Motilal Oswal Asset Allocation Passive FoF-Conservative Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Asset Allocation Passive FoF-Conservative Direct Growth Plan has a NAV of ₹17.8924 as of 15 September 2026 and an AUM of ₹76 Cr. Its 1-year, 3-year and 5-year returns are 7.92%, 12.66% and 10.25%, and the scheme is tagged High Risk. Our view is that this is a conservative asset-allocation fund in structure, but the return pattern and risk label still call for a measured, long-horizon allocation mindset.

The fund has held up better over 3 years and 5 years than in the recent 1-year period, while the benchmark has been weaker across those same stretches. That makes the fund more relevant for investors who want diversified exposure through a fund-of-funds structure and can tolerate short-run swings in pursuit of steadier compounding over time.

Quick facts

Particular	Details
NAV	₹17.8924 as of 15 Sep 2026
AUM	₹76 Cr
Expense Ratio	0.03%
Launch Date	12 Mar 2021
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Swapnil P Mayekar, Rakesh Shetty

The fund is managed by Swapnil P Mayekar and Rakesh Shetty.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.88%	-4.81%
3M	0.06%	-3.63%
1Y	7.92%	-8.27%
3Y	12.66%	5.59%
5Y	10.25%	5.58%

Recent performance is mixed, but it is not weak in context. Over 1 month, the fund fell less than the benchmark, and over 3 months it was slightly positive while the benchmark remained negative. That tells us the fund has recently shown some resilience even though the absolute movement has been modest.

The longer picture is stronger. The 1-year return is clearly positive, and the 3-year and 5-year numbers both sit above the benchmark by a meaningful margin. In our view, that gap matters because it shows the fund has not depended only on a short-term rebound; it has compounded better than the benchmark over multi-year holding periods.

The 3-year and 5-year profiles are also more balanced than the 1-year stretch. The one-year period was choppy, while the multi-year path suggests the fund has recovered from earlier weakness and then continued to build on that recovery. For an investor, the key point is that short-term noise has been present, but the medium- and long-term record is more constructive than the benchmark’s.

Compared with NIFTY 50, the fund has been ahead across every period shown here. That does not remove risk, but it does indicate that the fund’s underlying mix has worked better than the benchmark during the periods captured in the table.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Motilal Oswal Asset Allocation Passive FoF-Conservative?

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
Motilal Oswal Asset Allocation Passive FoF-Conservative Direct Growth Plan	7.92%	12.66%	10.25%
SBI Silver ETF FOF Direct Growth Plan	75.06%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	74.67%	44.26%	Data not available
Axis Silver FoF Direct Growth Plan	73.7%	44.39%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	73.46%	Data not available	Data not available
Nippon India Silver ETF FOF Direct Growth Plan	72.65%	43.94%	Data not available

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

The current fund’s 1-year return is far below the peer funds listed here, which are heavily driven by silver-linked strategies and have seen much stronger recent momentum. That difference is important because it shows the comparison set is being led by a very different return engine than this fund’s diversified asset-allocation approach.

At 3 years, the fund’s 12.66% return is below the available peer figures in the table that report a 3-year number, while its 5-year return of 10.25% is also lower than those longer-running silver-oriented peers with available history. The shorter and longer horizons therefore tell the same broad story: this fund has been steadier, but the peer set has produced much sharper gains where history is available.

That said, the comparison is not just about strength or weakness in a vacuum. The peer group shows very high recent returns but with uneven longer-history coverage, while this fund offers a more complete 1-year, 3-year and 5-year picture. For investors, the contrast is between a diversified, multi-asset route and a more momentum-driven peer profile.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Motilal Oswal Nifty 5 Year Benchmark G-Sec Etf-Gr	Domestic Mutual Funds Units	50.34%
Motilal Oswal Nifty 500 Fund – Direct Plan	Domestic Mutual Funds Units	27.9%
Motilal Oswal Gold ETF	Domestic Mutual Funds Units – Gold	10.91%
Motilal Oswal S&P 500 Index Fund Directplan Growth	Domestic Mutual Funds Units	10.25%
Triparty Repo	Cash & Cash Equivalents and Net Assets	0.85%

The largest holding is Motilal Oswal Nifty 5 Year Benchmark G-Sec Etf-Gr at 50.34%, which is a dominant slice on its own. After that, the allocation falls to 27.9% in the Motilal Oswal Nifty 500 Fund – Direct Plan, so the drop from the first to the second holding is already sharp.

The next layer is still meaningful but much smaller: 10.91% in Motilal Oswal Gold ETF and 10.25% in Motilal Oswal S&P 500 Index Fund Directplan Growth. The spread from the largest position to the fourth holding suggests the portfolio may rely heavily on the first two positions for its overall behaviour, while the remaining holdings can add diversification and balance.

All five disclosed holdings together account for 100% of the portfolio, so there is no longer tail visible in the disclosed basket. That makes the structure look highly concentrated in the top positions even though the underlying assets span debt, equity, gold and overseas equity exposure through fund holdings.

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who can accept High Risk exposure and are comfortable with some short-term volatility in exchange for a diversified allocation style. The 1-year record is positive, but the stronger 3-year and 5-year outcomes suggest it is better viewed with a medium-to-long horizon rather than as a short trading-style holding.

The main trade-off is straightforward: you may get a smoother route than a single-asset thematic idea, but you still have to tolerate swings and the possibility that near-term returns do not always match the stronger multi-year pattern. Investors who want benchmark-beating outcomes over time and can stay invested through uneven months may find the profile more relevant than those seeking steady short-term gains.

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 15D, Nil after 15D. There is no exit load after the holding period.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Asset Allocation Passive FoF-Conservative Direct Growth Plan?

The current NAV is ₹17.8924 as of 15 September 2026.

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

The 1-year return is 7.92%, the 3-year return is 12.66% and the 5-year return is 10.25%.

How has the fund done versus the benchmark?

It has outperformed the NIFTY 50 across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially visible over the 3-year and 5-year periods.

How does it compare with the peer funds listed here?

Its 1-year return is well below the peer funds shown, while its 3-year and 5-year figures are also lower than the available peer figures in the table. The peers, however, are mostly silver-oriented strategies, so the comparison reflects different return drivers.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What is the risk profile, and who manages the fund?

The fund carries a High Risk label and is managed by Swapnil P Mayekar and Rakesh Shetty. The portfolio is concentrated in five disclosed holdings, with the largest holding at 50.34%.

Bottom line

This fund’s recent return profile is less striking than its multi-year record, but the 3-year and 5-year numbers are stronger than the benchmark and more consistent with a compounding-style allocation approach. In the peer table, the fund trails the silver-focused schemes on available return data, yet those peers are built around a very different theme. The key portfolio feature is concentration in five disclosed holdings, led by a single holding above 50%. That makes the fund more suitable for investors who want diversified exposure and can stay patient through uneven short-term moves.

Published on 16 September 2026 at 6:40 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.