Motilal Oswal Active Momentum Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Active Momentum Fund Direct Growth Plan is an equity fund with a NAV of ₹14.4329 as of 15 September 2026 and scheme AUM of ₹1,154 Cr. Its 1-year, 3-year and 5-year returns are 25.46%, 0% and 0%, and the fund sits in the High Risk bucket. Our view is that it has shown a strong one-year outcome, but the very short live history means investors should treat the longer horizon figures with caution and pay close attention to its portfolio mix and benchmark behaviour.

The fund looks suited to investors who can tolerate sharp swings and want an active momentum approach rather than a steadier style. Its recent return profile is clearly better than the benchmark, but the portfolio is also concentrated in a handful of stocks, which can magnify both upside and drawdown.

Quick facts

Particular	Details
NAV	₹14.4329 as of 15 Sep 2026
AUM	₹1,154 Cr
Expense Ratio	2.56%
Launch Date	17 Mar 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Ajay Khandelwal, Varun Sharma, Vishal Ashar, Bhalchandra Shinde

The fund is managed by Ajay Khandelwal, Varun Sharma, Vishal Ashar and Bhalchandra Shinde.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	2%	-4.81%
3M	6.39%	-3.63%
1Y	25.46%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is constructive. Over 1 month, 3 months and 1 year, the fund stayed in positive territory while the benchmark remained negative across the same windows. That tells us the strategy has recently behaved differently from the broad market and has protected short-term momentum better than the benchmark in a weak market backdrop.

The 1-year figure is the clearest reference point today because the fund launched in March 2025 and does not yet have 3-year or 5-year return history. Even so, the one-year return is materially ahead of the benchmark, which suggests the active momentum approach has worked in the recent period. The short-term path has not been perfectly smooth, but the rebound after earlier softness shows the fund has been able to recover rather than drift sideways.

For longer-term interpretation, we would stay careful. A short live track record can be useful for observing style, but it is not the same as a full market cycle. The available history points to a strategy that has outpaced the benchmark recently, yet investors should avoid assuming that the same gap will persist once the fund has lived through a wider range of market conditions.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Motilal Oswal Active Momentum?

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
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.16%	37.12%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.47%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.05%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	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 1-year figures, the fund trails the strongest peer in this list and sits just behind the other healthcare and automotive options, though the gap is modest versus the nearest names. The longer-horizon comparison is more limited because the fund itself and most peers do not yet have 3-year or 5-year figures available. That means the short-term story is clearer than the long-term one, and we would place more weight on how the strategy behaves across different market phases than on a single recent stretch.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Diamond Power Infrastructure Ltd.	Electricals	7.37%
SKY Gold and Diamonds Limited	Diamond & Jewellery	6.35%
Kalyan Jewellers India Limited	Diamond & Jewellery	6.03%
One 97 Communications Limited	IT	5.56%
Mtar Technologies Limited	Capital Goods	5.48%
Garware Hi-Tech Films Limited	Plastic Products	4.71%
Cemindia Projects Ltd	Infrastructure	4.67%
Sterlite Technologies Limited	Electricals	4.58%
Redington Limited	Trading	4.33%
Triparty Repo	Cash & Cash Equivalents and Net Assets	4.24%

The top 10 holdings account for approximately 53.32% of the portfolio.

To see all holdings, visit the Motilal Oswal Active Momentum Fund Direct Growth Plan page

Diamond Power Infrastructure Ltd. is the largest holding at 7.37%, so it is likely to have the greatest single-stock influence among the disclosed names. The next few positions are also meaningful, with several holdings clustered between about 4% and 6%, which means the fund is not relying on one oversized position alone.

The drop from the largest holding to the tenth holding is noticeable but not extreme, moving from 7.37% to 4.24%. That pattern suggests a moderately tight concentration at the top rather than a very broad, evenly spread book. Because the top 10 disclosed holdings make up 53.32% of the portfolio and the fund has 25 holdings in total, the remaining positions form a meaningful tail that could still matter, but the largest names may contribute more to short-term results.

For investors, the key takeaway is that this portfolio can behave with greater conviction than a widely diversified core equity fund. That may support stronger swings when the selected momentum names are in favour, but it could also mean the portfolio reacts more sharply if sentiment turns against those positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk equity exposure and can stay invested for a meaningful period. The recent 1-year result is strong versus the benchmark, but the absence of 3-year and 5-year track records means the case rests more on near-term behaviour and portfolio style than on a long operating history.

It fits investors who can accept a momentum-led path that may move differently from the Nifty 50 and from peer funds. The main trade-off is straightforward: the strategy may offer stronger upside in favourable market phases, but the concentrated holdings and short track record make the ride less predictable. A longer horizon and tolerance for volatility matter more here than a desire for steady, benchmark-like 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: 1% on or before 90D, Nil after 90D.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Active Momentum Fund Direct Growth Plan?
Its NAV is ₹14.4329 as of 15 September 2026.

How has the fund performed over 1 year?
Its 1-year return is 25.46%, while the benchmark return is -8.27%.

Does the fund have 3-year or 5-year returns yet?
No. The 3-year and 5-year returns are not available yet.

How does the fund compare with peers on 1-year return?
It has a 1-year return of 25.46%, which is below some peer funds in the comparison set and close to others.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What is the risk profile, portfolio style and exit load?
The fund is in the High Risk category. Its top 10 holdings account for 53.32% of the portfolio, and the exit load is 1% on or before 90 days, then nil after 90 days.

Bottom line

The fund’s recent returns are stronger than the benchmark, but the longer-term picture is still too short to treat as established. On the peer set, its 1-year return is respectable yet not the highest, which points to a competitive but not dominant recent run. The High Risk profile and the fairly concentrated top holdings mean the portfolio can have meaningful swings. That makes it more suitable for investors who want an active momentum style and can accept that the outcome may differ sharply from a broad-market approach.

Published on 16 September 2026 at 2:23 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.