Motilal Oswal Manufacturing Fund
Direct · GrowthAI Summary
Motilal Oswal Manufacturing Fund has delivered a 1Y SIP XIRR of 6.24%, well below the category average SIP XIRR of 10.69%, indicating underperformance versus sectoral/thematic peers. However, it has consistently outperformed the NIFTY 50 on a lump-sum basis across all periods, with positive alpha at every horizon — 5.70% over 1Y and 6.19% over 3Y — against benchmark CAGRs that were negative across 1Y to 15Y. Calendar year returns have been uneven, ranging from 17.5% in 2024 to -5.04% in 2025.
The fund shows strong downside protection with a downside capture of 76.99% over 1Y and 88.3% over longer periods, alongside a maximum drawdown of just -0.26% that took 200 days to recover. The 1Y Calmar ratio of 0.2154 suggests modest risk-adjusted returns relative to the drawdown experienced. With a beta of 0.86-0.98, the fund moves broadly in line with the market but cushions losses better than it captures rallies (upside capture of 85.23% over 1Y).
The portfolio is concentrated with only 27 holdings, led by Reliance Industries (6.25%) and Sun Pharmaceutical (6.19%), with the top 10 holdings accounting for roughly 46% of NAV. Sector exposure is diversified across manufacturing-linked themes — Automobiles (14.8%), Electrical Equipment (13.6%), Consumer Durables (11.1%), Auto Components (10.9%), and Industrial Products (10.2%). The tilt toward capital goods, autos, and industrials reflects a genuine manufacturing theme rather than a single-sector bet.
Against category peers, the fund lags meaningfully on SIP XIRR, with its 6.24% 1Y XIRR trailing the category average of 10.69%. Its lump-sum consistency versus the NIFTY 50 is a clear positive, with positive alpha across every measured window from 1Y through 15Y. The narrow gap between upside (100.58%) and downside (88.3%) capture over 3Y and beyond suggests steady, market-like participation with better loss control than the benchmark.
This fund suits investors seeking thematic exposure to India's manufacturing and capex cycle who already hold a diversified core portfolio and can tolerate sector concentration risk. A horizon of at least 5-7 years is appropriate given the cyclicality of manufacturing and industrial stocks. It is best suited to investors with moderate-to-high risk tolerance who understand that thematic funds can underperform diversified peers for extended periods.
- Consistent positive alpha versus NIFTY 50 across all periods from 1Y (5.70%) to 15Y (1.14%), with the benchmark posting negative CAGR in every window
- Strong downside protection with downside capture of 76.99% over 1Y and a minimal maximum drawdown of -0.26%
- Genuinely diversified manufacturing theme across autos, electrical equipment, industrials, and consumer durables rather than single-sector concentration
- 1Y SIP XIRR of 6.24% significantly trails the category average of 10.69%, indicating underperformance versus thematic peers
- Highly concentrated portfolio of only 27 holdings with the top 10 at roughly 46% of NAV, amplifying stock-specific risk
Generated on 21-10-2026, 3:09 AM. 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 | ₹12.47 L | 8.0% | -19.7% | 31.4% |
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 | 8.0% | 14.3% | 10.6% | -6.2% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 5.5% | 5.7% | -7.5% | 24.1% | -0.16 | -0.20 | 79% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.71 | 0.87 | 86.2% | 81.1% | -7.5% | -12.7% |
| 3 Years | +5.07 | 0.99 | 100.6% | 90.3% | 2.5% | -2.7% |
| 5 Years | +3.00 | 0.99 | 100.6% | 90.3% | 1.5% | -1.6% |
| 7 Years | +2.13 | 0.99 | 100.6% | 90.3% | 1.1% | -1.2% |
| 10 Years | +1.46 | 0.99 | 100.6% | 90.3% | 0.7% | -0.8% |
| 12 Years | +1.20 | 0.99 | 100.6% | 90.3% | 0.6% | -0.7% |
| 15 Years | +0.95 | 0.99 | 100.6% | 90.3% | 0.5% | -0.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Reliance Industries Limited | 6.25% |
| 2 | Sun Pharmaceutical Industries Limited | 6.19% |
| 3 | Bharat Electronics Limited | 5.53% |
| 4 | Maruti Suzuki India Limited | 4.58% |
| 5 | KEI Industries Limited | 4.22% |
| 6 | Waaree Energies Limited | 4.18% |
| 7 | ABB India Limited | 3.97% |
| 8 | Shaily Engineering Plastics Limited | 3.80% |
| 9 | UNO Minda Limited | 3.77% |
| 10 | Gabriel India Limited | 3.66% |