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

Union Overnight Fund Direct Growth Plan has a NAV of ₹1451.2377 as of 15 Sep 2026 and an AUM of ₹411 Cr. Its 1-year, 3-year and 5-year returns are 5.28%, 6.07% and 5.71% respectively, and the scheme is tagged as Low Risk. In our view, it suits conservative investors who want a relatively steady overnight strategy rather than a return profile that tries to keep pace with riskier categories.

Its portfolio is extremely concentrated, with most money in reverse repo and treasury bills, which helps explain the low-volatility profile. The return pattern is stable rather than dramatic, and the fund has stayed close to its overnight objective while trailing a broad equity benchmark on longer horizons, as expected for this kind of scheme.

Quick facts

Particular	Details
NAV	₹1,451.2377 as of 15 Sep 2026
AUM	₹411 Cr
Expense Ratio	0.07%
Launch Date	27 Mar 2019
Min SIP	₹500
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Tarun Singh, Devesh Thacker

The fund is managed by Tarun Singh and Devesh Thacker.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.40%	-4.81%
3M	1.26%	-3.63%
1Y	5.28%	-8.27%
3Y	6.07%	5.59%
5Y	5.71%	5.58%

The short-term pattern has been calm, with the fund posting modest positive returns across 1 month and 3 months while the benchmark was negative in both periods. That tells us the scheme has preserved a smoother path than the equity index, which is what investors typically expect from an overnight-oriented fund.

Over 1 year, the fund’s 5.28% return is far more stable than the benchmark’s -8.27%. The comparison is not meant to suggest the fund is superior in every market setting; it simply reflects that this type of product is built for capital parking and low fluctuation rather than market participation. The underlying pattern in the fund’s own movement is also steady, with no sharp swings in the displayed periods.

On longer horizons, the picture stays measured. The 3-year return of 6.07% is slightly ahead of the benchmark’s 5.59%, while the 5-year return of 5.71% is also marginally above the benchmark’s 5.58%. So the fund has kept a modest edge over the index on the longer windows shown, but the margin is small and consistent with a low-risk cash-like strategy rather than an aggressive return engine.

Overall, our view is that the recent and long-term numbers are aligned: the fund has delivered low, stable compounding and has not shown any meaningful volatility spike in the periods shown.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Union Overnight?

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 Overnight Fund Direct Growth Plan	5.28%	6.07%	5.71%
Bank of India Overnight Fund Direct Growth Plan	5.51%	6.21%	5.83%
360 ONE Overnight Fund Direct Growth Plan	5.32%	Data not available	Data not available
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.3%	6.08%	5.72%
Nippon India Overnight Fund Direct Growth Plan	5.29%	6.09%	5.73%
DSP Overnight Fund Direct Growth Plan	5.28%	6.08%	5.72%

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

The fund’s 1-year return is close to the peer set, with several schemes clustered in a narrow band around 5.28% to 5.51%. That tells us the short-term gap is small and mostly reflects subtle differences in overnight portfolio carry rather than a fundamentally different risk posture.

On 3-year and 5-year figures, the fund again sits within a tight group of peers that all show very similar longer-term numbers where data is available. Bank of India Overnight Fund Direct Growth Plan is ahead on both longer windows shown, while Baroda BNP Paribas Overnight Fund Direct Growth Plan, Nippon India Overnight Fund Direct Growth Plan and DSP Overnight Fund Direct Growth Plan are also slightly above this fund on the same measures. The 360 ONE Overnight Fund Direct Growth Plan only has a 1-year figure here, so its longer-term comparison is not available.

What matters most is that the short-term and longer-term pictures are consistent: this scheme behaves like a conservative overnight fund with returns that are close to peers and not meaningfully separated from the group.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
5.20% Reverse Repo	Cash & Cash Equivalents and Net Assets	96.21%
182 Day Treasury Bills	Treasury Bills	3.64%

The largest holding, 5.20% Reverse Repo, carries a very high weight of 96.21%, so it is likely to have the greatest influence on day-to-day portfolio behaviour. The second holding, 182 Day Treasury Bills, is only 3.64%, which means the weight drop from the largest position to the next one is steep.

Because the table contains every disclosed holding and the two positions together account for 99.85% of the portfolio, the scheme is extremely concentrated in short-duration cash-like instruments. That concentration may support stability, but it also means the portfolio does not have a broad spread of underlying instruments to drive differentiated returns.

With only 2 disclosed holdings, there is no long tail here. In our view, that makes the portfolio easy to read and consistent with the fund’s low-risk profile, while also showing that most of the scheme’s movement could be shaped by the cash and treasury segment rather than by a diversified set of positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors with a conservative risk tolerance who want an overnight-style liquid scheme rather than a growth-oriented market fund. The Low Risk tag, stable return pattern and narrow portfolio structure all point to a product designed for short parking of money and low fluctuation.

A short to medium holding period may suit the fund better than a long one if the goal is capital preservation with modest accrual. The main trade-off is that the return profile is steady but limited, and the scheme’s long-term figures only edge past the benchmark by a small margin while remaining far below what an equity benchmark would imply.

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: No exit load.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Union Overnight Fund Direct Growth Plan?
The current NAV is ₹1451.2377 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.28% over 1 year, 6.07% over 3 years and 5.71% over 5 years.

How does the fund compare with its benchmark?
It has been ahead of the Nifty 50 on the 1-year, 3-year and 5-year windows shown here. The gap is especially large over 1 year because the benchmark was negative over that period.

How does the fund compare with the peer funds shown here?
Its 1-year return is close to the peer cluster, while its 3-year and 5-year figures are slightly below several peers with available longer-term data. The differences are small.

What is the minimum SIP amount?
The minimum SIP amount is not listed here, so it should not be treated as part of this review.

Who manages the fund and what is the exit load?
The fund is managed by Tarun Singh and Devesh Thacker. The exit load is nil.

Bottom line

Union Overnight Fund Direct Growth Plan has a steady return profile that looks consistent across short and long windows, with longer-term numbers only slightly ahead of the benchmark and recent periods remaining calm. In the peer set shown here, its returns stay close to the group rather than separating materially from it. The portfolio is heavily concentrated in reverse repo and treasury bills, which fits the fund’s Low Risk tag and makes it suitable for conservative investors seeking short-duration parking rather than higher upside.

Published on 16 September 2026 at 12:44 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.