Mirae Asset Short Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset Short Term Fund Direct Growth Plan has a NAV of ₹17.839 as of 11 Sep 2026 and an AUM of ₹518 Cr. Its 1-year, 3-year and 5-year returns are 5.54%, 7.45% and 6.42%, respectively, and it sits in the Medium Risk bucket.

Our view is that this fund suits investors who want a debt-oriented allocation with relatively steady compounding rather than aggressive upside. The portfolio is built around government securities, corporate debt and CDs, which helps explain why the return profile has been more stable than equity market swings, even though recent short-term performance has been modest.

Quick facts

Particular	Details
NAV	₹17.839 as of 11 Sep 2026
AUM	₹518 Cr
Expense Ratio	0.23%
Launch Date	16 Mar 2018
Min SIP	₹99
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load
Fund Managers	Basant Bafna

The fund is managed by Basant Bafna.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.03%	-3.66%
3M	1.48%	-1.91%
1Y	5.54%	-7.62%
3Y	7.45%	6.22%
5Y	6.42%	5.84%

The recent numbers point to a fund that has held up better than the benchmark over the last few months and over one year. The 1M and 3M figures are positive while the benchmark is negative over those same windows, so the fund has been more resilient in the short run. That matters for investors who are looking at stability rather than chasing sharp moves.

Over longer periods, the picture remains constructive but more balanced. The 3Y and 5Y returns are both ahead of the benchmark, yet the margin is not wide. That suggests the fund has compounded at a pace that is better than the benchmark without looking stretched. For a debt fund, that is usually the kind of pattern investors want to see.

The time pattern also matters. The fund did see some softness in the middle of the recent 1-year period, but it recovered into the latest months. We read that as a sign of manageable volatility rather than a one-way climb. In our view, the recent recovery supports the longer-term trend, even if it does not turn the fund into a high-growth product.

Overall, the return history looks consistent with a short-duration debt strategy: modest short-term gains, better-than-benchmark medium-term compounding, and less sensitivity to the benchmark’s weaker patches.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Mirae Asset Short Term?

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
Mirae Asset Short Term Fund Direct Growth Plan	5.54%	7.45%	6.42%
Tata Ultra Short Term Fund Direct Growth Plan	7.09%	7.53%	6.76%
Aditya Birla SL Ultra Short Term Fund Direct Growth Plan	6.74%	7.51%	6.75%
ICICI Pru Short Term Fund Direct Growth Plan	6.42%	7.88%	7.15%
Axis Short Term Fund Direct Growth Plan	6.06%	7.82%	6.78%
Mahindra Manulife Short Term Fund Direct Growth Plan	6.03%	7.82%	6.62%

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

Against the peer set, the fund’s 1-year return is lower than the strongest recent numbers and sits below several comparable schemes. That means the short-term recovery has been decent, but not as strong as the better-performing peer funds in this group.

The medium-term picture is more mixed. The fund’s 3-year return is respectable, yet several peers have higher 3-year figures, and the same is true for 5-year returns where one peer has a clearer lead. So while the fund has delivered steady compounding, it has not been the strongest longer-term compounding option among these comparable schemes.

Our reading is that the short-term story and the longer-term story do not fully match. The fund looks stable and functional, but peers have extracted somewhat more return from similar income-style mandates over both the recent year and the longer horizon.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.94% GOVERNMENT OF INDIA (MD 11/05/2036)	Government Securities	8.68%
7.45% EXPORT-IMPORT BANK OF INDIA (MD 12/04/2028)**	Corporate Debt	7.73%
7.44% NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (MD 17/07/2029)**	Corporate Debt	7.67%
8.00% BAJAJ FINANCE LTD. (MD 12/05/2031)	Corporate Debt	5.77%
7.53% BAJAJ HOUSING FINANCE LTD. (MD 28/09/2029)**	Corporate Debt	4.77%
7.30% REC LTD. (MD 01/07/2031)**	Corporate Debt	4.75%
6.35% LARSEN & TOUBRO LTD. (MD 19/06/2028)**	Corporate Debt	4.74%
7.68% SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (MD 09/07/2027)**	Corporate Debt	4.64%
7.54% KNOWLEDGE REALTY TRUST (MD 08/05/2029)**	Corporate Debt	3.84%
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (MD 11/06/2027)**#	Certificate of Deposit	3.84%

The largest holding is 6.94% Government of India (MD 11/05/2036) at 8.68%, which is large enough to matter but not large enough to dominate the portfolio on its own. The next few positions are also meaningful, with the second and third holdings both above 7%, so the fund appears to lean on a core cluster of income-generating instruments.

The weight then steps down gradually rather than collapsing after the first few lines. By the tenth holding, the weight is still 3.84%, so the gap from the largest position is noticeable but not extreme. That tells us the portfolio may be diversified across several debt instruments instead of being driven by a single security.

At 56.43% across the displayed top 10 holdings, the fund has more than half of the portfolio concentrated in those positions, while the full portfolio spans 40 disclosed holdings. In our view, that points to a moderately concentrated structure: the top positions are likely to have greater influence on returns, but the longer tail may still help smooth idiosyncratic exposure.

To see all holdings, visit the Mirae Asset Short Term Fund Direct Growth Plan page

Source data date: as of 11 Sep 2026

Who should invest

This fund is a fit for investors who can accept medium risk and want a debt-oriented holding with steadier behaviour than an equity fund. The 1-year, 3-year and 5-year return pattern suggests a product that can compound through market cycles without dramatic swings, although the recent 1-year gain is more modest than several comparable schemes.

The benchmark comparison supports a cautious, stability-first view, because the fund has held up better than the benchmark in the recent periods and remained ahead over 3 years and 5 years. The trade-off is that it has not matched the strongest peer numbers, so investors may need to accept more restrained upside in exchange for relatively controlled movement.

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 11 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Short Term Fund Direct Growth Plan?
The NAV is ₹17.839 as of 11 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.54%, the 3-year return is 7.45%, and the 5-year return is 6.42%.

How does the fund compare with its benchmark?
It has beaten the benchmark over 1M, 3M, 1Y, 3Y and 5Y. The gap is especially visible in the recent periods, where the benchmark has been negative while the fund stayed positive.

How does it compare with peer funds on returns?
Several comparable funds have higher 1-year, 3-year or 5-year returns. The fund is steady, but peers such as ICICI Pru Short Term Fund Direct Growth Plan and Tata Ultra Short Term Fund Direct Growth Plan have stronger figures in parts of the comparison.

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

What are the risk profile and exit-load features?
The fund is in the Medium Risk category. It has no exit load, and the fund is managed by Basant Bafna.

Bottom line

Mirae Asset Short Term Fund Direct Growth Plan has delivered a steadier long-term pattern than its recent short-term pace might suggest. The fund has stayed ahead of the benchmark across the displayed horizons, but several comparable income funds have produced stronger return numbers. Its portfolio is anchored by a meaningful top-weighted cluster of government and corporate debt, which supports a fairly balanced debt-fund profile. For investors who value moderate risk and controlled behaviour more than standout upside, it remains a reasonable fit.

Published on 15 September 2026 at 4:04 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.