Navi Nifty MidSmallcap 400 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Navi Nifty MidSmallcap 400 Index Fund Direct Growth Plan is an index fund with a NAV of ₹10.5209 as of 16 Sep 2026 and scheme AUM of ₹13 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk bucket. In our view, it is still very early in its track record, so the headline numbers matter more for what they say about recent volatility than for long-run compounding.

The current profile suits investors who can accept sharp swings and want a diversified mid- and small-cap tilted index approach, but the return history is too short to judge how it behaves through a full market cycle. The fund has a low expense ratio of 0.0%, a minimum SIP of ₹100 and no exit load, which may make it easier to use as a systematic allocation, but the limited performance history calls for patience.

Quick facts

Particular	Details
NAV	₹10.5209 as of 16 Sep 2026
AUM	₹13 Cr
Expense Ratio	0.0%
Launch Date	09 Dec 2025
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	-3.84%	-4.41%
3M	-0.34%	-3.60%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern is mixed rather than smooth. Over 1 month, the fund was weak, but it still held up slightly better than the benchmark over the same stretch. Over 3 months, the fund stayed close to flat while the benchmark slipped more, which suggests the scheme has recently been less volatile than the benchmark on a relative basis.

The bigger point is that this is not yet a mature return record. The scheme was launched on 09 Dec 2025, so there is no full 1-year, 3-year or 5-year trailing return to judge the compounding path. That makes the recent swings more useful as a snapshot of current behaviour than as proof of long-term skill or consistency.

For now, the fund’s return profile looks uneven but not dramatically worse than the benchmark in the latest windows. Our view is that investors should read the short history as a sign that the strategy can move sharply, while also noting that its recent decline has been less severe than the benchmark in the 3-month window.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Navi Nifty MidSmallcap 400 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 MidSmallcap 400 Index Fund Direct Growth Plan	Data not available	Data not available	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. On available return data, the current fund does not yet have a 1-year record to compare with the more established peer set, while several peers show strong 1-year figures and some also show 3-year figures. That contrast matters: the short history keeps this fund from being judged on the same terms as peers with longer records.

Where 3-year data exists among peers, the current fund also cannot be matched against those longer tracks yet. The result is that the peer comparison tells two different stories: peers with published longer histories have demonstrated return profiles, while this fund is still building one. For investors, the key takeaway is that any comparison now is mostly about product design and early behaviour, not about a settled long-term return record.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
BSE Ltd	Finance	2.05%
The Federal Bank Limited	Bank	1.35%
Multi Commodity Exchange of India Ltd.	Finance	1.33%
Laurus Labs Limited	Healthcare	1.14%
One 97 Communications Limited	IT	1.11%
Hero Motocorp Limited	Automobile & Ancillaries	1.08%
Coforge Limited	IT	1.06%
Indusind Bank Limited	Bank	1.03%
Bharat Heavy Electricals Limited	Capital Goods	0.99%
PB Fintech Limited	IT	0.99%

The largest disclosed holding is BSE Ltd at 2.05%, which is sizeable for a single name inside a diversified index-style portfolio, but not extreme on its own. The drop from the first holding to the tenth is fairly gradual, moving from 2.05% to 0.99%, so the visible slice is spread across several positions rather than being dominated by one or two names.

The top 10 holdings together account for approximately 12.13% of the portfolio, while the fund discloses 47 holdings in total. That combination suggests a long tail of other positions carries most of the weight, so the disclosed top names may influence day-to-day movement, but they do not appear to dominate the scheme by themselves.

Because the portfolio is spread across many holdings and the top ten form only a small part of the total, the fund may deliver broad exposure within its mandate rather than relying on a narrow set of positions. The mix also shows a balanced spread across Finance, Bank, Healthcare, IT, Automobile & Ancillaries and Capital Goods among the largest names.

Navi Nifty MidSmallcap 400 Index Fund Direct Growth Plan

To see all holdings, visit the Navi Nifty MidSmallcap 400 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk and who can stay invested through sharp price swings. The short return history is still incomplete, so it is better suited to those who are looking for early-stage exposure to a diversified index strategy than to those who need a proven long-term record.

Its recent behaviour has been weaker over one month but comparatively steadier over three months than the benchmark, which may appeal to investors who are willing to accept volatility in exchange for broad market exposure. The main trade-off is simple: you get low-cost index exposure with a wide holding base, but you also accept that the fund is still too new for a long history of 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 if units are sold anytime.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Navi Nifty MidSmallcap 400 Index Fund Direct Growth Plan?
Its NAV is ₹10.5209 as of 16 Sep 2026.

What are the fund’s recent returns?
Its 1-month return is -3.84% and its 3-month return is -0.34%. The fund does not yet have a full 1-year, 3-year or 5-year trailing return record.

How does the fund compare with the benchmark?
It has been slightly better than the benchmark over 1 month and 3 months. The benchmark return over 1 month is -4.41% and over 3 months is -3.60%.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

What is the risk level of this fund?
It is tagged as High Risk. The portfolio also shows a broad spread across 47 holdings, which may lead to meaningful short-term movement.

Who manages the fund and what is the exit load?
Ashutosh Shirwaikar manages the fund. The exit load is nil if units are sold anytime.

Bottom line

This fund is still very new, so its short return history matters more than any long-term comparison at this stage. Recent results have been mixed, but the fund has not trailed the benchmark in the latest 1-month and 3-month windows. The High Risk label and the broad 47-holding portfolio point to a strategy that may move sharply while still keeping single-name weights fairly modest.

Compared with peers that have longer published records, this fund has not yet built the same return history, so the key appeal is the structure of the product rather than a long performance trail. It may suit investors who want low-cost index exposure and can wait for the record to mature.

Published on 17 September 2026 at 1:17 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.