Motilal Oswal Nifty Capital Market Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan currently has a NAV of ₹12.5053 as of 15 Sep 2026 and an AUM of ₹679 Cr. Its 1-year, 3-year and 5-year returns are 21.71%, 0% and 0%, respectively, and the scheme is tagged as High Risk.

Our view is that this is a thematic index fund for investors who can tolerate sharp swings and want focused exposure to the capital-market ecosystem. The recent return profile is better than the benchmark over 1 year, but the short history means the longer track record is still building.

Quick facts

Particular	Details
NAV	₹12.5053 as of 15 Sep 2026
AUM	₹679 Cr
Expense Ratio	0.45%
Launch Date	16 Dec 2024
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, Rakesh Shetty

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

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.17%	-4.81%
3M	-4.74%	-3.63%
1Y	21.71%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent performance has been uneven, but the 1-year number stands out because the fund has moved well ahead of the benchmark over that period. The 1-month return is less weak than the benchmark, while the 3-month figure is slightly below the benchmark, which tells us the path has not been smooth even though the year-long outcome is strong.

The shorter history matters here. The fund was launched in December 2024, so there is no genuine 3-year or 5-year record to judge the compounding pattern over a full market cycle. That means the 1-year figure is useful, but it should not be read as proof that the same pattern will persist.

The movement pattern over the recent periods suggests a fund that can participate strongly when the underlying capital-market theme is in favour, but can also feel choppy over shorter windows. In our view, that is consistent with a focused index strategy rather than a broad market portfolio.

Against the benchmark, the fund is clearly ahead over 1 year, but the last 3 months have been more mixed. For an investor, the main takeaway is that recent strength is real, yet it sits inside a short track record and a volatile short-term path.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Motilal Oswal Nifty Capital Market 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.

Already holding Motilal Oswal Nifty Capital Market Index? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.71%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.15%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	18.11%	18.92%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On available 1-year return data, this fund sits below the strongest peer shown, but still above some of the other thematic index funds in the list. The available longer-term figures are limited for the current fund, so the comparison is more useful for judging recent momentum than for measuring sustained compounding.

That difference matters. Some peers have multi-year records in the table, while this fund does not yet have a 3-year or 5-year history because of its short life. So the peer view currently says more about the strength of the theme in recent markets than about how this particular scheme behaves across a full cycle.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Finance	19.69%
BSE LIMITED	Finance	16.84%
HDFC ASSET MANAGEMENT COMPANY LIMITED	Finance	12.13%
360 ONE WAM LIMITED	Finance	6.91%
CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED	Business Services	5.67%
NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED	Finance	4.77%
ANAND RATHI WEALTH LIMITED	Finance	4.47%
COMPUTER AGE MANAGEMENT SERVICES LIMITED	Business Services	4.26%
ANGEL ONE LIMITED	Finance	4.23%
MOTILAL OSWAL FINANCIAL SERVICES LIMITED	Finance	3.7%

The largest holding is MULTI COMMODITY EXCHANGE OF INDIA LIMITED at 19.69%, so it is likely to have the greatest single influence on fund behaviour among the disclosed names. The weight then falls quite quickly through BSE LIMITED at 16.84% and HDFC ASSET MANAGEMENT COMPANY LIMITED at 12.13%, which tells us the portfolio starts with a heavy tilt toward a few large positions.

By the tenth holding, the weight is down to 3.7%, so the drop from the top name to the bottom of the disclosed top 10 is steep. That pattern suggests the fund may not be evenly spread across the holding list, even though the disclosed portfolio is still diversified across 10 individual companies and 17 total holding rows.

The top 10 disclosed holdings account for approximately 82.67% of the portfolio. In our view, that level points to meaningful concentration in the leading names, while the remaining holdings form a longer tail that may soften but not eliminate single-stock influence. For a thematic index fund, that is a natural feature rather than an exception.

To see all holdings, visit the Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and can tolerate sharp moves in pursuit of theme-led returns. The recent 1-year performance has been stronger than the benchmark, but the 3-month tone is weaker than the 1-month reading, so a longer holding period is important if an investor wants to ride out short-term swings.

The main trade-off is concentration. The portfolio is focused on capital-market names, and the top holdings carry a large share of the disclosed portfolio, so returns may rise and fall more sharply than with a broad diversified equity fund. In our view, that makes it more suitable for investors who want thematic exposure and can stay invested through volatile stretches rather than those looking for a smoother ride.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan?
The current NAV is ₹12.5053 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 21.71%, while the 3-year and 5-year returns are not available because the fund has a short history.

How has the fund done versus its benchmark?
It has outpaced the benchmark over 1 year, while the 1-month and 3-month numbers have been more mixed.

How does it compare with the peer funds shown?
Its 1-year return is below the strongest peer shown, but it is ahead of some other thematic index funds in the comparison set. The longer-term comparison is limited because this fund does not yet have 3-year or 5-year figures.

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 15D, and nil after 15D.

Bottom line

This fund has delivered a strong 1-year result, but its shorter-period moves are choppier than the year-long picture suggests. Compared with the peer set, it is competitive on recent returns but not the strongest on the available 1-year figures, while its own 3-year and 5-year history is still not in place. The concentrated, theme-focused portfolio makes it a high-risk option that may suit investors seeking targeted exposure to capital-market businesses rather than broad market steadiness.

Published on 16 September 2026 at 8:31 AM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.