Parag Parikh Conservative Hybrid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Parag Parikh Conservative Hybrid Fund Direct Growth Plan has a NAV of ₹16.0918 as of 16 Sep 2026 and a scheme AUM of ₹3,481 Cr. Its 1-year, 3-year and 5-year returns are 4.64%, 9.13% and 9.31% respectively, and the scheme sits in the Medium Risk category. Our view is that this is a conservative hybrid option for investors who want steadier equity participation than an all-equity fund, while accepting that return swings can still appear over shorter periods.

The fund has held up better over longer periods than in the latest year, which makes it more suitable for patient investors than for those looking for quick momentum. The portfolio is meaningfully spread across government securities, REITs, InvITs and cash, so the equity-like upside is moderated by income-oriented assets and liquidity buffers.

Quick facts

Particular	Details
NAV	₹16.0918 as of 16 Sep 2026
AUM	₹3,481 Cr
Expense Ratio	0.34%
Launch Date	26 May 2021
Min SIP	₹1,000
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 10% of units, For remaining units 1% on or before 1Y and Nil after 1Y
Fund Managers	Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Raj Mehta

The fund is managed by Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani and Raj Mehta.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.62%	-4.41%
3M	0.66%	-3.60%
1Y	4.64%	-7.76%
3Y	9.13%	5.74%
5Y	9.31%	5.67%

The latest one-month and three-month numbers show mild movement rather than a sharp swing, which fits a conservative hybrid profile. Even in a softer market window, the fund was less negative than the benchmark over 1 month and 3 months, which suggests the portfolio has cushioned part of the recent weakness.

The bigger picture is more encouraging. The 1-year return is positive while the benchmark is negative, so the fund has clearly handled the past year better than Nifty 50. That pattern matters because conservative hybrid funds are often expected to absorb some equity-market stress, and this one has done that over the trailing year.

Over 3 years and 5 years, the fund has stayed ahead of the benchmark on a return basis, with 9.13% versus 5.74% over 3 years and 9.31% versus 5.67% over 5 years. Our read is that the fund’s long-term compounding has been steadier than the benchmark’s, even if the latest year was not especially strong in absolute terms.

The time pattern also matters. The fund’s 5-year path shows periods of drawdown and recovery, but the overall trajectory is still upward. That makes us view it as a fund where consistency and drawdown control may matter more than chasing the fastest short-term rebound.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Parag Parikh Conservative Hybrid?

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
Parag Parikh Conservative Hybrid Fund Direct Growth Plan	4.64%	9.13%	9.31%
Nippon India Conservative Hybrid Fund Direct Growth Plan	6.75%	8.49%	8.20%
Baroda BNP Paribas Conservative Hybrid Fund Direct Growth Plan	4.69%	8.28%	7.41%
Parag Parikh Conservative Hybrid Fund Direct Growth Plan	4.64%	9.13%	9.31%
SBI Conservative Hybrid Fund Direct Growth Plan	4.51%	8.12%	8.47%
Aditya Birla SL Conservative Hybrid Fund Direct Growth Plan	4.33%	8.39%	7.92%

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

On the latest 1-year number, the fund trails Nippon India Conservative Hybrid Fund Direct Growth Plan, but it is broadly in line with the middle of the group and slightly ahead of Baroda BNP Paribas Conservative Hybrid Fund Direct Growth Plan. That tells us the fund’s recent pace is decent, though not the strongest among the peers shown.

