SBI CONTRA Fund
Direct · GrowthAI Summary
SBI Contra Fund has delivered strong long-term SIP returns, with 5Y XIRR of 21.91% and 10Y XIRR of 19.94%, outperforming the category averages of 20.04% and 18.91% respectively. Against the NIFTY 50, the fund shows consistent alpha across all periods, including 8.60% over 5Y and 11.43% over 7Y, with lump-sum CAGRs well ahead of the benchmark (e.g., 13.88% vs 5.04% over 5Y). However, the 1Y XIRR of 11.14% trails the category average of 11.86%, reflecting recent softness.
The fund exhibits defensive characteristics with a beta of roughly 0.83-0.88 and downside capture consistently below upside capture (e.g., 75.21% downside vs 86.70% upside over 5Y), meaning it loses less in declines while participating meaningfully in rallies. Six drawdown events exceeding 10% indicate meaningful volatility typical of equity funds, and the maximum drawdown recovery took 254 days after a prolonged 790-day drawdown period. Calmar ratios of 0.37-0.44 across horizons suggest reasonable risk-adjusted returns relative to drawdown severity.
The portfolio holds 82 stocks with the top 10 accounting for roughly 32% of NAV, led by Reliance Industries (4.75%), ICICI Bank (4.55%), and HDFC Bank (4.54%). Banks dominate sector allocation at 19.7%, followed by Pharmaceuticals at 7.1% and Petroleum Products at 5.8%, indicating meaningful financial sector concentration. The holdings span value-oriented and cyclical names such as Punjab National Bank, GAIL, and Torrent Power, consistent with the contra mandate.
The fund beats category average SIP XIRR over 3Y (19.70% vs 19.57%), 5Y (21.91% vs 20.04%), 7Y (19.14% vs 18.25%), and 12Y (18.42% vs 18.05%), though it lags slightly over 1Y and 10Y. Calendar year returns show strong consistency in favorable years, including 50.30% in 2021, 38.58% in 2023, and 40.81% in 2017, with contained losses in weak years like -13.55% in 2018. This pattern of large up-years and moderate down-years supports its above-average long-term positioning among contra peers.
This fund suits investors with a long-term horizon of at least 5-7 years who believe in contrarian, value-driven stock selection and can tolerate periods of underperformance during drawdowns lasting multiple years. Its below-market beta and lower downside capture make it appropriate for investors seeking equity exposure with somewhat cushioned downside rather than maximum upside participation. It works well as a core or diversifying holding within a broader equity portfolio for moderate-to-high risk tolerance investors.
- Consistent alpha versus NIFTY 50 across all measured periods, peaking at 11.43% over 7Y
- Lower downside capture (75-82%) than upside capture (87-88%), offering defensive downside behavior
- Strong long-term SIP XIRR of 21.91% over 5Y and 19.94% over 10Y, beating category averages over most horizons
- Diversified 82-stock portfolio with a reasonable 0.75% expense ratio in the direct plan
- Heavy concentration in the banking sector at 19.7% of NAV exposes the fund to financial sector-specific risks
- Recent 1Y performance of 11.14% XIRR trails the category average of 11.86%, and 2026 calendar year return is negative at -9.79%
- Prolonged drawdown history, with the maximum drawdown lasting 790 days, requires investor patience during extended weak phases
Generated on 09-10-2026, 3:13 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 | ₹12.77 L | 20.4% | -57.7% | 135.5% |
| 3 Years | ₹36.00 L | ₹45.35 L | 17.9% | -26.7% | 46.2% |
| 5 Years | ₹60.00 L | ₹98.18 L | 18.2% | -13.3% | 38.2% |
| 7 Years | ₹84.00 L | ₹1.69 Cr | 19.1% | -5.5% | 30.1% |
| 10 Years | ₹1.20 Cr | ₹3.42 Cr | 19.9% | 16.3% | 23.7% |
| 12 Years | ₹1.44 Cr | ₹4.79 Cr | 18.4% | 15.5% | 20.9% |
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 | 20.4% | 14.3% | 11.3% | +6.1% |
| 3 Years | 17.9% | 11.0% | 19.4% | +6.8% |
| 5 Years | 18.2% | 10.4% | 19.9% | +7.9% |
| 7 Years | 19.1% | 10.6% | 18.2% | +8.5% |
| 10 Years | 19.9% | 11.4% | 18.9% | +8.4% |
| 12 Years | 18.4% | 11.3% | 18.0% | +7.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.5% | 13.6% | -36.1% | 124.0% | 0.50 | 1.66 | 79% | — | — |
| 3 Years | 18.0% | 18.0% | -10.2% | 49.3% | 1.00 | 4.03 | 94% | — | — |
| 5 Years | 17.5% | 15.8% | -4.5% | 40.1% | 1.22 | 7.11 | 98% | — | — |
| 10 Years | 17.3% | 17.2% | 14.6% | 20.5% | 7.38 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +1.97 | 0.85 | 84.6% | 81.0% | -5.2% | -9.5% |
| 3 Years | +4.16 | 0.87 | 87.5% | 81.0% | 9.8% | 5.5% |
| 5 Years | +8.08 | 0.83 | 86.1% | 75.3% | 13.0% | 4.6% |
| 7 Years | +11.66 | 0.82 | 87.5% | 75.1% | 21.5% | 10.6% |
| 10 Years | +5.26 | 0.84 | 87.8% | 81.1% | 15.1% | 10.5% |
| 12 Years | +5.71 | 0.85 | 88.2% | 81.2% | 14.8% | 9.6% |
| 15 Years | +4.55 | 0.84 | 87.4% | 80.9% | 13.5% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Reliance Industries Ltd. | 4.75% |
| 2 | ICICI Bank Ltd. | 4.55% |
| 3 | HDFC Bank Ltd. | 4.54% |
| 4 | Biocon Ltd. | 3.47% |
| 5 | Kotak Mahindra Bank Ltd. | 2.87% |
| 6 | Punjab National Bank | 2.78% |
| 7 | Indus Towers Ltd. | 2.62% |
| 8 | Torrent Power Ltd. | 2.29% |
| 9 | GAIL (India) Ltd. | 2.29% |
| 10 | Mahindra & Mahindra Financial Services Ltd. | 2.12% |