DebtLiquid FundRegularIDCWLow

TRUSTMF Liquid Fund

Q: What is the NAV of TRUSTMF Liquid Fund?

As of 05 Oct 2026, the NAV of TRUSTMF Liquid Fund is ₹1,225.91 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has TRUSTMF Liquid Fund delivered?

TRUSTMF Liquid Fund has returned +3.93% over 1 year, +4.38% per year over 3 years, +3.91% per year over 5 years and +3.81% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund charges an expense ratio of 0.25% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund's largest holdings are 182 Days Tbill (MD 03/09/2026) (7.9%), Canara Bank (15/09/2026) (6.2%), HDFC Bank Limited (11/09/2026) (4.2%), Small Industries Dev Bank of India (11/09/2026) (4.2%) and Union Bank of India (24/09/2026) (4.1%). Holdings are disclosed monthly and change over time.

Q: How risky is TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.1% and its worst peak-to-trough fall in our sample was -0.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What is the benchmark of TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund is benchmarked against the CRISIL Liquid Debt A-I Index. Its alpha and beta on this page are measured against that index.

Q: Who manages TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund is managed by Jalpan Shah and Shradhanjali Panda at Trust.

Q: How is TRUSTMF Liquid Fund taxed?

TRUSTMF Liquid Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.

Trust Mutual Fund · Best Liquid Mutual Funds

NAV

₹1,225.91

+0.01% 1D

as of 05 Oct 2026

This is the Regular plan of TRUSTMF Liquid Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is distributed daily, which is why this NAV sits below the growth plan of the same fund.

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NAV history

+3.93%absolute

52-week rangePrev NAV ₹1,225.74

Latest ₹1,225.91

Low ₹1,179.56100th percentile of its 52-week rangeHigh ₹1,225.91

Scorecard

Not rated

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. Not rated — too few comparable Debt funds (same plan and option) to rank against yet.

Performance—

Not enough Liquid Fund peers to rank yet

Risk—

Volatility 0.1% (no category average yet)

Cost—

0.3% expense (no category average yet)

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Consistent — positive in 100% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.25%

Category —

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

—

Category —

Excess return per unit of total volatility (rf = 6.5%)

—

Category —

Scheme Info

Definitions

Plan

Regular · IDCW

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

If redeemed before 1 Day - Exit Load is 0.007%; 2 Days - Exit Load is 0.0065%; 3 Days - Exit Load is 0.006%; 4 Days - Exit Load is 0.0055%; 5 Days - Exit Load is 0.005%; 6 Days - Exit Load is 0.0045%; 7 Days - Exit Load is Nil

Up to 0.01%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹1,000

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

CRISIL Liquid Debt A-I Index

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

25 Apr 2021

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

+0.27%

Absolute return over the last 3 months (not annualized)

+0.95%

Absolute return over the last 6 months (not annualized)

+2.06%

Absolute return since 1 Jan of this year (not annualized)

+3.11%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+3.93%

3-year annualized return (CAGR)

+4.38%

5-year annualized return (CAGR)

+3.91%

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+3.81%

Advanced metrics — risk

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

0.15%

Excess return per unit of total volatility (rf = 6.5%)

—

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

—

Largest peak-to-trough decline over full history

-0.02%

Benchmark ratios

Not shown for Liquid Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.

Fund vs category average (Liquid Fund)

Period	Fund	Category avg.	Diff
1M abs	+0.27%	—	—
3M abs	+0.95%	—	—
6M abs	+2.06%	—	—
1Y CAGR	+3.93%	—	—
3Y CAGR	+4.38%	—	—
5Y CAGR	+3.91%	—	—

Category average across peers in Liquid Fund, same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹6.65L

Absolute

+10.85%

XIRR

+4.20%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into TRUSTMF Liquid Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund
2026part	+3.11%
2025	+3.97%
2024	+5.02%
2023	+4.26%
2022	+2.60%
2021part	+1.77%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.

History points

1,659

Expense ratio

0.25%

AUM

₹957.97Cr

YTM

6.18%

Macaulay duration

41 days

Average maturity

41 days

Exit load

Taxation

Taxed as debt

This is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — every rupee of gain is added to your income and taxed at your income-tax slab rate, whatever the holding period.

Any holding period

30%

Short- and long-term alike

Your income-tax slab — no LTCG or indexation benefit

Your income-tax slab

Pick your slab to see the rate that applies to you.

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Liquid Fund

Compare all


TRUSTMF Liquid FundThis fund Trust · Regular · Daily IDCW	—	+3.93%	+4.38%	+3.91%	—	0.25%	₹957.97Cr
Franklin India Liquid Fund - Regular Plan - Unclaimed Franklin Templeton · Regular · IDCW	—	+6.52%	+6.97%	+6.39%	—	0.20%	₹4,069Cr
UTI - Liquid Fund UTI · Regular · Half-Yearly IDCW	—	+6.48%	+6.88%	+6.32%	—	0.25%	₹31,753Cr
Edelweiss Liquid Fund Edelweiss · Regular · IDCW	—	+6.46%	+6.86%	+5.90%	—	0.17%	₹13,834Cr
UTI - Liquid Fund UTI · Regular · Annual IDCW	—	+6.42%	+6.85%	+6.31%	—	0.25%	₹31,753Cr
UTI - Liquid Fund UTI · Regular · Flexi IDCW	—	+6.42%	+6.85%	+6.31%	—	—	₹1.22Cr

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Debt99.48%
Cash & Equivalents0.52%

Cash & cash-like: 19.26% — the 0.52% above plus treasury bills, certificates of deposit, commercial paper and TREPS, which the allocation files under Debt but the market counts as cash-equivalent.

