Navi Nifty Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Navi Nifty Midcap 150 Index Fund Direct Growth Plan has a NAV of ₹21.1964 as of 16 Sep 2026 and an AUM of ₹407 Cr. Its 1-year, 3-year and 5-year returns are 2.8%, 13.78% and 0%, and the scheme sits in the High Risk bucket. Our view is that this is a midcap index option for investors who can stay patient through swings, because the recent patch has been weaker than the longer 3-year trend.

The fund’s benchmark-linked movement has been choppy, and the portfolio is built around a relatively long list of holdings rather than a narrow set of names. That can make it suitable for investors who want midcap exposure through a rules-based structure, but they should expect higher ups and downs than more defensive equity categories.

Quick facts

Particular	Details
NAV	₹21.1964 as of 16 Sep 2026
AUM	₹407 Cr
Expense Ratio	0.26%
Launch Date	11 Mar 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Ashutosh Shirwaikar

The fund is managed by Ashutosh Shirwaikar.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.61%	-4.41%
3M	-1.68%	-3.6%
1Y	2.8%	-7.76%
3Y	13.78%	5.74%
5Y	Data not available	Data not available

The recent profile is uneven. Over 1 month and 3 months, the fund has been negative, which tells us that the latest phase has not been smooth even though the 3-month drawdown was milder than the benchmark’s drop. The 1-year return is positive at 2.8%, while the benchmark is still negative over the same period, so the fund has held up better on that horizon.

The 3-year number is the more useful anchor here. At 13.78%, the fund has outpaced the benchmark’s 5.74% over the same period, which suggests that the longer stretch has been materially better than the latest short-term tone. That gap also tells us the fund has not moved in lockstep with the benchmark on every sub-period.

The pattern in the recent path is important. There has been recovery and forward progress over the 3-year window, but the shorter windows show renewed weakness. For investors, that means the fund can still participate in midcap upside, yet the ride can become uncomfortable when the market turns choppy.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Navi Nifty Midcap 150 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
Navi Nifty Midcap 150 Index Fund Direct Growth Plan	2.8%	13.78%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	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 strongest peer figures in this set by a wide margin, while its 3-year return is also below the best available 3-year numbers. At the same time, it still stands ahead of several peer funds on a 3-year basis, which keeps the longer-term picture more balanced than the short-term one.

The comparison tells two different stories. Over the recent year, the fund has looked muted relative to the stronger peers, but over 3 years it has shown more resilience and better compounding than some of the peer funds with longer history. That split makes the fund look more like a steady midcap exposure than a short-term return leader.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
BSE Ltd	Finance	3.14%
The Federal Bank Limited	Bank	2.06%
Multi Commodity Exchange of India Ltd.	Finance	2.03%
Laurus Labs Limited	Healthcare	1.74%
One 97 Communications Limited	IT	1.69%
Hero Motocorp Limited	Automobile & Ancillaries	1.65%
Coforge Limited	IT	1.62%
Indusind Bank Limited	Bank	1.57%
PB Fintech Limited	IT	1.52%
Bharat Heavy Electricals Limited	Capital Goods	1.51%

The largest holding is BSE Ltd at 3.14%, so no single position dominates the portfolio on its own. The tenth holding is still above 1.5%, which shows that the top layer is fairly active and not top-heavy around one or two names.

The drop from the first holding to the tenth is gradual rather than steep, moving from 3.14% to 1.51%. That kind of profile may help spread stock-specific influence across several holdings, although the top names can still matter because each one sits close to or above the 1.5% mark.

The top 10 holdings account for approximately 18.53% of the portfolio, and the scheme discloses 83 holdings in total. That combination suggests a broad spread across many positions, with a meaningful tail beyond the largest names rather than a tightly concentrated book.

To see all holdings, visit the Navi Nifty Midcap 150 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and stay invested through uneven midcap cycles. The 3-year return is stronger than the 1-year return, which suggests the fund may reward patience better than short holding periods.

The main trade-off is clear: you get a diversified midcap index structure, but recent performance has been choppy and the benchmark comparison has not been smooth across every window. Investors with a medium-to-long horizon and comfort with higher volatility may find the profile easier to hold than those who want steadier 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: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Navi Nifty Midcap 150 Index Fund Direct Growth Plan?

The current NAV is ₹21.1964 as of 16 Sep 2026.

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

The 1-year return is 2.8%, the 3-year return is 13.78%, and the 5-year return is Data not available.

How does the fund compare with its benchmark?

It has outpaced the benchmark over 1 year and 3 years, while the benchmark has been weaker over the 1-year period.

How does the fund compare with the peer funds listed here?

Its 1-year return is much lower than the strongest peer figures shown, while its 3-year return is also below the best available 3-year peer numbers. Even so, it remains ahead of some peers on the 3-year horizon.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Ashutosh Shirwaikar. The exit load is no exit load.

Bottom line

Navi Nifty Midcap 150 Index Fund Direct Growth Plan has a weaker recent patch than its 3-year record, so the short-term tone and the longer-term trend are not the same. In peer comparison, the fund does not stand out on the latest 1-year number, but its 3-year result is more competitive than several peers. The High Risk profile, broad 83-holding structure and modest top-holding weights point to a diversified midcap exposure that may suit investors with patience and tolerance for uneven returns.

Published on 17 September 2026 at 2:25 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.