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

Motilal Oswal Consumption Fund Direct Growth Plan has a NAV of ₹11.1396 as of 16 Sep 2026 and an AUM of ₹1,184 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk category. Our view is that this is a consumption-themed equity fund that is still too young to judge on a full market cycle, so investors need to read the portfolio mix and near-term behaviour carefully rather than rely on long-run return history.

The fund can suit investors who are comfortable with high day-to-day volatility and want exposure to consumer-linked businesses, but the absence of a meaningful return track record means the risk comes before the evidence. The recent pattern also matters: performance has been uneven over the short run, so we would treat it as a higher-conviction thematic equity option rather than a core diversified holding.

Quick facts

Particular	Details
NAV	₹11.1396 as of 16 Sep 2026
AUM	₹1,184 Cr
Expense Ratio	0.72%
Launch Date	23 Oct 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	Varun Sharma, Aliasgar Shakir, Rakesh Shetty

The fund is managed by Varun Sharma, Aliasgar Shakir and Rakesh Shetty.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.74%	-4.41%
3M	14.11%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term picture is better than the benchmark. Over 1 month, the fund was down 1.74% while the benchmark was down 4.41%, which tells us the fund held up better in a weak market. Over 3 months, the fund gained 14.11% while the benchmark lost 3.6%, so the recent bounce has been strong relative to the index.

That said, this is still a short operating history. The current fund launched on 23 Oct 2025, so there is no meaningful 1-year, 3-year or 5-year return history to judge yet. For us, that means the recent numbers are useful for reading momentum, but not enough to establish a stable long-term pattern.

The daily movement pattern also looks choppy rather than smooth, which fits a thematic portfolio more than a plain index-like allocation. Investors should expect the fund to move differently from the Nifty 50, especially when consumer stocks, retail names or healthcare-linked positions swing around broader market sentiment.

On balance, the fund is ahead of the benchmark over the periods that are available, but the evidence base is still limited. We would place more weight on the fund’s portfolio construction and risk profile than on performance history at this stage.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Motilal Oswal Consumption?

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

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

Fund	1Y return	3Y return	5Y return
Motilal Oswal Consumption Fund Direct Growth Plan	Data not available	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	Data not available	Data not available

Relative to the available peer set, this fund does not yet have a comparable 1-year figure, while several peers show strong positive 1-year returns. That makes the current fund look less mature on a return-history basis, even though its short-term moves have been better than the Nifty 50 in the available windows.

The peer picture is also more informative on 3-year data than on this fund’s own history. Where data exists, the peer group shows meaningful multi-year compounding in some strategies, while this fund still lacks that kind of record. The key takeaway is that the current fund’s recent outperformance is real, but it has not yet been converted into a longer stretch of trackable evidence.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Bharti Airtel Limited	Telecom	6.98%
SKY Gold and Diamonds Limited	Diamond & Jewellery	5.79%
Eternal Limited	Retailing	5.62%
Kalyan Jewellers India Limited	Diamond & Jewellery	5.5%
Healthcare Global Enterprises Limited	Healthcare	5.27%
One 97 Communications Limited	IT	5.21%
Mahindra & Mahindra Limited	Automobile & Ancillaries	4.74%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.49%
SPR Auto Technologies Ltd	Automobile & Ancillaries	3.43%
Leap India Private Limited	Domestic Equities	3.34%

The top 10 holdings account for approximately 49.37% of the portfolio.

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

The largest holding, Bharti Airtel Limited, carries a 6.98% weight, so no single position dominates the portfolio outright. The gap from the first holding to the tenth is moderate rather than steep, with the top end clustered in the mid-single digits. That pattern suggests the fund is building exposure across several consumer-linked businesses instead of relying on one or two large bets.

At the same time, the top 10 holdings together account for 49.37% of the portfolio, which means the remaining 25 disclosed holdings still matter. With 35 holdings in total, the portfolio looks fairly spread out after the top positions, but the displayed names still show a clear tilt toward a handful of high-conviction ideas. We think that can support focused upside when the theme is working, though it may also make the fund more sensitive to stock-specific moves.

The mix also includes telecom, retailing, healthcare, IT, automobile and cash equivalents, which gives the portfolio more breadth than a narrow single-industry basket. Even so, the weight pattern indicates that a few large positions are likely to have greater influence on short-term results than the long tail.

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors who can tolerate High Risk and are comfortable with a thematic equity portfolio that can move sharply from month to month. The short history means the available performance record is more useful as a snapshot of early behaviour than as proof of resilience across market cycles.

The fund may fit an investment horizon long enough to ride through uneven stretches, especially if the investor wants consumer-linked exposure rather than a broad market allocation. Its recent returns have been better than the benchmark in the available windows, but the longer-term record is still too short to rely on for confidence.

The main trade-off is between stronger theme-driven upside potential and a return path that may remain uneven. Investors who prefer a steadier, benchmark-like experience may find the volatility uncomfortable, while those who can accept a concentrated thematic approach may find the construction more suitable.

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 16 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Consumption Fund Direct Growth Plan?
The current NAV is ₹11.1396 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available. The fund launched on 23 Oct 2025, so a full long-term return track record is not yet available.

How has the fund performed versus the benchmark?
Over 1 month, the fund returned -1.74% versus -4.41% for the benchmark, and over 3 months it returned 14.11% versus -3.6%. That shows a stronger short-term run than the benchmark in the available periods.

How does the fund compare with peer funds on available return data?
Several peers have disclosed strong 1-year returns, including 69.8%, 25.31%, 25.27%, 24.51% and 22.75%, while this fund does not yet have a comparable 1-year record. The comparison is therefore more useful as a reminder that this fund’s history is still early.

What is the minimum SIP for this fund?
The minimum SIP is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Varun Sharma, Aliasgar Shakir and Rakesh Shetty. The exit load is 1% on or before 90 days and nil after 90 days.

Bottom line

Motilal Oswal Consumption Fund Direct Growth Plan has shown better short-term behaviour than the benchmark, but it does not yet have a full return history to judge over longer horizons. Compared with the peer set on available figures, the fund’s track record is still early. The risk profile is High Risk, and the portfolio shows a focused but not overly narrow set of consumer-linked positions, with the top holdings carrying meaningful influence. That combination may appeal to investors who can handle volatility and want thematic equity exposure.

Published on 17 September 2026 at 12:10 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.