TRUSTMF Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

TRUSTMF Liquid Fund Direct Growth Plan closed at ₹1,375.9063 as of 16 Sep 2026, with scheme AUM of ₹1,202 Cr. Its 1-year, 3-year and 5-year returns are 6.45%, 6.90% and 6.31%, and the fund sits in the Balanced Risk category.

Our view is that this is a steady liquid fund rather than a return-chasing option. The portfolio is anchored by short-duration treasury bills, CDs and commercial paper, which supports liquidity and keeps the return pattern close to the benchmark over time.

Quick facts

Particular	Details
NAV	₹1,375.9063 as of 16 Sep 2026
AUM	₹1,202 Cr
Expense Ratio	0.1%
Launch Date	23 Apr 2021
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D
Fund Managers	Jalpan Shah, Shradhanjali Panda

The fund is managed by Jalpan Shah and Shradhanjali Panda.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.52%	-4.41%
3M	1.61%	-3.6%
1Y	6.45%	-7.76%
3Y	6.90%	5.74%
5Y	6.31%	5.67%

The short-term pattern is stronger than the benchmark and also smoother. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which tells us the portfolio has been doing its job as a cash-like parking place rather than moving with equity-style swings.

The 1-year figure is the clearest contrast: the fund stayed in positive territory while the benchmark was sharply weaker. That gap is useful for investors who care more about capital preservation and regular liquidity than about chasing upside in a rising equity market.

The longer view is more tempered. The 3-year and 5-year returns are both in the mid-6% range, which is steady but not dramatic. The time pattern also suggests that returns have not come in a straight line; there were phases of softness and recovery, but the overall compounding stayed orderly and close to the fund’s liquid-fund character.

In our view, the most important point is that recent resilience and longer-term stability point in the same direction. The fund has not shown explosive momentum, but it has held a consistent return profile relative to a benchmark that has been more volatile over the same horizons.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD TRUSTMF Liquid?

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
TRUSTMF Liquid Fund Direct Growth Plan	6.45%	6.90%	6.31%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.59%	7.02%	6.41%
Axis Liquid Fund Direct Growth Plan	6.59%	7.01%	6.4%
Sundaram Liquid Fund Direct Growth Plan	6.58%	7%	6.38%
JioBlackRock Liquid Fund Direct Growth Plan	6.57%	Data not available	Data not available
Nippon India Liquid Fund Direct Growth Plan	6.56%	6.99%	6.37%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year returns, the fund trails the leading peer figures by a small margin, with several peers clustered just above it in the mid-6% range. That tells us the near-term story is competitive, even if it is not the strongest among the available comparison set.

The longer-term picture is similar. The fund’s 3-year and 5-year returns are a little below the stronger peer figures available here, but the spread is narrow rather than wide. In our view, that points to a fund that is broadly in line with its liquid-fund peers, with the comparison being decided by modest differences rather than a clear gap in profile.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
182 Days Tbill (MD 03/09/2026)	Treasury Bills	7.9%
Canara Bank (15/09/2026)	Certificate of Deposit	6.22%
HDFC Bank Limited (11/09/2026)	Certificate of Deposit	4.15%
Small Industries Dev Bank of India (11/09/2026)	Commercial Paper	4.15%
91 Days Tbill (MD 24/09/2026)	Treasury Bills	4.14%
ICICI Securities Limited (25/09/2026)	Commercial Paper	4.14%
Kotak Securities Limited (24/09/2026)	Commercial Paper	4.14%
Union Bank of India (24/09/2026)	Certificate of Deposit	4.14%
Axis Bank Limited (15/10/2026)	Certificate of Deposit	4.13%
Aditya Birla Money Limited (23/10/2026)	Commercial Paper	4.11%

The largest holding is 182 Days Tbill (MD 03/09/2026) at 7.9%, so no single line item dominates the fund. The next few positions are much closer together, mostly in the 4% to 6% range, which suggests the portfolio is built from several short-dated instruments rather than one oversized exposure.

The decline from the first holding to the tenth is not steep, and that matters for liquidity-oriented funds. Weighting is spread across treasury bills, certificates of deposit and commercial paper, so the portfolio may be less sensitive to any one issuer than a concentrated credit book would be. That structure can help the fund keep cash available while still earning a return.

Top holdings account for 47.22% of the portfolio, and the disclosed holdings count is 32. That combination suggests a meaningful core sleeve with a longer tail behind it. In our view, the fund is moderately concentrated at the top but still broad enough for multiple short-term securities to contribute to overall stability.

To see all holdings, visit the TRUSTMF Liquid Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who want a low-duration cash management option and are comfortable with a Balanced Risk label that still belongs to the liquid category. The return pattern is steady rather than high-octane, and the benchmark comparison shows that the fund has behaved better than the benchmark in recent periods while staying broadly in the same low-volatility style over longer periods.

The better fit is a short to medium parking horizon, especially where liquidity and consistency matter more than chasing upside. The main trade-off is straightforward: investors may accept modest return levels in exchange for a portfolio built from short-dated money-market instruments and a return profile that has been comparatively stable.

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 applies on a sliding scale through the first week: 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, and nil on or after 7D. After the holding period, there is no exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of TRUSTMF Liquid Fund Direct Growth Plan?
The current NAV is ₹1,375.9063 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 6.45%, the 3-year return is 6.90% and the 5-year return is 6.31%.

How does it compare with the benchmark?
The fund has outpaced the benchmark in the 1-month, 3-month and 1-year periods, while its 3-year and 5-year returns are also ahead of the benchmark’s figures.

How does it compare with peer liquid funds?
Its 1-year return is close to the peer group shown here, while the 3-year and 5-year figures are slightly below the stronger peer numbers available in this comparison.

Is there a minimum SIP amount mentioned for this fund?
No minimum SIP amount is stated here.

Who manages the fund and what is the exit load?
The fund is managed by Jalpan Shah and Shradhanjali Panda. Exit load reduces across Day 1 to Day 6 and becomes nil on or after 7D.

Bottom line

TRUSTMF Liquid Fund Direct Growth Plan looks like a steady liquid fund with a return pattern that has been more stable than the benchmark in recent periods and broadly consistent over 3-year and 5-year horizons. Against the peer set shown here, its returns are slightly lower but remain close, which keeps it in the same practical lane as other liquid-fund options. The portfolio is built around treasury bills, CDs and commercial paper, so the fund’s character is still anchored in short-term liquidity and diversification across many small exposures.

Published on 17 September 2026 at 9:53 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.