Motilal Oswal Gold and Silver Passive FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Gold and Silver Passive FoF Direct Growth Plan has a NAV of ₹30.7318 as of 16 Sep 2026 and scheme AUM of ₹2,914 Cr. Its 1-year, 3-year and 5-year returns are 45.12%, 37.85% and 0% respectively, and the scheme carries a High Risk label. Our view is that it suits investors who can accept sharp swings and want a fund whose return pattern has been strong over 1 and 3 years, even though the 5-year figure is not yet meaningful because the scheme is relatively young.

The portfolio is tightly built around two domestic mutual fund units: gold and silver. That makes the scheme easy to understand, but it also means the outcome is closely tied to precious-metals movements rather than a broad equity-style spread. For investors who want a commodity-linked allocation and can hold through volatility, the structure is straightforward; for those seeking benchmark-like steadiness, it is not.

Quick facts

Particular	Details
NAV	₹30.7318 as of 16 Sep 2026
AUM	₹2,914 Cr
Expense Ratio	0.14%
Launch Date	13 Oct 2022
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
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	-1.5%	-4.41%
3M	-2.21%	-3.6%
1Y	45.12%	-7.76%
3Y	37.85%	5.74%
5Y	Data not available	Data not available

The short-term pattern has been uneven, but the fund has still held up better than the benchmark over 1M and 3M. Both the fund and the benchmark were under pressure in the most recent month and quarter, yet the fund’s declines were smaller. That suggests the scheme has not been immune to weakness, but it has preserved a better short-run profile than the index used here.

The bigger story is the sharp gap over 1 year. The fund’s 45.12% return is far ahead of the benchmark’s -7.76%, which shows how differently precious metals and broad equities can behave over the same period. The 3-year number remains strong at 37.85%, but it is also important that the benchmark’s 3-year return is much lower at 5.74%. Our read is that this has been a strong multi-year run for the strategy, even though it has not moved in a smooth line.

The time pattern also points to noticeable volatility rather than a straight upward climb. The fund recovered well over the longer stretch, but recent data show some giveback after a stronger earlier phase. For investors, that means the scheme has delivered meaningful upside, yet the path has been choppy enough that it should be treated as a satellite allocation rather than a stabilising core holding.

Because the scheme launched in October 2022, the 5-year figure is not available. That is a normal limitation for a younger fund, but it also means the most useful evidence here comes from the 1-year and 3-year record, not from a full market cycle.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Motilal Oswal Gold and Silver 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 Gold and Silver Passive FoF Direct Growth Plan	45.12%	37.85%	Data not available
SBI Silver ETF FOF Direct Growth Plan	76.71%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	75.91%	45.12%	Data not available
Axis Silver FoF Direct Growth Plan	74.42%	45.18%	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 trails the silver-focused peer funds on 1-year performance, where the peer set ranges much higher. Its 3-year return is also below the 3-year figures available for some silver ETF FoFs, so the longer record does not place it ahead on the numbers shown here. At the same time, the comparison is not one-sided: the fund’s own 1-year and 3-year pattern remains materially better than the benchmark used for this scheme, which points to a strategy behaving very differently from broad equity exposure.

What stands out is that the peer story is largely a silver story, while this fund mixes gold and silver. That mix may have helped smooth the path relative to a pure silver structure, but it also means the fund has not captured the same magnitude of 1-year upside seen in several peers. For an investor, the trade-off is between a more balanced precious-metals mix and the possibility of leaving some recent peer-style gains on the table.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Motilal Oswal Gold ETF	Domestic Mutual Funds Units – Gold	65.02%
Motilal Oswal Silver ETF	Domestic Mutual Funds Units – Silver	35.14%

The largest holding is Motilal Oswal Gold ETF at 65.02%, so it is likely to have greater influence on the scheme’s path than the silver leg. The second holding, Motilal Oswal Silver ETF, still carries a sizeable 35.14%, which keeps the fund meaningfully exposed to both metals rather than relying on one alone.

The drop from the first holding to the second is not steep enough to suggest a long tail, because there are only two disclosed holdings and they already add up to the full visible portfolio. With a total of two holdings and a combined weight of 100%, the portfolio is highly concentrated by design, even though that concentration is split across two different precious-metals exposures. That setup may help keep the structure simple, but it also means there is very little diversification inside the disclosed portfolio.

For an investor, the key point is that this scheme is not built like a wide multi-security equity fund. The metal split may contribute to some balance between gold and silver, yet the overall outcome remains tied to a narrow set of inputs. That can be useful if the investor specifically wants precious-metals exposure, but it also means the fund may move sharply when those markets move.

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk and are comfortable with a volatile precious-metals allocation. The recent 1-year and 3-year numbers are strong, but the path has not been smooth, so a medium-to-long horizon is more suitable than a short holding period.

Our view is that the main trade-off is between the possibility of strong metal-led returns and the chance of sharp swings when those markets weaken. The fund’s two-holding structure and its benchmark gap make it more appropriate for investors looking for a focused satellite exposure than for those seeking steady core growth. Because the fund mixes gold and silver, it may appeal to investors who want precious-metals participation without leaning entirely on one metal.

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: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Gold and Silver Passive FoF Direct Growth Plan?
The current NAV is ₹30.7318 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 45.12% and its 3-year return is 37.85%. The 5-year return is Data not available because the scheme does not yet have a 5-year record.

How has the fund performed versus its benchmark?
It has outpaced the benchmark over 1M, 3M, 1Y and 3Y on the figures shown here. The biggest gap appears over 1 year, where the fund is well ahead of the benchmark’s negative return.

How does it compare with the peer funds shown here?
Its 1-year return is below the peer silver-ETF FoF returns shown here, while its 3-year return is also below the 3-year figures available for some peers. The comparison suggests the fund has been steadier than the benchmark but not as strong as several silver-focused peers on recent numbers.

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 Swapnil P Mayekar and Rakesh Shetty. It has no exit load.

Bottom line

This scheme has shown a strong 1-year and 3-year pattern, but the recent short-term moves have been more mixed, so the return path is clearly not linear. Against the benchmark it has looked much stronger, while several silver-focused peers have posted better recent 1-year numbers. The portfolio is deliberately narrow, with just gold and silver holdings, so it is suited to investors who want a focused precious-metals exposure and can handle High Risk behaviour.

Published on 17 September 2026 at 4:56 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.