Motilal Oswal Diversified Equity Flexicap Passive FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Diversified Equity Flexicap Passive FoF Direct Growth Plan is an equity fund with a High Risk profile. Its NAV is ₹10.4793 as of 16 Sep 2026, and its scheme AUM is ₹42 Cr. The fund’s 1-year, 3-year and 5-year returns are 0%, 0% and 0% respectively, so our view is that the current record is still too short to build a meaningful long-term track record.

What stands out is the passive multi-fund structure: the portfolio is split almost entirely between domestic mutual fund units and an ETF sleeve. That can make the return path more dependent on the underlying index funds it owns, while the benchmark used here is Nifty 50. For investors, the fund looks suitable only for those who can accept high volatility and want a flexicap-style equity exposure through a layered passive structure.

Quick facts

Particular	Details
NAV	₹10.4793 as of 16 Sep 2026
AUM	₹42 Cr
Expense Ratio	0.0%
Launch Date	22 Jan 2026
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
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 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.74%	-4.41%
3M	-0.42%	-3.6%
1Y	0%	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent return pattern is weak in absolute terms, but it has held up better than the benchmark over both the 1-month and 3-month windows. That relative resilience matters, because the fund has still been negative recently even while the Nifty 50 comparison has been weaker. In our view, this points to a fund that has not escaped short-term equity pressure, but has done slightly better than the benchmark during the same stretch.

The deeper issue is the lack of a long performance history. The fund launched only in January 2026, so the 3-year and 5-year figures are not available yet. That means investors cannot judge whether the short-term pattern is part of a steadier compounding path or simply an early launch-phase outcome. The available 1-month and 3-month series also suggest a choppy path rather than a smooth climb.

Because the benchmark comparisons are only available for the short windows, the key takeaway is limited but clear: the fund has not generated positive near-term returns, though it has been less weak than the benchmark in that same period. Until the track record extends, the better question is not whether it has proved itself over time, but whether an investor is comfortable owning a new high-risk equity fund before longer evidence arrives.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Motilal Oswal Diversified Equity Flexicap Passive FoF?

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 Diversified Equity Flexicap Passive FoF Direct Growth Plan	0%	Data not available	Data not available
Axis Gold and Silver Passive FoF Direct Growth Plan	Data not available	Data not available	Data not available
HSBC Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Bandhan Silver ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
The Wealth Company Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Mirae Asset BSE Midcap 150 Momentum 30 ETF FOF Direct Growth Plan	Data not available	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 numbers, the current fund’s recent return is not stronger than the full peer set in a practical sense because the other listed funds do not have usable return figures for comparison. That makes the short-term story more about the fund’s own early path than about a clear peer advantage. The same limitation applies to the longer horizon, where no 3-year or 5-year peer figures are available to test whether the fund is keeping pace over time.

So the peer picture remains incomplete, but it still adds context: this fund has a very short record, while the peer list is also largely missing usable return history. As a result, the right reading is cautious rather than comparative. The fund cannot yet be judged on a mature multi-year basis against these peers, and short-window weakness should be seen in the context of its launch date rather than as a settled long-term pattern.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Motilal Oswal Nifty Smallcap 250 Index Fund- Direct Plan	Domestic Mutual Funds Units	35.67%
Motilal Oswal Nifty Midcap 150 Index Fund – Direct Plan	Domestic Mutual Funds Units	33.63%
Motilal Oswal Nifty 100 ETF	Domestic Mutual Funds Units	30.25%

The largest holding is the Motilal Oswal Nifty Smallcap 250 Index Fund- Direct Plan at 35.67%, so it could have a meaningful influence on the fund’s day-to-day movement. The second holding is only slightly smaller at 33.63%, which means the top two positions are closely matched rather than one dominating the structure.

Weight then tapers to 30.25% in the third holding. That is still substantial, so the portfolio does not show a long tail of tiny positions; instead, it is concentrated in just three large sleeves, all of which are domestic mutual fund or ETF exposures. With only three disclosed holdings and a combined disclosed weight of 99.55%, the structure looks highly focused, and changes in the underlying index funds may continue to shape returns more than any broader stock-level diversification.

This setup may suit investors who are comfortable with a portfolio built from a small number of passive building blocks. It also means the fund’s outcome is likely to depend heavily on how these underlying sleeves behave together, rather than on manager-driven stock selection across many individual holdings.

Source data date: as of 16 Sep 2026

Who should invest

This fund is best thought of for investors with a high tolerance for equity volatility and a willingness to wait through a longer holding period. The available return history is very short, and the recent figures are negative, so short-term comfort is not its strong point.

The more useful fit is for someone who wants a passive flexicap-style equity exposure and understands that the portfolio is concentrated in a few underlying fund and ETF sleeves. The trade-off is straightforward: you get a simple, low-expense structure, but you also accept limited track record and high sensitivity to market swings. That makes it more suitable as a watchlist candidate for patient investors than as a defensive core holding.

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.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Diversified Equity Flexicap Passive FoF Direct Growth Plan?

The NAV is ₹10.4793 as of 16 Sep 2026.

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

The 1-year, 3-year and 5-year returns are 0%, 0% and 0% respectively. The fund is newly launched, so the longer-term figures are not yet available in a meaningful way.

How has the fund done versus the benchmark recently?

It has done slightly better than the benchmark over the recent short windows. The fund returned -3.74% over 1 month versus -4.41% for the benchmark, and -0.42% over 3 months versus -3.6% for the benchmark.

How does it compare with the listed peer funds on return data?

The peer list does not provide usable return figures for comparison in 1-year, 3-year or 5-year periods. That means the best comparison here is structural rather than return-based.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Swapnil P Mayekar and Rakesh Shetty. The exit load is 1% on or before 15 days and nil after 15 days.

Bottom line

This is a new High Risk equity fund with a short record, so its recent weak returns matter more as a signal of early volatility than as proof of a long-term pattern. On the available short-window figures, it has been less weak than the benchmark, while peer comparison remains limited because usable multi-year return data is not available for the listed funds. The portfolio is concentrated in three large passive sleeves, which keeps the structure simple but also focused. It is most relevant for investors who can accept early-stage uncertainty and want a layered passive equity exposure.

Published on 17 September 2026 at 2:13 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.