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

Canara Bank (15/09/2026)

6.22%

HDFC Bank Limited (11/09/2026)

4.15%

Small Industries Dev Bank of India (11/09/2026)

4.15%

Union Bank of India (24/09/2026)

4.14%

Kotak Securities Limited (24/09/2026)

4.14%

ICICI Securities Limited (25/09/2026)

4.14%

Axis Bank Limited (15/10/2026)

4.13%

Aditya Birla Money Limited (23/10/2026)

4.11%

National Bank For Agriculture and Rural Development (09/11/2026)

4.11%

HDFC Bank Limited (13/11/2026)

4.10%

Fund size over time

Quarterly average AUM · AMFI

₹957.97Cr

April - June 2026

+11%

since January - March 2026

+₹88.67Cr

est. net flow, last quarter

At or near its largest, ₹957.97Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

TRUST Mutual Fund is run by TRUST Asset Management, part of the TRUST Group, a financial services firm with a fixed-income heritage. Its line-up leans heavily towards debt schemes.

Launched

06 Oct 2019

Total AUM

₹5,075Cr+19.3% QoQ

Avg AUM · April - June 2026

Website

trustmf.com

Fund Managers

JSJalpan ShahStart date not disclosed

Education

B.E. (Mechanical), PGDM

Experience

Over 20 years of experience in financial Since June 11, services industry May 2024 till date: Head Fixed Income - TRUST Asset Management Private Limited Nov 2022 - May 2024: Senior Vice President, Fund Management - Fixed Income, HSBC Asset Management (India) Private Limited June 2014 - Nov 2022: Portfolio Manager - Fixed Income, L&T Investment Management Ltd. Nov 2012 - June 2014: Dealer - Fixed Income and Macro Economic Research, L&T Investment Management Limited Dec 2007 - Nov 2012: Research Associate, FIL Fund Management Private Limited

Funds managed (5)

All schemes Jalpan Shah runs →

SPShradhanjali PandaStart date not disclosed

Education

MBA

Experience

Over 17 years of experience in financial Since October 1, markets across business like Mutual Fund & PMS. From Oct 1, 2025: Fund Manager cum Dealer - Fixed Income - TRUST Asset Management Private Limited Nov 2020 - Sep 2025: AVP - Fixed Income Dealer - TRUST Asset Management Private Limited Nov 2016 - Nov 2020: Senior Manager - Debt PMS Analyst/ Dealer - Asset Management & Advisory Desk with TRUST Group Feb 2016 - Nov 2016: Business Analyst - Value creator with Hexagon Global IT Services Private Ltd May 2013 - Feb 2016: Fixed Income Dealer PMS: Birla Sun Life Asset Management Company Private Ltd Mar 2008 - May 2013: Investment Operations - Trades & Settlements; Valuation & Mid-office Operations - Mutual Fund Business - Birla Sun Life Asset Management Company Private Ltd (SID)

Funds managed (5)

All schemes Shradhanjali Panda runs →

Fund manager, benchmark and dealing terms from this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Jalpan Shah Shradhanjali Panda

Trust in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Liquid funds

Liquid funds invest in very short-term debt (maturing within 91 days). They're used to park money for days or weeks — low risk and easy to redeem, but low return too.

Frequently asked questions

What is the NAV of TRUSTMF Liquid Fund?

As of 05 Oct 2026, the NAV of TRUSTMF Liquid Fund is ₹1,225.91 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has TRUSTMF Liquid Fund delivered?

TRUSTMF Liquid Fund has returned +3.93% over 1 year, +4.38% per year over 3 years, +3.91% per year over 5 years and +3.81% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund charges an expense ratio of 0.25% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund's largest holdings are 182 Days Tbill (MD 03/09/2026) (7.9%), Canara Bank (15/09/2026) (6.2%), HDFC Bank Limited (11/09/2026) (4.2%), Small Industries Dev Bank of India (11/09/2026) (4.2%) and Union Bank of India (24/09/2026) (4.1%). Holdings are disclosed monthly and change over time.

How risky is TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.1% and its worst peak-to-trough fall in our sample was -0.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund is benchmarked against the CRISIL Liquid Debt A-I Index. Its alpha and beta on this page are measured against that index.

Who manages TRUSTMF Liquid Fund?

TRUSTMF Liquid Fund is managed by Jalpan Shah and Shradhanjali Panda at Trust.

How is TRUSTMF Liquid Fund taxed?

TRUSTMF Liquid Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.