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

Motilal Oswal Special Opportunities Fund Direct Growth Plan is at a NAV of ₹12.5446 as of 18 September 2026, with scheme AUM of ₹92 Cr. Its 1-year, 3-year and 5-year returns are 19.65%, 0%, and 0%, and it sits in the High Risk category. Our view is that the fund suits investors who can accept sharp swings in pursuit of a differentiated equity strategy, but the limited track record means the near-term improvement matters more than any long-run claim.

Against a Nifty 50 benchmark that has been weaker over the same horizon, the fund has shown resilience in the recent period, though the evidence base is still short because it launched in August 2025. The portfolio is tilted toward a relatively small set of individual positions, so returns may depend meaningfully on a handful of holdings rather than a broad index-style spread.

Quick facts

Particular	Details
NAV	₹12.5446 as of 18 Sep 2026
AUM	₹92 Cr
Expense Ratio	2.56%
Launch Date	14 Aug 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty

The fund is managed by Ajay Khandelwal, Ankit Agarwal, Varun Sharma, and Rakesh Shetty.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	1.52%	-3.73%
3M	6.90%	-3.14%
1Y	19.65%	-5.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent performance has been stronger than the benchmark across every available period. The 1-month and 3-month figures suggest that the fund has been able to hold up even when the benchmark stayed negative, and the 1-year return shows a clearer gap in favour of the fund. That is encouraging, but the short history means we should treat the recent numbers as a live signal rather than a settled pattern.

The pattern of the return path also looks uneven rather than smooth. There were periods of pullback and recovery in the first year after launch, followed by a firmer climb later on, which tells us the fund may reward patience but is unlikely to behave like a steady index substitute. The benchmark’s own negative 1-year return makes the current comparison look favourable, yet that advantage has to be viewed alongside the fund’s High Risk label and the fact that its public record does not extend across 3-year or 5-year horizons.

For a new scheme, the main question is less about long-run consistency and more about whether the recent upturn can persist. On the evidence available here, the fund has done better than the benchmark over all measured windows, but the absence of long-history returns leaves open how it might behave through a full market cycle.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Motilal Oswal Special Opportunities?

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 Special Opportunities Fund Direct Growth Plan	19.65%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	65.43%	35.11%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.29%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	27.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.8%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	24.4%	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 1-year measure, the fund trails several peer schemes in absolute return terms, even though it remains ahead of the benchmark. The same picture becomes harder to extend over 3-year and 5-year horizons because those figures are not available for the fund, while one peer does show a materially stronger 3-year number. That means the short-term comparison looks respectable, but the longer-term comparison is incomplete rather than conclusive.

What stands out is the split between the fund’s current momentum and the broader set of peers that already have longer history. The fund’s recent numbers are decent, but they do not yet establish the same depth of track record that the better-known multi-year figures in the peer group can show. For readers comparing options, that usually matters if they want evidence across a longer market cycle rather than a one-year snapshot.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Diamond Power Infrastructure Ltd.	Electricals	8.66%
Samvardhana Motherson International Limited	Automobile & Ancillaries	6.63%
Kalyan Jewellers India Limited	Diamond & Jewellery	6.37%
Lohia Corp Limited	Domestic Equities	6.25%
Aditya Infotech Limited	Domestic Equities	6.19%
Piramal Finance Limited	Finance	5.92%
Lumino Industries Limited	Domestic Equities	5.41%
Shadowfax Technologies Limited	Logistics	4.52%
Multi Commodity Exchange of India Limited	Finance	4.31%
Shaily Engineering Plastics Limited	Plastic Products	4.19%

The top 10 holdings account for approximately 58.45% of the portfolio.

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

The largest holding, Diamond Power Infrastructure Ltd., is 8.66%, which is large enough to matter, but not so dominant that it overwhelms the rest of the book. The tenth holding is 4.19%, so the fall from the top position to the tenth is noticeable but not extreme, suggesting that the visible book is built around several meaningful positions rather than one outsized bet.

The top 10 together make up 58.45% of the portfolio, leaving a longer tail across the remaining 14 disclosed holdings. That structure may reduce dependence on a single name, yet the 24-holding count also shows that the scheme is not a very broad, index-like basket. In our view, returns may be influenced by a compact set of positions more than by wide diversification.

Because the top positions are clustered in the mid-single digits, the portfolio looks concentrated enough to move with stock-specific outcomes, while still leaving room for diversification benefits from the rest of the holdings. For investors, that usually means more active-style behaviour and less resemblance to a broad market fund.

Source data date: as of 18 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested long enough for a differentiated portfolio to play out. The recent 1-year return is positive and clearly ahead of the benchmark, but the scheme does not yet have meaningful 3-year or 5-year history to lean on. That makes it more suitable for someone who can tolerate uneven performance and does not need a smooth index-like ride.

The main trade-off is between the possibility of stronger stock-specific gains and the uncertainty that comes with a newer, more concentrated portfolio. Investors who want evidence across a full market cycle may prefer to wait for a longer record, while those who are comfortable with a short track record and a more active approach may find the fund worth understanding better.

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% if units are sold within 3 months; nil after 3 months.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Special Opportunities Fund Direct Growth Plan?

The current NAV is ₹12.5446 as of 18 September 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is 19.65%, while the 3-year and 5-year returns are not available because the scheme is still too new for those periods.

How does the fund compare with the Nifty 50 benchmark?

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

How does it compare with peer funds on available return data?

Its 1-year return is below several peer schemes in the table, although it still stands ahead of the benchmark. The longer-term comparison is incomplete because the fund does not yet have 3-year or 5-year figures.

Is there a minimum SIP amount?

Yes, the minimum SIP amount is ₹500.

What are the risk level, portfolio concentration and exit load?

The fund is tagged High Risk. The top 10 holdings account for 58.45% of the portfolio, and the exit load is 1% if units are sold within 3 months, with no exit load after 3 months.

Bottom line

Motilal Oswal Special Opportunities Fund Direct Growth Plan has started with a decent recent record, and its short-term performance is better than the benchmark. The longer-term picture is still incomplete because 3-year and 5-year returns are not yet available, so the fund is best read as a newer, higher-risk equity option rather than a fully seasoned track record. Its portfolio is also fairly concentrated, which may amplify stock-specific outcomes. For investors who can handle that mix, it offers an active style with recent momentum.

Published on 21 September 2026 at 9:47 AM 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.