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

Motilal Oswal Nifty MidSmall Healthcare Index Fund Direct Growth Plan has a NAV of ₹12.6239 as of 11 Sep 2026 and an AUM of ₹50 Cr. Its 1-year, 3-year and 5-year returns are 15.72%, 0% and 0%, and the scheme is tagged High Risk. Our view is that it has offered decent short-term momentum, but the longer record is still too short to judge it as a settled option.

The fund follows a healthcare-focused index strategy, so its portfolio and return pattern may suit investors who can accept sharp category swings and want exposure to a narrow theme. The benchmark reference is Nifty 50, and the recent return profile has been stronger than that benchmark over the same periods.

Quick facts

Particular	Details
NAV	₹12.6239 as of 11 Sep 2026
AUM	₹50 Cr
Expense Ratio	0.62%
Launch Date	19 Nov 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 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.42%	-3.66%
3M	9.48%	-1.91%
1Y	15.72%	-7.62%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent numbers point to a clear improvement in tone. Over 1 month, the fund stayed mildly positive while the benchmark was negative, and the 3-month figure shows a much stronger rebound than the benchmark. The 1-year return is also comfortably ahead of the benchmark, which tells us that the fund has been holding up better than the broad market reference over the measured periods.

The daily pattern behind the 1-year path is not one-way smooth, but it does show recovery after a weaker phase. That matters for a healthcare-themed index fund because investors usually expect sharper swings than a diversified equity fund. The recent traction suggests the basket has been able to recover more quickly than the benchmark in the latest stretch.

We should still be careful with the longer view, because the scheme is young and the trailing 3-year and 5-year return fields are not available in the tableable history we can use here. In practice, that means the short record is supportive, but it does not yet replace a full market-cycle track record.

The key takeaway is that recent behaviour is stronger than the benchmark, while the available history is still concentrated in the newer part of the fund’s life. For a thematic index strategy, that combination is useful information, but it is not the same as a long seasoning of performance across different market conditions.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Motilal Oswal Nifty MidSmall Healthcare 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 Nifty MidSmall Healthcare Index Fund Direct Growth Plan	15.72%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	32.61%	29.92%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.23%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.22%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	26.18%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	25.91%	Data not available	Data not available

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

On 1-year numbers, the fund trails the strongest peer figures in this set, but it still stays ahead of the benchmark. That makes the recent result respectable rather than standout. The 3-year comparison is harder to use because the current fund does not yet have a visible 3-year figure, while ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan does, so the shorter record cannot be treated as an apples-to-apples comparison.

The longer-history peers with available figures show a more mature compounding profile, while this fund’s visible record is still anchored in its early life. So the short-term story and the longer-term peer story are not the same: the current fund looks better than the benchmark, but it has less history than some of the peer names listed here.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Laurus Labs Limited	Healthcare	11.23%
Lupin Limited	Healthcare	8.01%
Aurobindo Pharma Limited	Healthcare	7.16%
Fortis Healthcare Limited	Healthcare	7.12%
Glenmark Pharmaceuticals Limited	Healthcare	5.63%
Alkem Laboratories Limited	Healthcare	4.7%
Biocon Limited	Healthcare	4.43%
Ipca Laboratories Limited	Healthcare	4.13%
Mankind Pharma Limited	Healthcare	4.11%
Gland Pharma Limited	Healthcare	3.46%

The top 10 holdings account for approximately 59.98% of the portfolio.

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

The largest holding, Laurus Labs Limited, carries a 11.23% weight and is likely to have greater influence on short-term moves than the smaller positions. The drop from the first holding to the tenth holding is visible, but not extreme, which suggests the portfolio is not a pure one-stock story.

The top slice is still fairly concentrated because the first 10 holdings make up 59.98% of the disclosed portfolio, while the remaining 20 holdings share the rest. That means the fund may still be sensitive to a relatively small set of healthcare names, even though the tail is long enough to add some diversification.

Because the disclosed holdings list covers 30 positions, the fund does not look extremely narrow, but the weight pattern shows that a handful of positions could contribute more to outcomes than the rest. For investors, that is an important feature to note when judging whether the theme fits their portfolio mix.

Source data date: as of 11 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and who can accept that a healthcare index strategy may behave differently from the broader market. The recent return profile is stronger than the benchmark, but the short record still means the path is not fully seasoned across cycles.

A longer horizon makes more sense here because the portfolio is concentrated enough for individual holdings to matter and because thematic equity returns can move sharply in both directions. The main trade-off is between the chance of focused healthcare exposure and the possibility of larger swings than a diversified large-cap style fund.

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. No exit load after holding period.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Nifty MidSmall Healthcare Index Fund Direct Growth Plan?

The current NAV is ₹12.6239 as of 11 Sep 2026.

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

The fund’s 1-year return is 15.72%, while the 3-year and 5-year returns are Data not available in the available record.

How does the fund compare with its benchmark?

It has done better than Nifty 50 over the listed periods. The fund is positive across 1 month, 3 months and 1 year, while the benchmark is negative in each of those periods.

How does it compare with the peer funds listed here?

Its 1-year return of 15.72% is below the 1-year figures shown for the listed peers, but it still stays ahead of the benchmark. The shorter record means the comparison is more useful on recent numbers than on long-run compounding.

Is there a minimum SIP amount?

Yes. 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, Nil after 15D, with no exit load after the holding period.

Bottom line

This fund has shown a better recent return pattern than its benchmark, but its longer record is still short, so we read the current strength as early evidence rather than a full cycle verdict. Against the peer set shown here, the 1-year return is lower than the listed comparison funds, while the benchmark comparison remains supportive. The portfolio is healthcare-only and the top holdings carry meaningful weight, so the scheme may suit investors who can live with focused theme risk and want a more concentrated route to that sector.

Published on 15 September 2026 at 4:00 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.