Over 3 years and 5 years, however, the picture is more favourable. The fund’s 9.13% three-year return and 9.31% five-year return are ahead of the peer figures shown here, which suggests its longer-run compounding has been stronger than the peer set in this slice. The short-term and long-term readings therefore do not tell the same story, and the stronger case for this fund rests more on the multiyear record than on the latest year alone.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.21% Tamilnadu SDL (MD 21/01/2032)	Government Securities	5.57%
Brookfield India Real Estate Trust	Finance	5.10%
Embassy Office Parks Reit	Finance	5.01%
TRP_010926	Cash & Cash Equivalents and Net Assets	4.76%
7.08% Uttar Pradesh SDL (MD 17/02/2031)	Government Securities	4.29%
7.08% Karnataka SDL (MD 12/08/2031)	Government Securities	4.00%
7.72% Maharashtra SDL (MD 01/03/2031)	Government Securities	3.67%
7.72% Maharashtra SDL (MD 23/03/2032)	Government Securities	2.92%
7.38% Karnataka SDL (MD 04/09/2034)	Government Securities	2.72%
Knowledge Realty Trust	Reits & Invits	2.26%

The largest holding is 7.21% Tamilnadu SDL (MD 21/01/2032) at 5.57%, which is sizable but not overwhelming on its own. The next few positions are also meaningful, with Brookfield India Real Estate Trust at 5.10% and Embassy Office Parks Reit at 5.01%, so the portfolio’s leading exposures are clustered fairly close together rather than dominated by a single line item.

Weight then tapers in a controlled way through cash and multiple state government securities, with the tenth holding at 2.26%. That drop from 5.57% to 2.26% suggests the fund may not be overly dependent on any one position, even though the top part of the portfolio clearly carries more influence than the tail.

At 40.3% for the displayed holdings and 52 total disclosed holdings, the portfolio looks moderately concentrated at the top and fairly broad underneath. Our view is that this mix may help balance stability and diversification, while the government securities and listed real-estate exposures may contribute to the fund’s more measured return profile.

To see all holdings, visit the Parag Parikh Conservative Hybrid Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with Medium Risk and want a hybrid allocation that does not behave like a pure equity fund. The 1-year return is softer than the 3-year and 5-year record, so the fund may suit people who can stay invested through uneven short-term phases and are focused more on rolling compounding than on immediate gains.

The key trade-off is that the portfolio may dampen volatility compared with an equity-heavy fund, but that also means the upside can be more measured when markets are strong. Investors with a medium- to longer-term horizon and a preference for a steadier return path may find that mix more relevant than those seeking aggressive market participation.

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: Nil up to 10% of units if sold on or before 1 year; for the remaining units, 1% applies on or before 1 year; no exit load after 1 year.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Parag Parikh Conservative Hybrid Fund Direct Growth Plan?

The current NAV is ₹16.0918 as of 16 Sep 2026.

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

The fund’s 1-year return is 4.64%, its 3-year return is 9.13% and its 5-year return is 9.31%.

How has it performed versus Nifty 50?

It has outpaced Nifty 50 over 1 year, 3 years and 5 years. The benchmark return is -7.76% over 1 year, 5.74% over 3 years and 5.67% over 5 years.

How does it compare with peer funds on recent returns?

Its 1-year return is 4.64%, which is below Nippon India Conservative Hybrid Fund Direct Growth Plan at 6.75% and close to Baroda BNP Paribas Conservative Hybrid Fund Direct Growth Plan at 4.69%. Its 3-year and 5-year returns are stronger than the peer figures shown here.

What is the minimum SIP amount?

The minimum SIP amount is ₹1,000.

Who manages this fund and what is the exit load?

The fund is managed by Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani and Raj Mehta. The exit load is nil up to 10% of units if sold on or before 1 year; for the remaining units, 1% applies on or before 1 year; and there is no exit load after 1 year.

Bottom line

Parag Parikh Conservative Hybrid Fund Direct Growth Plan has a steadier long-term profile than its latest 1-year result suggests. It has stayed ahead of Nifty 50 across the stated horizons, and its 3-year and 5-year returns are also stronger than the peer figures shown here. The portfolio is anchored by government securities, REITs and cash-like assets, which supports a more balanced return pattern. For investors seeking Medium Risk exposure with a longer time frame and a preference for moderation over aggression, that profile can be relevant.

Published on 17 September 2026 at 10:14 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.