Union Equity Savings Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Union Equity Savings Fund Direct Growth Plan has a NAV of ₹18.04 as of 15 September 2026 and a scheme AUM of ₹115 Cr. Its 1-year, 3-year and 5-year returns are 3.88%, 6.81% and 6.26% respectively, while the risk category is Medium Risk. Our view is that this is a steadier hybrid-style option than an equity-only fund, but the return profile has remained modest, so it may suit investors who want a measured equity allocation rather than a more assertive growth profile.

The fund has also held up better over longer periods than in the most recent year, which matters for investors who can stay invested through uneven stretches. The portfolio is built around a mix of debt, cash-like instruments and selected equity positions, so the result is a diversified pattern rather than a pure equity bet.

Quick facts

Particular	Details
NAV	₹18.04 as of 15 Sep 2026
AUM	₹115 Cr
Expense Ratio	1.5%
Launch Date	09 Aug 2018
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Sanjay Bembalkar, Gaurav Chopra, Parijat Agrawal

The fund is managed by Sanjay Bembalkar, Gaurav Chopra and Parijat Agrawal.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.47%	-4.81%
3M	0.73%	-3.63%
1Y	3.88%	-8.27%
3Y	6.81%	5.59%
5Y	6.26%	5.58%

The recent numbers show a fund that has been less volatile than the benchmark over the last month and quarter, even though both have been weak in absolute terms. The 1-month return is still negative, but it is notably less negative than the benchmark, and the same pattern holds over 3 months. That suggests the portfolio has cushioned short-term swings better than the benchmark index.

Over 1 year, the gap is wider: the fund is in positive territory while the benchmark is still negative. That is a useful sign for investors who care about drawdown control as much as upside. The trade-off is that the fund’s 1-year gain is not especially high, so this has looked more defensive than exciting.

The longer view is steadier. The 3-year and 5-year figures both sit above the benchmark, which tells us the fund has compounded more consistently over a full cycle than the index. The 3-year period is particularly important here because it shows the fund holding up after the weaker short-term phase, rather than relying on one strong quarter to shape the story.

Our reading is that the performance profile is balanced but not aggressive. The fund has not shown explosive upside, yet it has delivered a more stable path than the benchmark across the periods we can compare.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Union Equity Savings?

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
Union Equity Savings Fund Direct Growth Plan	3.88%	6.81%	6.26%
Edelweiss Equity Savings Fund Direct Growth Plan	8.26%	11.32%	9.71%
HSBC Equity Savings Fund Direct Growth Plan	8.06%	12.74%	11.06%
WOC Equity Savings Fund Direct Growth Plan	7.32%	Data not available	Data not available
Mahindra Manulife Equity Savings Fund Direct Growth Plan	6.62%	9.21%	8.86%
Mirae Asset Equity Savings Fund Direct Growth Plan	5.43%	9.7%	9.06%

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

The fund’s 1-year return trails several of the peer funds listed here, while its 3-year and 5-year figures also sit below the stronger peer numbers in the table. That said, the comparison is not entirely one-sided: the fund has still stayed ahead of the benchmark over 3 years and 5 years, which shows that its own path has been more resilient than the market index even if some peers have compounded faster.

The short-term and long-term views point in the same direction. Recent return levels are softer than the better peer outcomes, and the longer-term record is also more restrained. For investors, that means the fund looks more suitable when stability and balanced participation matter more than trying to match the stronger return profile seen elsewhere in the peer set.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
National Bank for Agriculture and Rural Development**	Corporate Debt	8.6%
TREPS	Cash & Cash Equivalents and Net Assets	8.56%
91 Day Treasury Bills	Treasury Bills	6.98%
HDFC Bank Ltd.	Bank	4.78%
Indian Railway Finance Corporation Ltd.**	Corporate Debt	4.24%
Indus Towers Ltd.	Telecom	3.79%
Max Healthcare Institute Ltd.	Healthcare	3.75%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	3.71%
Bajaj Finance Ltd.	Finance	3.31%
ICICI Bank Ltd.	Bank	2.97%

The top 10 holdings account for approximately 50.69% of the portfolio.

To see all holdings, visit the Union Equity Savings Fund Direct Growth Plan page

The largest holding is 8.6%, so no single position dominates the portfolio by itself. The gap from the first holding to the tenth holding is not extreme, but the weights do taper meaningfully from the higher exposures into the smaller ones. That pattern suggests the portfolio may be able to spread risk across several positions rather than rely on one or two names.

At the same time, the top 10 holdings together account for 50.69% of the portfolio, and the disclosed set contains 45 holdings in total. That means the fund appears to blend a fairly visible core with a longer tail of smaller positions. Our view is that this structure could help balance stability with select security-specific exposure, especially because debt and cash-like instruments occupy a meaningful part of the largest disclosed holdings.

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors with moderate risk tolerance who want a hybrid allocation rather than a pure equity product. The Medium Risk tag, the steadier longer-term record, and the comparatively subdued 1-year return all point toward a fund that can participate in market gains without chasing them aggressively.

The main trade-off is straightforward: investors may get a more balanced ride, but they may also give up some upside versus stronger-performing peers. A longer horizon of at least three to five years makes more sense than a short holding period, because the fund’s record is more convincing over full cycles than over brief stretches. The portfolio mix also supports that profile, since the presence of debt, cash-like assets and selected equities makes the journey less equity-heavy.

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: 1% 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 Union Equity Savings Fund Direct Growth Plan?
The NAV is ₹18.04 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 3.88% over 1 year, 6.81% over 3 years and 6.26% over 5 years.

How does it compare with the benchmark?
It has beaten the benchmark over 1 year, 3 years and 5 years. The benchmark return figures are -8.27%, 5.59% and 5.58% for those periods.

How does it compare with the peer funds listed here?
Its 1-year, 3-year and 5-year returns are lower than several of the peer funds shown, although it has still remained above the benchmark over the longer periods.

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

Who manages the fund and what is its risk category?
The fund is managed by Sanjay Bembalkar, Gaurav Chopra and Parijat Agrawal. Its risk category is Medium Risk.

Bottom line

Union Equity Savings Fund Direct Growth Plan has shown a steadier long-term profile than its benchmark, even though its recent and trailing returns are more modest than several peers in the comparison set. The Medium Risk label and the portfolio’s mix of debt, cash-like assets and selected equities support a balanced style rather than an aggressive one. For investors who value smoother participation and are comfortable with moderate risk over a longer horizon, the fund can fit that role.

Published on 16 September 2026 at 8:07 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.