Motilal Oswal BSE Enhanced Value Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal BSE Enhanced Value Index Fund Direct Growth Plan has a NAV of ₹26.6764 as of 16 Sep 2026 and a scheme AUM of ₹2,251 Cr. Its 1-year, 3-year and 5-year returns are 5.86%, 19.51% and 0%, and it sits in the High Risk category. Our view is that the fund has shown stronger medium-term compounding than its recent 1-year outcome, but the portfolio still looks tied to a cyclical value style that can move unevenly.

The benchmark reference is Nifty 50, and the fund’s recent pattern suggests it has handled the longer stretch better than the shorter one. For investors who can tolerate sharp swings and want an index-based value approach rather than steady, benchmark-like smoothness, the fund may be relevant. The trade-off is that returns can vary materially across periods, especially when its underlying style is out of favour.

Quick facts

Particular	Details
NAV	₹26.6764 as of 16 Sep 2026
AUM	₹2,251 Cr
Expense Ratio	0.4%
Launch Date	22 Aug 2022
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Swapnil P Mayekar, Dishant Mehta, Rakesh Shetty

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

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.91%	-4.41%
3M	-6.36%	-3.60%
1Y	5.86%	-7.76%
3Y	19.51%	5.74%
5Y	Data not available	Data not available

Recent performance has been mixed, but the fund has held up better than the benchmark over the full 1-year window. The 1-month and 3-month figures were negative, which tells us the recent stretch has been choppy even though the fund still stayed ahead of the benchmark over 1 year.

The longer arc is more constructive. The 3-year return is meaningfully stronger than the benchmark’s 3-year return, which points to better medium-term compounding than the broad market reference used here. That said, the weaker 3-month result shows the recent run has not been smooth, so the fund’s path has included pullbacks rather than a straight climb.

For us, the key point is that this is not a low-volatility profile. The pattern suggests a value-led index fund that can lag in short bursts but still build momentum over longer holding periods. That makes the 3-year result more useful than the latest month or quarter when thinking about the fund’s behaviour.

There is no 5-year figure available because the fund has not completed a five-year run. So, while the 3-year record is helpful, we would still treat the fund as a relatively young scheme whose longer-term behaviour is not yet fully established.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Motilal Oswal BSE Enhanced Value 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
Motilal Oswal BSE Enhanced Value Index Fund Direct Growth Plan	5.86%	19.51%	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.

Against the peer set, the fund’s 1-year return is well below the strongest recent numbers, even though it still remains positive. The gap is clearer on the 3-year view as well: its 19.51% is below the 30.01% and 18.84% figures shown by the peers with available medium-term data, which tells us the fund has not been the strongest compounder in this comparison.

The short-term and longer-term pictures are different. Some peers have much stronger 1-year numbers, while the fund’s own 3-year record is more balanced than its recent quarter-to-quarter movement. So the comparison says less about a single direction and more about style differences across index strategies. For investors, that means the fund may suit those who are comfortable with a value-led swing profile rather than those who want the most forceful recent upside.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Hindalco Industries Limited	Non – Ferrous Metals	8.66%
State Bank of India	Bank	7.95%
Bharat Petroleum Corporation Limited	Crude Oil	7.52%
Tata Motors Passenger Vehicles Limited	Automobile & Ancillaries	7.38%
Oil & Natural Gas Corporation Limited	Crude Oil	7.01%
Indian Oil Corporation Limited	Crude Oil	6.67%
Coal India Limited	Mining	6.35%
GAIL (India) Limited	Gas Transmission	4.58%
Hindustan Petroleum Corporation Limited	Crude Oil	4.25%
Power Finance Corporation Limited	Finance	3.92%

The top 10 holdings account for approximately 64.29% of the portfolio.

To see all holdings, visit the Motilal Oswal BSE Enhanced Value Index Fund Direct Growth Plan page

The largest holding, Hindalco Industries Limited, carries a weight of 8.66%, which is large enough to be noticeable but not so dominant that one position alone defines the portfolio. The drop from the first holding to the tenth is meaningful, with the tenth position at 3.92%, so the fund does not rely on one outsized name.

The mix still looks fairly concentrated because the displayed top 10 holdings together make up 64.29% of the portfolio. At the same time, the 28 disclosed holdings suggest there is a longer tail beyond these core positions, so the fund may not be as narrowly driven as the top line alone implies. Our view is that the larger positions are likely to have greater influence, but the remaining holdings could still matter across different market phases.

The sector mix inside the top holdings is also tilted toward cyclical areas such as crude oil, metals, banking and transport-related businesses. That kind of exposure can help when those areas are in favour, but it may also add to the swings that investors feel during weaker periods.

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk equity exposure and can hold through uneven short-term performance. The recent 1-month and 3-month numbers have been weaker than the 3-year record, so the fund may not suit someone looking for a smooth path.

A longer horizon makes more sense here because the 3-year return is much stronger than the benchmark’s 3-year return, while the 1-year period has been far less impressive. The main trade-off is that you are accepting style-driven swings and cyclical portfolio exposure in exchange for the possibility of stronger medium-term compounding.

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.

Exit load: no exit load after the holding period.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal BSE Enhanced Value Index Fund Direct Growth Plan?

The current NAV is ₹26.6764 as of 16 Sep 2026.

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

The fund’s 1-year return is 5.86%, its 3-year return is 19.51%, and its 5-year return is not available because the scheme does not yet have a five-year track record.

How has the fund compared with the benchmark?

The fund has done better than the benchmark over 1 year and 3 years, while the benchmark was weaker over the same periods. In the very short term, both have been negative, but the fund has been slightly better over 1 month and worse over 3 months.

How does the fund compare with the peer funds listed here?

Its 1-year return is below the strongest peer figures shown, while its 3-year return is also below the peers with available medium-term data. That places the fund in a more moderate return zone than the leading recent performers in this comparison.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What is the risk profile, portfolio tilt and exit load?

The fund is in the High Risk category and the portfolio is led by cyclical names such as metals, crude oil, banking and industrial-linked businesses. The exit load is 1% on or before 15D and nil after 15D.

Bottom line

This fund has looked stronger over 3 years than over the recent 1-year stretch, so the longer-term record is more encouraging than the latest period. Compared with the peer figures available here, its returns are more restrained, especially on the 1-year view. The High Risk label and the cyclical tilt in the portfolio suggest a fund that can move sharply. For investors who can accept that trade-off and want an index-style value exposure, the fund may fit as a longer-horizon allocation rather than a short-term holding.

Published on 17 September 2026 at 3:59 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.