SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund Direct Growth Plan has a NAV of ₹13.2378 as of 16 Sep 2026 and an AUM of ₹7,074 Cr. Its 1-year, 3-year and 5-year returns are 6.01%, 7.19% and 0%, respectively, and the fund sits in the Low Risk category. Our view is that it suits investors who want a relatively conservative fixed-income allocation and are comfortable with modest return potential rather than sharp upside.

The portfolio is built around corporate debt, government securities and a large cash-like holding, which helps explain the lower volatility profile. The current setup looks more appropriate for investors who value steadier behaviour over long stretches and can accept that the recent return profile is only moderate versus the benchmark and some peers.

Quick facts

Particular	Details
NAV	₹13.2378 as of 16 Sep 2026
AUM	₹7,074 Cr
Expense Ratio	0.21%
Launch Date	19 Jan 2022
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.15% on or before 30D, Nil after 30D
Fund Managers	Ranjana Gupta

The fund is managed by Ranjana Gupta.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.44%	-4.41%
3M	1.43%	-3.60%
1Y	6.01%	-7.76%
3Y	7.19%	5.74%
5Y	Data not available	Data not available

Recent returns have been better than the benchmark over every displayed period. The 1-month and 3-month numbers are positive for the fund while the benchmark is negative, which points to a much steadier short-run path.

That short-term resilience matters, but the longer view is more measured. The 3-year return of 7.19% is still ahead of the benchmark’s 5.74%, so the fund has preserved an edge beyond the latest few months rather than relying only on a brief bounce.

The time pattern also suggests a fairly controlled compounding path rather than a choppy one. The fund’s movement is smoother than the benchmark’s, which aligns with the low-risk profile and with the large cash-like sleeve in the portfolio.

Because the benchmark itself was weak over 1 year and 3 months, the fund’s outperformance should be read as relative strength inside a difficult backdrop, not as evidence of aggressive upside. The most useful takeaway is that it has protected capital better than the benchmark while still posting positive longer-term returns.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD SBI CPSE Bond Plus SDL Sep 2026 50:50 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.

Already holding SBI CPSE Bond Plus SDL Sep 2026 50:50 Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund Direct Growth Plan	6.01%	7.19%	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 a one-year basis, the fund trails the faster-growing equity-style peer names listed here, but that comparison is not surprising because this is a low-risk income-oriented scheme. Within the available set, its 3-year return is below the stronger equity-linked peers that report that horizon, yet it is still positive and ahead of the benchmark over the same period.

The key contrast is that the shorter-term gap versus peers is much wider than the longer-term gap versus the benchmark. That tells us the fund is competing in a very different risk lane: it is built more for steadier results than for standout headline returns.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	37.72%
REC Ltd.	Corporate Debt	11.46%
NTPC Ltd.	Corporate Debt	7.07%
Small Industries Development Bank of India	Corporate Debt	5.65%
7.49% State Government of Gujarat 2026	Government Securities	5.52%
7.16% State Government of Maharashtra 2026	Government Securities	4.60%
Power Finance Corporation Ltd.	Corporate Debt	4.25%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	3.05%
7.35% State Government of Haryana 2026	Government Securities	2.76%
8.72% State Government of Tamil Nadu 2026	Government Securities	2.72%

The largest holding is TREPS at 37.72%, so a significant part of the portfolio is parked in cash-like instruments. That may support liquidity and reduce day-to-day movement, but it also means the fund’s return profile is shaped by a large defensive sleeve.

Weight then falls quickly from the first holding to the rest of the top 10. The second position is 11.46%, and the tenth is 2.72%, so the visible book is not evenly spread; the biggest exposures are much more important than the smaller ones. The top 10 holdings account for approximately 84.8% of the portfolio.

There are 19 disclosed holdings in total, so the remaining part of the portfolio is split across a longer tail of smaller positions. That structure may make the fund more balanced than the top holdings alone suggest, yet the first few positions are still likely to have greater influence on how the scheme behaves.

To see all holdings, visit the SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund is suited to conservative investors who are comfortable with low-risk positioning and want relatively steady behaviour rather than aggressive growth. Its returns have been positive over 1 year and 3 years, and both have been ahead of the benchmark, but the level of return is still modest compared with the stronger equity-style peer names shown above.

The main trade-off is accepting lower upside in exchange for a more defensive portfolio mix and a smoother ride. A medium- to long-term horizon can make sense if the aim is capital preservation with some return participation, while investors seeking faster compounding or sharper performance swings may find the profile too restrained.

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: 0.15% if units are sold on or before 30 days; no exit load after that period.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund Direct Growth Plan?

The current NAV is ₹13.2378 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 6.01%, the 3-year return is 7.19%, and the 5-year return is not available.

How has it performed versus the benchmark?

It has outperformed the benchmark over 1 month, 3 months, 1 year and 3 years. The gap is especially clear over the shorter periods, where the benchmark has been negative.

How does it compare with the peer funds listed here?

Its 1-year return is lower than the equity-oriented peer names shown here, while its 3-year return is also below the stronger peer figures that report that horizon. That difference reflects its more defensive income-style profile.

Is there a minimum SIP amount mentioned?

No minimum SIP amount is stated here.

Who manages the fund and what is its exit load?

The fund is managed by Ranjana Gupta. The exit load is 0.15% if units are sold on or before 30 days, and there is no exit load after that period.

Bottom line

This fund has done better than its benchmark over the periods shown, but its recent gains are still modest compared with the stronger peer returns listed here. The bigger story is its low-risk structure: a large TREPS allocation and meaningful exposure to debt and government securities support a steadier profile. It is likely to appeal more to conservative investors who want controlled behaviour and can accept limited upside than to those looking for high-growth outcomes.

Published on 17 September 2026 at 1:08 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.