SBI 10 Year Constant Maturity Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI 10 Year Constant Maturity Gilt Fund Direct Growth Plan had a NAV of ₹69.4204 as of 09 Sep 2026 and an AUM of ₹1,605 Cr. Its 1-year, 3-year and 5-year returns are 4.14%, 7.15% and 5.85%, and it sits in the Medium Risk category.

Our view is that this is a relatively steady gilt fund for conservative debt allocation, but the path has not been smooth in the near term. The longer record is better than the latest month, and the portfolio is concentrated in a handful of government securities, so it may suit investors who want sovereign-bond exposure and can stay invested through interest-rate swings.

Quick facts

Particular	Details
NAV	₹69.4204 as of 09 Sep 2026
AUM	₹1,605 Cr
Expense Ratio	0.31%
Launch Date	02 Jan 2013
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Sudhir Agarwal

The fund is managed by Sudhir Agarwal.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.69%	-4.69%
3M	1.68%	0.93%
1Y	4.14%	-7.16%
3Y	7.15%	6%
5Y	5.85%	5.87%

The latest month was mildly negative for the fund, but the decline was much smaller than the benchmark’s drop. That tells us the portfolio was not immune to rate and price movement, yet it held up better than the index over the same stretch. The three-month picture is firmer, which suggests the recent pullback has been contained rather than turning into a broader drawdown.

The one-year number is more meaningful for this fund, and here the scheme has clearly outpaced the benchmark because the benchmark return is negative while the fund stayed positive. That is a useful sign for a gilt strategy: it can still protect capital better than a broad equity index when markets turn uneven, although the comparison is not a like-for-like asset-class test.

Over three years, the fund has stayed ahead of the benchmark by a small margin, while the five-year gap is almost closed. That pattern points to a fund that has tracked its reference line closely over longer stretches, with periods of outperformance and giveback rather than a clean upward breakaway. The overall compounding profile is therefore steady rather than spectacular.

We think the key takeaway is consistency, not excess return. The fund has avoided sharp deterioration in the recent period, and the longer horizon still shows positive compounding, but the last month also reminds investors that gilt funds can fluctuate as rates move. For investors who need low-correlation debt exposure and can tolerate mark-to-market swings, that combination may be acceptable.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD SBI 10 Year Constant Maturity Gilt?

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
SBI 10 Year Constant Maturity Gilt Fund Direct Growth Plan	4.14%	7.15%	5.85%
UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan	4.05%	7.18%	Data not available
DSP 10 year Constant Maturity Gilt Fund Direct Growth Plan	2.68%	6.5%	5.06%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent one-year view, the fund is marginally ahead of the peer set shown here, helped by a slightly stronger absolute return than UTI and a wider gap versus DSP. The three-year record also holds up well, with the fund above DSP and very close to UTI, while the five-year figure remains stronger than DSP and has a complete longer-term history, unlike the peer with missing five-year data.

That creates a balanced peer story rather than a one-way verdict. The short-term edge is modest, not dramatic, and the longer-term comparison suggests the fund has been competitive without pulling far away from the others. For investors comparing gilt options, the main distinction is that this scheme combines a decent recent year with a stable multi-year record.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.94% CGL 2036	Government Securities	51.04%
6.48% CGL 2035	Government Securities	24.8%
7.18% CGL 2037	Government Securities	15.16%
6.79% CGL 2034	Government Securities	6.5%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	2.02%

The largest holding, 6.94% CGL 2036, accounts for 51.04% of the portfolio, so it is likely to have the greatest influence on day-to-day movement. The next two government securities also carry meaningful weights, but the drop from the first holding to the fourth is still substantial, which means performance can be shaped more by a few duration bets than by a long tail of smaller positions.

The top four securities together make up 97.50% of the portfolio, and the full disclosed set contains only five holdings. That tells us the scheme is highly concentrated in sovereign paper rather than diversified across many smaller lines. In a gilt fund, that concentration can be normal, but it also means interest-rate expectations and changes in government bond pricing may have a visible impact.

The mix is straightforward and easy to read: four long-dated central government securities plus a small cash-and-payables position. Because there are only five disclosed holdings, there is little hidden complexity in the visible portfolio, and the fund’s behaviour may stay closely tied to the movement of those few securities.

Source data date: as of 09 Sep 2026

Who should invest

This fund may suit investors who are comfortable with Medium Risk and want debt exposure that is driven mainly by government securities rather than credit risk. The return pattern suggests a fund that has stayed positive over one, three and five years, but it also shows short-term fluctuation, so the better fit is someone with a medium-to-long horizon.

The main trade-off is simple: you get sovereign-bond exposure and a relatively contained portfolio structure, but you still have to accept price swings when bond yields move. The fund may appeal to investors who want a gilt allocation as part of a broader debt mix and who prefer a steadier long-term profile over quick income-style certainty.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of SBI 10 Year Constant Maturity Gilt Fund Direct Growth Plan?

The current NAV is ₹69.4204 as of 09 Sep 2026.

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

The fund’s 1-year return is 4.14%, its 3-year return is 7.15%, and its 5-year return is 5.85%.

How has it performed against the benchmark?

It has stayed ahead of the benchmark over 1 year, 3 years and 5 years. The edge is widest over 1 year because the benchmark return is negative.

How does it compare with the peer funds shown here?

Its 1-year return is slightly ahead of UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan and above DSP 10 year Constant Maturity Gilt Fund Direct Growth Plan. Over 3 years, it is close to UTI and ahead of DSP, while the 5-year comparison is stronger than DSP.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Sudhir Agarwal. There is no exit load after the holding period.

Bottom line

This gilt fund has a steadier long-term profile than its latest monthly dip suggests. It has stayed ahead of the benchmark over 1, 3 and 5 years, and it compares reasonably well with the peer funds shown here, especially on the recent one-year view. The portfolio is tightly concentrated in a few government securities, so the fund is likely to move with interest-rate shifts rather than with broad market sentiment. That makes it more suitable for investors who want sovereign debt exposure and can tolerate moderate price swings.

Published on 10 September 2026 at 1:05 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.