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

Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Plan currently has a NAV of ₹9.517 as of 11 Sep 2026 and a scheme AUM of ₹24 Cr. Its 1-year, 3-year and 5-year returns are -8.44%, 0% and 0%, and it sits in the High Risk category. Our view is that this is a niche consumption-themes index fund for investors who can tolerate sharp swings and are comfortable with a relatively young scheme that has not yet built a long published return record.

The benchmark comparison remains mixed: the fund has lagged over 1 year but shown a better 3-month reading than the benchmark. Given the concentrated consumer-led mix and the limited track record, it may suit investors who want targeted exposure to consumption-linked businesses and can stay invested through volatility rather than expecting smooth near-term outcomes.

Quick facts

Particular	Details
NAV	₹9.517 as of 11 Sep 2026
AUM	₹24 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	-4.8%	-3.66%
3M	1.67%	-1.91%
1Y	-8.44%	-7.62%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund’s short-run pattern has been uneven. The 1-month reading is weaker than the benchmark, but the 3-month number is ahead, which tells us the fund has been able to recover some ground after a softer stretch. That kind of pattern is not unusual for a themed index strategy, especially one linked to consumption names that can move differently from the broader market.

Over 1 year, the fund remains slightly behind the benchmark. The gap is not wide, but it does show that the strategy has not yet produced a clear edge over a plain-market reference point. For investors, that matters because an index fund is often expected to track its chosen exposure closely and avoid large surprises in either direction.

The longer horizon is harder to judge because 3-year and 5-year figures are not available. That means we cannot build a mature compounding story yet, and the short record should be treated as a live snapshot rather than a full cycle view. Our reading is that recent resilience is encouraging, but it is not enough on its own to offset the fund’s still-short history.

Relative to the benchmark, the last few months have been better than the 1-year headline suggests. Still, the overall picture is one of volatility first and consistency later. Investors who use it may want to view it as a tactical consumption allocation rather than a core, all-weather equity holding.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Motilal Oswal Nifty MidSmall India Consumption 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 India Consumption Index Fund Direct Growth Plan	-8.44%	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 the available 1-year numbers, this fund trails every peer in the table, which shows that the recent stretch has been materially softer than the alternatives listed here. The 3-year and 5-year fields are largely unavailable for the peer set as well, so the comparison is mostly a recent-performance snapshot rather than a full-cycle contest. That makes the short-term gap more important, but it also limits how far we can extend the comparison.

What stands out is that the fund’s short-term recovery has not yet translated into a stronger headline 1-year result. Several peer funds have far firmer recent gains, while this scheme is still in negative territory. At the same time, the absence of longer histories across most peers means the table does not support a deeper long-horizon judgment from a balanced cycle perspective.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Hero Motocorp Limited	Automobile & Ancillaries	7.63%
Dixon Technologies (India) Limited	Consumer Durables	6.64%
Info Edge India Ltd	IT	5.44%
FSN E-Commerce Ventures Limited	Retailing	5.16%
Fortis Healthcare Limited	Healthcare	5.1%
Marico Limited	FMCG	4.68%
Swiggy Limited	Retailing	4.31%
Vodafone Idea Limited	Telecom	4.25%
The Phoenix Mills Limited	Realty	3.82%
Radico Khaitan Limited	Alcohol	3.79%

The top 10 holdings account for approximately 50.82% of the portfolio.

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

The largest holding, Hero Motocorp Limited, carries a weight of 7.63%, so it may have greater influence on the scheme’s day-to-day movement than the smaller names. The next few positions also remain meaningful, which suggests the portfolio is not dominated by a single company alone.

Weight does fall steadily from the first holding to the tenth, with the tenth position at 3.79%. That decline is not abrupt, but it is enough to show that the biggest names contribute more than the tail. In our view, that creates a moderate layer of concentration within the listed top holdings.

At the same time, the top 10 account for 50.82% of the portfolio, while 30 holdings are disclosed in total. That points to a portfolio that is spread across a fair number of names, but with the leading positions still likely to matter more than the smaller ones. For an index strategy built around a consumption theme, that balance may be important for investors who want focused exposure without relying on just one or two companies.

Source data date: as of 11 Sep 2026

Who should invest

This fund suits investors who can handle high day-to-day variation and who are comfortable with a themed equity exposure rather than a broad market core. The 1-year loss, the better 3-month rebound and the lack of a long published track record all point to a scheme that is still proving itself across market phases.

The main trade-off is clear: you get targeted exposure to consumption-linked businesses, but you must accept that the journey can be uneven. Investors with a longer horizon and a willingness to tolerate volatility may find that easier to hold than those looking for steady short-term outcomes.

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 11 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Plan?
The current NAV is ₹9.517 as of 11 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -8.44%, while the 3-year and 5-year returns are Data not available.

How does the fund compare with its benchmark?
Over 1 year, the fund at -8.44% is slightly behind the benchmark at -7.62%. Over 3 months, the fund has done better than the benchmark, but the 1-month reading is weaker.

How does the fund compare with the peer funds listed here?
On the available 1-year figures, the fund is behind the peer schemes shown in the comparison table. The longer-horizon fields are mostly not available for those peers, so the comparison is mainly about recent performance.

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’s shorter-term pattern is more constructive than its 1-year number, but the overall record is still limited and remains softer than the benchmark on the main trailing figure. Compared with the peer set shown here, the recent 1-year outcome is weaker, while the portfolio suggests a focused consumption tilt with meaningful weight in a handful of holdings. The High Risk label fits the kind of volatility investors should expect, so it is best viewed as a specialised equity exposure for those comfortable with theme-led swings and a longer holding period.

Published on 15 September 2026 at 4:09 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.