apl Apollo Tubes Ltd.	Iron & Steel	1.81%
Ashok Leyland Ltd.	Automobile & Ancillaries	1.81%
Bank of Baroda	Bank	1.8%
Divi'S Laboratories Ltd.	Healthcare	1.71%
Tata Consultancy Services Ltd.	IT	1.67%

The top 10 holdings account for approximately 46.28% of the portfolio.

To see all holdings, visit the LIC MF Equity Savings Fund Direct Growth Plan page

The largest visible position is TREPS at 20.53%, which is sizable and likely to have greater influence on the fund’s near-term behaviour than any single equity name. The next holding, a liquid fund allocation, is far smaller at 9.66%, and after that the weights fall into a narrow band around 1.67% to 2.78% for the remaining visible equity positions.

That drop from the first holding to the tenth suggests the portfolio is not evenly spread across its headline names. At the same time, the combined weight of the displayed holdings is under half of the portfolio, and the scheme discloses 62 holdings in total, so the visible portion sits inside a broader tail of positions rather than standing alone.

Our view is that the structure may help dampen volatility because of the meaningful cash and liquid exposure, but it may also cap upside if equity markets move strongly. The balance suits a fund that is aiming for steadier participation rather than concentrated equity-style aggression.

Source data date: as of 09 Sep 2026

Who should invest

This fund fits investors who are comfortable with a Medium Risk profile and want a hybrid route that can absorb market swings better than a pure equity fund. The 1-year return has been softer than the 3-year and 5-year figures, so the fund looks more suitable for people who can wait through uneven stretches and focus on a longer holding period.

It may appeal to investors who want steadier behaviour than the benchmark and who do not expect every market rally to be captured fully. The main trade-off is clear: the defensive mix can help with stability, but it may also mean the fund lags more aggressive peers when markets are strong.

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 applies as nil up to 12% of units and 1% for remaining units if units are sold on or before 3 months. After 3 months, there is no exit load.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of LIC MF Equity Savings Fund Direct Growth Plan?

The NAV is ₹32.7126 as of 09 Sep 2026.

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

The 1-year return is 3.91%, the 3-year return is 8.71%, and the 5-year return is 7.76%.

How does the fund compare with the benchmark?

It is ahead of the Nifty 50 benchmark across the 1-year, 3-year and 5-year periods shown here. The widest gap is in the 1-year figure, where the fund stayed positive while the benchmark was negative.

How does it compare with peer funds on available returns?

Its return figures are below several peer options in the comparison set, especially Edelweiss Equity Savings Fund Direct Growth Plan and HSBC Equity Savings Fund Direct Growth Plan. It still stands out for a steadier profile versus the benchmark.

What is the minimum SIP amount?

The minimum SIP amount is ₹200.

Who manages the fund and what is the exit load?

The fund is managed by Siddharth Panjwani and Pratik Shroff. Exit load is nil up to 12% of units and 1% for remaining units if units are sold on or before 3 months, and there is no exit load after 3 months.

Bottom line

LIC MF Equity Savings Fund Direct Growth Plan has a mixed recent record, but its longer-term numbers are more reassuring than its latest 1-year figure. It sits in a Medium Risk bucket, has a meaningful cash-like allocation at the top of the portfolio, and has held up better than the benchmark over the periods shown. Compared with the peer set, however, its return profile is more subdued. That makes it a better fit for investors who value steadier hybrid exposure and can accept a trade-off in upside potential.

Published on 10 September 2026 at 9:55 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.