SBI Contra Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Contra Fund Direct Growth Plan has a NAV of ₹418.7432 as of 26 August 2026 and scheme AUM of ₹48,266 Cr. Its 1-year, 3-year and 5-year returns are 1.72%, 13.19% and 17.34%, and the fund sits in the High Risk category.

Our view is that this is a fund for investors who can accept sharper swings in the near term in exchange for a longer holding period. The portfolio has a large bank tilt and a mix of large-, mid- and small-cap stocks, so return outcomes may differ meaningfully from the benchmark and from more diversified equity funds.

Quick facts

Item	Details
NAV	₹418.7432
AUM	₹48,266 Cr
Expense Ratio	0.76%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.25% if units are sold on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.
Fund Managers	Dinesh Balachandran

The fund is managed by Dinesh Balachandran.

Source data date: as of 26 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	1.32%	0.44%
3M	2.66%	2.31%
1Y	1.72%	-2.53%
3Y	13.19%	6.72%
5Y	17.34%	7.06%

The recent pattern is mixed but still positive. Over 1 month and 3 months, the fund has been ahead of the benchmark, which tells us the latest stretch has been steadier than the index. The 1-year figure is modest, yet it still stands above the benchmark’s negative reading, so the fund has held up better over that window.

The longer record is more convincing than the near-term outcome. The 3-year and 5-year returns are comfortably above the benchmark, which suggests the strategy has rewarded patient investors even though the path has not been smooth. The yearly path inside the return pattern also shows periods of weakness followed by recovery, so this is not a straight-line compounding story.

For investors, that combination matters. The fund appears able to outperform the benchmark over medium and long horizons, but the recent numbers are not as strong as the 3-year and 5-year picture. In our view, that makes it more suitable for investors who can look through temporary softness and focus on a multi-year horizon.

Source data date: as of 26 Aug 2026

Should you BUY or HOLD SBI Contra?

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 Contra Fund Direct Growth Plan	1.72%	13.19%	17.34%
Kotak Contra Fund Direct Growth Plan	5.49%	17.56%	15.95%
Invesco India Contra Fund Direct Growth Plan	3.68%	16.97%	14.84%
SBI Contra Fund Direct Growth Plan	1.72%	13.19%	17.34%
Motilal Oswal Contra Fund Direct Growth Plan	Data not available	Data not available	Data not available

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

SBI Contra Fund Direct Growth Plan has a weaker 1-year return than Kotak Contra Fund Direct Growth Plan and Invesco India Contra Fund Direct Growth Plan, so the recent comparison is not in its favour. Even so, its 3-year and 5-year returns remain solid, and the 5-year figure is ahead of both of those peers on the available figures.

That makes the peer picture more balanced than the short-term comparison alone. The fund looks less impressive over one year, but its longer-term compounding has stayed competitive, which suggests the recent softness has not erased the stronger multi-year record. Motilal Oswal Contra Fund Direct Growth Plan cannot be judged on the missing figures, so it does not change the read-through.

Source data date: as of 26 Aug 2026

Portfolio: where your money goes

The market-cap mix is 46.45% large cap, 24.43% mid cap, 14.11% small cap and 15.01% other cap. That is a fairly broad spread, with large caps still the biggest block but not an overwhelming majority.

Sector	Weight	Key holdings
BANK	33.5%	KOTAK MAHINDRA BANK LTD. (20.23%), HDFC BANK LTD. (4.6%)
CASH & CASH EQUIVALENTS AND NET ASSETS	7.56%	TREPS (7.63%)
FINANCE	7.17%	MULTI COMMODITY EXCHANGE OF INDIA LTD. (3.43%), HDFC ASSET MANAGEMENT CO. LTD. (1.84%)
HEALTHCARE	5.8%	BIOCON LTD. (2.02%), ASTER DM HEALTHCARE LTD. (0.78%)
CRUDE OIL	5.31%	RELIANCE INDUSTRIES LTD. (3.66%), OIL & NATURAL GAS CORPORATION LTD. (0.88%)

The bank sector is materially larger than every other sector in the portfolio. At 33.5%, it is far above the next largest listed sector and is likely to have greater influence on day-to-day portfolio behaviour than any single non-bank bucket.

That concentration is partly balanced by exposure across finance, healthcare, crude oil and cash, but the bank allocation still dominates the visible sector mix. Combined with the presence of mid- and small-cap stocks, the portfolio may move differently from a plain large-cap equity fund, especially when the financial sector is strong or weak.

In our view, the mix suggests a portfolio that is not narrowly single-stock driven, yet it does have a clear sector anchor. Investors should expect the bank exposure to matter most, while the broader market-cap spread can add variation in returns across cycles.

Source data date: as of 26 Aug 2026

Who should invest

This fund suits investors with a high-risk tolerance and a multi-year horizon. The 1-year return has been subdued, but the 3-year and 5-year numbers are much stronger, and that gap tells us the strategy may need time to work through weaker stretches.

The main trade-off is that the fund can lag in shorter periods even while staying ahead of the benchmark over longer horizons. The broad equity mix and the large bank exposure may help over time, but they also mean the fund can be sensitive to sector moves and market mood. Investors who want steadier short-term outcomes may find that uncomfortable.

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: 0.25% if units are sold on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.

Source data date: as of 26 Aug 2026

Frequently asked questions

What is the current NAV of SBI Contra Fund Direct Growth Plan?
It is ₹418.7432 as of 26 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 1.72% for 1 year, 13.19% for 3 years and 17.34% for 5 years.

How has the fund done against the benchmark?
It has beaten the benchmark across all the listed periods, including 1 month, 3 months, 1 year, 3 years and 5 years.

How does it compare with peer funds?
Its 1-year return trails Kotak Contra Fund Direct Growth Plan and Invesco India Contra Fund Direct Growth Plan, but its 5-year return is ahead of both on the available figures.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is its risk profile?
Dinesh Balachandran manages the fund, and the risk category is High Risk. The portfolio also shows a meaningful bank tilt and exposure across large-, mid- and small-cap stocks.

Bottom line

SBI Contra Fund Direct Growth Plan has a clearer long-term story than a short-term one. Its recent 1-year result is muted, but the 3-year and 5-year outcomes remain well ahead of the benchmark, and the peer comparison shows that its longer-term record still holds up on the available figures. The High Risk tag, the broad market-cap mix and the heavy bank allocation mean it is best viewed as a patient, equity-heavy holding rather than a stabilising one.

Published on 28 August 2026 at 10:27 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.