ICICI Pru Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Multi Cap Fund Direct Growth Plan has a NAV of ₹988.88 as of 27 Aug 2026 and scheme AUM of ₹18,769 Cr. Its 1-year, 3-year and 5-year returns are 12.77%, 18.50% and 16.88%, respectively, and the fund sits in the High Risk category.

Our view is that this is a growth-oriented multi-cap fund with a strong long-term return profile, but the recent 1-year number is softer than the 3-year and 5-year outcomes. The market-cap mix is broad across large, mid and small caps, so investors get diversification across company sizes, but they must be comfortable with sharper swings than a plain large-cap fund.

Quick facts

The fund is managed by Lalit Kumar.

Source data date: as of 27 Aug 2026

Performance

The short-term pattern has been firm, with both the 1-month and 3-month returns staying positive. That matters because the fund has not relied only on a single strong year; the recent trend still shows momentum, even if it is not as dramatic as the longer record.

Over 1 year, the fund has clearly stayed ahead of the benchmark, which was negative over the same period. The gap is even wider over 3 years and 5 years, where the fund’s returns are more than double the benchmark’s. That tells us the strategy has added value not just in a rally but across a broader cycle.

The 3-year and 5-year figures remain the more important signals for this fund. They point to an established compounding pattern, while the 1-year return is a reminder that multi-cap portfolios can move unevenly from one year to the next. In our view, the recent behaviour is consistent with a fund that can hold up over time, but not one that moves in a straight line.

Compared with the benchmark’s weaker longer stretch, the fund has also shown better recovery through the later part of the observed periods. That is useful for investors who care about participation in equity upside, but it also reinforces that this is not a low-volatility choice.

Source data date: as of 27 Aug 2026

Peer comparison

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

The fund’s 1-year return is below the strongest recent peer figures in this set, but its 3-year and 5-year numbers are better balanced than most of the longer-horizon peer entries shown here. That makes the comparison a little split: some peers have sharper short-term numbers, while this fund shows a more complete track record across medium and long horizons.

Against the peers with 3-year and 5-year data, the fund looks competitive rather than clearly trailing. Mahindra Manulife has slightly higher 5-year performance, while Bank of India shows a stronger 3-year figure. Even so, this fund’s combination of 1-year, 3-year and 5-year returns is steady enough to suggest that the longer record carries more weight than the weaker recent year alone.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

The market-cap mix is 30.99% large cap, 34.41% mid cap, 28.94% small cap and 5.67% other. That is a genuinely broad spread, with mid caps slightly ahead of large caps and small caps also forming a meaningful part of the portfolio.

The sector mix is led by BANK at 17.63%, and that is clearly higher than the next sector, AUTOMOBILE & ANCILLARIES at 12.73%. Finance, capital goods and chemicals then form a second layer of exposure, so the portfolio is not dominated by a single theme alone.

Banking is likely to have greater influence on the fund’s behaviour because it has the largest sector weight and also includes the biggest individual holding in the table. Even so, the spread across mid caps, small caps and several sectors means the fund may still respond to a wider set of market drivers than a narrower strategy would.

For investors, the important point is that this is a multi-cap allocation rather than a concentrated large-cap approach. The balance can support upside participation, but it can also make the path of returns less even, especially when mid and small caps move differently from large caps.

Source data date: as of 27 Aug 2026

Who should invest

This fund suits investors who can tolerate high equity volatility and who are comfortable with a portfolio that mixes large, mid and small caps. The 3-year and 5-year returns are stronger than the benchmark, which supports a longer investment horizon rather than a short holding period.

The main trade-off is that the recent 1-year return is softer than the longer record, so short-term outcomes may not mirror the fund’s longer compounding pattern. Investors who want a steadier, large-cap-heavy profile may find the mix too broad, while those who accept swings in exchange for diversified equity exposure may find the style more relevant.

Tax and exit load

Exit load: 1% if units are redeemed within 12 months; nil after 12 months.

Source data date: as of 27 Aug 2026

Frequently asked questions

What is the current NAV of ICICI Pru Multi Cap Fund Direct Growth Plan?

The current NAV is ₹988.88 as of 27 Aug 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year return is 12.77%, the 3-year return is 18.50% and the 5-year return is 16.88%.

How has the fund performed against its benchmark?

It has outperformed the benchmark across 1-year, 3-year and 5-year periods. The benchmark’s 1-year return is -2.53%, compared with the fund’s 12.77%.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What is the risk category of this fund?

The fund is in the High Risk category.

Who manages ICICI Pru Multi Cap Fund Direct Growth Plan?

Lalit Kumar manages the fund.

Bottom line

ICICI Pru Multi Cap Fund Direct Growth Plan shows a clear difference between its shorter-term and longer-term profile: the recent 1-year return is weaker than the 3-year and 5-year results, but all three remain ahead of the benchmark. Relative to the peer set shown here, the fund is not the strongest on the latest 1-year figure, yet it remains competitive over longer horizons where data is available. The High Risk profile and broad multi-cap mix mean it is better suited to investors who want diversified equity exposure and can stay invested through uneven periods.

Published on 28 August 2026 at 10:35 AM IST