Motilal Oswal ELSS Tax Saver Fund
Direct · GrowthAI Summary
Motilal Oswal ELSS Tax Saver Fund has delivered strong SIP XIRR across horizons, with 18.64% over 3Y and 19.16% over 10Y, consistently beating the category average SIP XIRR of 15.16% and 16.14% respectively. Against the NIFTY 50, the fund shows substantial alpha of 16.37% over 1Y and 7.33% over 10Y, with lump-sum CAGRs of 23.78% (3Y) and 17.85% (10Y) versus benchmark returns of 7.75% and 10.79%. This outperformance is driven by favorable capture ratios, with upside capture above 100% in recent periods and downside capture consistently below 92%.
The fund's maximum drawdown of just -0.38% with a 45-day duration appears unusually mild, though it has experienced 8 drawdown events exceeding 10%, indicating meaningful interim volatility during market corrections. Calmar ratios between 0.45 and 0.52 across 1Y to 10Y horizons reflect solid risk-adjusted returns relative to drawdown severity. A beta below 1 (0.92-1.03) combined with downside capture as low as 85.27% over 15Y suggests the fund has historically cushioned market declines better than the index.
The portfolio is highly concentrated with only 21 total holdings, and the top 10 positions account for roughly 50.6% of NAV, led by Multi Commodity Exchange at 7.8% and Piramal Finance at 6.0%. Sector allocation is skewed toward Finance (20.9%) and Electrical Equipment (13.5%), with meaningful exposure to Aerospace & Defense (11.2%) and Capital Markets (7.8%). This high-conviction, concentrated approach amplifies both potential outperformance and stock-specific risk.
The fund outperforms the category average SIP XIRR at every measured horizon, with the widest gaps of roughly 3.5 percentage points over 3Y (18.64% vs 15.16%) and 10Y (19.16% vs 16.14%). Calendar year returns show strong consistency in up-markets, including 48.38% in 2024 and 45.05% in 2017, though down years like -8.69% in 2025 and -7.14% in 2018 show it is not immune to corrections. This sustained multi-period outperformance suggests a repeatable investment process rather than a single lucky streak.
This fund suits investors seeking Section 80C tax benefits who can tolerate the higher volatility inherent in a concentrated 21-stock portfolio. A time horizon of at least 5-7 years is appropriate, given the ELSS 3-year lock-in and the fund's demonstrated strength over longer periods. Investors should have a moderately high risk appetite, as the concentrated bets in financials, capital markets, and mid-cap-oriented names can produce sharp interim swings.
- Consistent outperformance versus category average SIP XIRR at every horizon, including 19.16% vs 16.14% over 10Y
- Strong alpha against NIFTY 50 across all periods, with 15.99% over 3Y and 7.33% over 10Y
- Favorable downside capture (85-91%) with beta below 1, cushioning losses during market declines
- High portfolio concentration with only 21 holdings and the top 10 comprising roughly half of NAV, increasing stock-specific risk
- Sector concentration in Finance (20.9%) and Electrical Equipment (13.5%) exposes investors to sector-specific downturns
- 8 drawdown events exceeding 10% indicate the fund can experience significant interim losses despite strong long-term returns
Generated on 06-09-2026, 7:53 PM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.87 L | 20.5% | -53.9% | 91.0% |
| 3 Years | ₹36.00 L | ₹47.13 L | 18.6% | -20.2% | 47.7% |
| 5 Years | ₹60.00 L | ₹93.61 L | 18.4% | -5.0% | 36.6% |
| 7 Years | ₹84.00 L | ₹1.67 Cr | 19.3% | 10.4% | 28.6% |
| 10 Years | ₹1.20 Cr | ₹3.19 Cr | 19.2% | 15.9% | 23.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 20.5% | 14.4% | 17.1% | +6.1% |
| 3 Years | 18.6% | 11.1% | 15.2% | +7.6% |
| 5 Years | 18.4% | 10.4% | 16.3% | +8.0% |
| 7 Years | 19.3% | 10.6% | 15.8% | +8.7% |
| 10 Years | 19.2% | 11.5% | 16.1% | +7.7% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.5% | 13.9% | -27.3% | 84.5% | 0.57 | 2.01 | 78% | — | — |
| 3 Years | 18.2% | 19.2% | -4.6% | 34.4% | 1.44 | 6.05 | 96% | — | — |
| 5 Years | 17.3% | 17.5% | 4.0% | 32.1% | 1.71 | 99.29 | 100% | — | — |
| 10 Years | 18.0% | 18.2% | 15.7% | 19.4% | 17.40 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +16.37 | 0.95 | 102.1% | 80.1% | 14.0% | -2.9% |
| 3 Years | +15.99 | 1.03 | 110.9% | 91.1% | 23.8% | 7.8% |
| 5 Years | +10.42 | 0.98 | 102.2% | 89.3% | 18.2% | 7.8% |
| 7 Years | +9.56 | 0.94 | 97.5% | 87.4% | 21.1% | 11.8% |
| 10 Years | +7.33 | 0.94 | 96.0% | 87.2% | 17.9% | 10.8% |
| 12 Years | +8.39 | 0.92 | 95.5% | 85.3% | 17.0% | 8.7% |
| 15 Years | +6.45 | 0.92 | 95.5% | 85.3% | 13.3% | 6.9% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Multi Commodity Exchange of India Ltd | 7.80% |
| 2 | Piramal Finance Limited | 6.00% |
| 3 | Apar Industries Ltd | 5.37% |
| 4 | Waaree Energies Limited | 4.92% |
| 5 | Amber Enterprises India Limited | 4.56% |
| 6 | Onesource Specialty Pharma Limited | 4.53% |
| 7 | Billionbrains Garage Ventures Ltd | 4.43% |
| 8 | Ather Energy Limited | 4.37% |
| 9 | PTC Industries Limited | 4.35% |
| 10 | Muthoot Finance Ltd | 4.35% |