Motilal Oswal Services Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Services Fund Direct Growth Plan has a NAV of ₹11.8057 as of 15 September 2026 and a scheme AUM of ₹132 Cr. Its 1-year, 3-year and 5-year returns are 12.69%, 0% and 0%, and the scheme sits in the High Risk category.

Our view is that this is a young equity fund that has shown a positive one-year return, but the longer record is still too short to judge with confidence. The current portfolio mix and the benchmark-relative pattern suggest an investor needs to be comfortable with uneven outcomes and a specialist style rather than broad market-like steadiness.

Quick facts

Particular	Details
NAV	₹11.8057 as of 15 Sep 2026
AUM	₹132 Cr
Expense Ratio	2.49%
Launch Date	09 Jun 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Ajay Khandelwal, Bhalchandra Shinde, Atul Mehra, Rakesh Shetty

The fund is managed by Ajay Khandelwal, Bhalchandra Shinde, Atul Mehra and Rakesh Shetty.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.19%	-4.81%
3M	9.05%	-3.63%
1Y	12.69%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is better than the benchmark at every available horizon. Over 1 month, the fund was close to flat while the benchmark was weaker. Over 3 months and 1 year, the fund stayed in positive territory while the benchmark remained negative, which tells us the scheme has held up better than the broad market reference in the near to medium term.

The one-year track is the clearest useful data point today. It shows that the fund can participate in up moves even when the benchmark is under pressure, but the negative benchmark comparisons also remind us that the style is not designed to mirror index-like behaviour. That can be helpful for diversification, yet it also means returns may arrive unevenly.

Because the scheme was launched on 09 Jun 2025, there is no meaningful 3-year or 5-year return history yet. We therefore place more weight on the current run of performance and the portfolio composition rather than on long-run compounding evidence. For now, the fund looks more like a specialised equity allocation than a core market proxy.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Motilal Oswal Services?

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 Services Fund Direct Growth Plan	12.69%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	23.52%	Data not available	Data not available

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

The fund’s 1-year return trails the stronger peer figures shown here, even though its own benchmark-relative performance is better than the index over the same period. That split matters: the scheme has done better than Nifty 50, but the peer set includes several specialist equity funds with materially stronger one-year numbers. The longer-term comparison is limited because the fund itself does not yet have a 3-year or 5-year track, while one peer does show a much stronger 3-year figure.

This makes the story more about stage of life than about a completed cycle. The fund’s recent run is constructive, but the available peer data suggest that investors should not read the one-year result as evidence of a mature long-term record. For our assessment, the key question is whether the portfolio’s specialist positioning can justify the risk taken to reach that return pattern.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Multi Commodity Exchange of India Limited	Finance	6.62%
Aster DM Quality Care Limited	Healthcare	5.17%
Aditya Birla Capital Limited	Finance	5.05%
Apollo Hospitals Enterprise Limited	Healthcare	4.94%
Aditya Birla Sun Life AMC Limited	Finance	4.67%
One 97 Communications Limited	IT	4.52%
Restaurant Brands Asia Limited	Hospitality	4.14%
Hexaware Technologies Limited	Domestic Equities	4.09%
Zensar Technologies Limited	IT	3.97%
Shadowfax Technologies Limited	Logistics	3.64%

The largest holding is Multi Commodity Exchange of India Limited at 6.62%, which is meaningful but not dominating on its own. The tenth holding is still 3.64%, so the drop from the top position to the tenth is gradual rather than steep. That kind of spread may reduce single-stock dependence, even though each of these names can still matter in a smaller-cap style portfolio.

The top 10 holdings together account for approximately 46.81% of the portfolio, and the fund discloses 36 holdings in total. That tells us the portfolio is not a one- or two-name story, but it is still concentrated enough that individual positions may have greater influence on short-term movement. In our view, the mix points to a focused equity book with a longer tail beyond the names shown here.

Because the disclosed positions span finance, healthcare, IT, hospitality and logistics, the fund appears diversified across different business themes rather than clustered in a single pocket. Even so, the weights remain close enough together among the top ten that stock selection may be a more important driver than broad market exposure.

To see all holdings, visit the Motilal Oswal Services Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who can handle High Risk exposure and are comfortable with a specialist equity style. The available return pattern is positive over 1 year and weaker over the benchmark in the shorter windows, while the lack of a 3-year or 5-year history means it is better viewed as a developing track rather than a proven long-cycle compounder.

It is more appropriate for a longer investment horizon, where the investor can tolerate uneven periods while the portfolio thesis plays out. The main trade-off is between the possibility of differentiated equity gains and the uncertainty that comes with a newer, focused portfolio.

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

The exit load is 1% on or before 90D, and nil after 90D.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Services Fund Direct Growth Plan?
The NAV is ₹11.8057 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 12.69%, while the 3-year and 5-year returns are not yet available because the scheme is too new for those periods.

How has the fund performed versus Nifty 50 recently?
It has done better than Nifty 50 over 1 month, 3 months and 1 year. The benchmark remained negative across those same periods, while the fund stayed positive.

How does it compare with peer funds on 1-year returns?
Its 1-year return is below the stronger peer figures shown here, including 26.51%, 25.46%, 25.31% and 23.52%. One peer also shows 69.8% over 1 year and 36.32% over 3 years.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is its exit load?
The fund is managed by Ajay Khandelwal, Bhalchandra Shinde, Atul Mehra and Rakesh Shetty. The exit load is 1% on or before 90D and nil after 90D.

Bottom line

Motilal Oswal Services Fund Direct Growth Plan has a better short-term showing than its benchmark, but its track record is still young, so the longer-term picture remains incomplete. Against the peer figures shown here, its one-year return is softer, which keeps expectations grounded. The portfolio is focused rather than broad, with the top holdings taking a meaningful share of assets, so the scheme may suit investors who can accept High Risk and want a specialist equity exposure with a longer horizon.

Published on 16 September 2026 at 5:10 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.