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

Motilal Oswal BSE Low Volatility Index Fund Direct Growth Plan has a NAV of ₹15.4832 as of 16 Sep 2026 and an AUM of ₹66 Cr. Its 1-year, 3-year and 5-year returns are -8.7%, 6.13% and 0%, and it sits in the High Risk category. Our view is that this is best read as a low-volatility index strategy with a mixed record: the 3-year outcome is positive, but the recent 1-year trend is weak and the 5-year figure is flat.

The fund’s benchmark-linked behaviour and concentrated exposure to quality-style large names may appeal to investors who can tolerate equity swings but want a calmer equity sleeve than many broad market themes. The current pattern suggests it is better suited for a measured, medium- to longer-term allocation than for a short-term return chase.

Quick facts

Particular	Details
NAV	₹15.4832 as of 16 Sep 2026
AUM	₹66 Cr
Expense Ratio	0.38%
Launch Date	23 Mar 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	-5.35%	-4.41%
3M	-4.2%	-3.6%
1Y	-8.7%	-7.76%
3Y	6.13%	5.74%
5Y	Data not available	Data not available

The recent picture is soft. Over 1 month, 3 months and 1 year, the fund has stayed slightly behind the benchmark, which tells us that its low-volatility design has not prevented short-term drawdowns in the latest phase of market movement.

The longer view is more constructive. The 3-year return is positive and marginally ahead of the benchmark, so the strategy has still created some value over a full cycle even though the edge is not large.

The 5-year figure is not available because the fund launched in March 2022, so the longest usable comparison here is the 3-year track record. That means the current decision rests more on the fund’s behaviour since launch than on a full market-cycle history.

The pattern across the fund’s return path suggests intermittent recoveries rather than a smooth climb. For an investor, that is important because the scheme can still fall during weaker phases even if its stated objective is to be less turbulent than the broader market.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Motilal Oswal BSE Low Volatility 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 Low Volatility Index Fund Direct Growth Plan	-8.7%	6.13%	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.

On the latest 1-year number, the fund trails all five peers shown here by a wide margin. The short-term comparison therefore looks weak, even though the fund is not being judged against the broader market alone.

The longer-term comparison is mixed. Its 3-year return is better than the available 3-year figure for the ICICI Pru Nifty Pharma Index Fund, but it remains far below the 3-year return of the ICICI Pru NASDAQ 100 Index Fund. Several peer rows do not have 3-year figures, so the more reliable takeaway is that this fund has not matched the strongest peer outcomes on a multi-year basis.

That split between short-term weakness and modest multi-year improvement matters. The fund’s profile looks less compelling on recent momentum, but the longer view still shows it can hold its own against at least some peer strategies when the comparison window is long enough.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Pidilite Industries Limited	Chemicals	4.62%
ICICI Bank Limited	Bank	4.23%
Nestle India Limited	FMCG	3.93%
Titan Company Limited	Diamond & Jewellery	3.85%
Grasim Industries Limited	Diversified	3.76%
Apollo Hospitals Enterprise Limited	Healthcare	3.7%
Marico Limited	FMCG	3.68%
HDFC Bank Limited	Bank	3.59%
Asian Paints Limited	Chemicals	3.47%
Ultratech Cement Limited	Construction Materials	3.47%

The top 10 holdings account for approximately 38.3% of the portfolio.

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

The largest holding, Pidilite Industries Limited, is 4.62%, which is only modestly above the next few names. That narrow spread at the top suggests no single position dominates the disclosed portfolio slice.

From the first holding to the tenth, the weight step-down is gradual rather than sharp. The table therefore points to a cluster of similarly sized positions, with the largest names likely to have a meaningful but not overwhelming influence on the portfolio’s day-to-day movement.

The disclosed top 10 account for 38.3% of 31 holdings, so the fund appears to spread risk across a reasonably long tail beyond the headline positions. That makes the visible portfolio look moderately concentrated at the top, but not excessively so.

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors who are comfortable with equity volatility and can stay invested for at least a medium-term horizon. The High Risk label matters, because the recent 1-year return is negative even though the 3-year record is positive.

Our view is that the main trade-off is between the fund’s low-volatility design and the reality that short-term losses can still appear. It may work better for investors who want an index-style equity allocation with a measured profile, rather than for those seeking strong near-term momentum. The portfolio’s mix of large established names also supports a steadier equity sleeve, but not a risk-free one.

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 15 days, nil after 15 days.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal BSE Low Volatility Index Fund Direct Growth Plan?

The current NAV is ₹15.4832 as of 16 Sep 2026.

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

The fund’s returns are -8.7% for 1 year, 6.13% for 3 years and 0% for 5 years. The 5-year figure should be read carefully because the scheme was launched in March 2022.

How has the fund performed against Nifty 50?

It has trailed Nifty 50 over 1 month, 3 months and 1 year, but it is slightly ahead over 3 years. That makes the comparison mixed rather than consistently strong or weak.

How does it compare with the peer funds listed here?

Its latest 1-year return is below the peer funds shown here. On a 3-year basis, it is ahead of the peer with an available 3-year return of 18.84%, but far below the peer that shows 30.01% over 3 years.

Is there a minimum SIP for this fund?

Yes. The minimum SIP is ₹500.

What risk and portfolio profile does the fund have?

The fund is tagged High Risk and holds a spread of large established companies such as Pidilite Industries, ICICI Bank, Nestle India and Titan. The top 10 holdings account for 38.3% of the portfolio, which suggests a visible top-heavy layer with a broader tail underneath.

Bottom line

This fund’s shorter-term performance is weaker than its longer-term picture, with a negative 1-year return but a positive 3-year return. Against the peer set shown here, the latest 1-year number looks soft, while the longer view is more balanced. The High Risk tag and the portfolio’s mix of established large names suggest a measured equity exposure rather than a high-conviction growth tilt. It may fit investors who want index-style participation with a relatively steady underlying mix and who can stay patient through weaker phases.

Published on 17 September 2026 at 2:32 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.