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

SBI Equity Minimum Variance Fund Direct Growth Plan has a NAV of ₹23.5456 as of 15 Sep 2026 and scheme AUM of ₹207 Cr. Its 1-year, 3-year and 5-year returns are -4.24%, 6.82% and 8.08% respectively, and the fund sits in the High Risk category.

Our view is that this is a fund for investors who can tolerate uneven short-term outcomes in exchange for a steadier long-term process. The portfolio leans toward defensive and quality-oriented names, which can help explain why the 5-year return has stayed positive even after a weak recent year.

Quick facts

Particular	Details
NAV	₹23.5456 as of 15 Sep 2026
AUM	₹207 Cr
Expense Ratio	0.42%
Launch Date	19 Mar 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.50% on or before 15D, Nil after 15D
Fund Managers	Sukanya Ghosh

The fund is managed by Sukanya Ghosh.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.51%	-4.81%
3M	-2.96%	-3.63%
1Y	-4.24%	-8.27%
3Y	6.82%	5.59%
5Y	8.08%	5.58%

The recent return profile has been soft, but it is still better than the benchmark over every reported horizon in this table. In the 1-month and 3-month windows, the fund and Nifty 50 both stayed negative, which tells us that the recent environment has been difficult for equity strategies more broadly. The fund, however, fell a little less than the benchmark in both windows and also in the 1-year period.

The longer view is more constructive. The 3-year return is positive and ahead of the benchmark, and the 5-year return remains comfortably higher than the index over the same horizon. That pattern suggests the strategy has been better at preserving compounding over full cycles than in the most recent stretch. For investors, the key point is that this is not a smooth-return product; it has had a weak year, but the longer compounding record is stronger than the benchmark.

The time pattern also points to a fund that can move around meaningfully in the short term before recovering over longer holding periods. That behaviour is consistent with a High Risk product where the journey may be uneven, even if the endpoint has been more favourable than the benchmark on a 3-year and 5-year basis.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD SBI Equity Minimum Variance?

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 Equity Minimum Variance Fund Direct Growth Plan	-4.24%	6.82%	8.08%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.16%	37.12%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.47%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.05%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	Data not available	Data not available

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

The short-term comparison is clearly mixed for the fund because several peers have delivered sharply positive 1-year returns, while this fund was negative. That said, the fund’s own 3-year and 5-year returns remain positive and stronger than its benchmark, which is important because many of the listed peers do not show usable medium-term figures here. The peer set therefore tells two different stories: recent momentum has favoured several thematic or sector-focused peers, while this fund’s longer-term pattern is steadier relative to the index.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Sun Pharmaceutical Industries Ltd.	Healthcare	8.48%
Nestle India Ltd.	FMCG	8.27%
Apollo Hospitals Enterprise Ltd.	Healthcare	8.18%
Hindustan Unilever Ltd.	FMCG	5.71%
Tata Consumer Products Ltd.	Agri	4.91%
ITC Ltd.	FMCG	4.9%
Cipla Ltd.	Healthcare	4.74%
Tech Mahindra Ltd.	IT	4.6%
Coal India Ltd.	Mining	4.35%
DR. Reddy'S Laboratories Ltd.	Healthcare	3.12%

The largest holding, Sun Pharmaceutical Industries Ltd., carries an 8.48% weight, so it is meaningful but not overpowering on its own. The decline from the first few positions to the tenth holding is gradual rather than abrupt, with no single name dominating the visible list.

Across the top ten positions, the combined weight is 57.26%, which suggests a fairly concentrated portfolio even though the names are spread across healthcare, FMCG, IT, agri and mining. With 51 disclosed holdings overall, the fund is likely to have a longer tail beyond the visible leaders, but the top positions may still drive a large share of behaviour. That mix can support diversification at the company level while still leaving the portfolio sensitive to the performance of its largest positions.

To see all holdings, visit the SBI Equity Minimum Variance Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund is better suited to investors who can handle High Risk positioning and accept that short-term returns may remain uneven. The 1-year result is negative, but the 3-year and 5-year figures are positive and ahead of the benchmark, so the fund looks more appropriate for a medium-to-long horizon than for short-term capital needs.

The main trade-off is between stability of process and short-term consistency. The portfolio leans heavily toward healthcare and FMCG names, which may help reduce dependence on a single theme, but the return path can still be choppy. Investors who want a fund that has shown better longer-term behaviour than the benchmark, while understanding that recent periods can lag or fluctuate, may find this profile relevant.

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: 0.50% if units are sold on or before 15 days; nil after 15 days.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of SBI Equity Minimum Variance Fund Direct Growth Plan?
The current NAV is ₹23.5456 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -4.24%, the 3-year return is 6.82% and the 5-year return is 8.08%.

How has it performed against the benchmark?
It has stayed ahead of the Nifty 50 across all the reported return periods here. The margin is most visible over 3 years and 5 years.

How does it compare with the listed peer funds?
Its 1-year return is weaker than the positive 1-year returns shown by the peer funds listed here, but its 3-year and 5-year track record is more useful than the many peer rows where those longer figures are not available.

Is there a minimum SIP?
Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Sukanya Ghosh. The exit load is 0.50% if units are sold on or before 15 days, and nil after 15 days.

Bottom line

SBI Equity Minimum Variance Fund Direct Growth Plan has a weak recent year, but its 3-year and 5-year returns remain positive and ahead of the benchmark. Against the peer list, the short-term picture is less competitive, while the longer-term pattern is more balanced. The fund carries a High Risk label, yet its portfolio is tilted toward healthcare and FMCG rather than a single narrow theme. That combination may suit investors who want a longer horizon and can accept a choppier path in exchange for steadier compounding over time.

Published on 16 September 2026 at 12:36 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.