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

ICICI Pru Infrastructure Fund Direct Growth Plan had a NAV of ₹222.7 as of 27 August 2026 and an AUM of ₹8,522 Cr. Its 1-year, 3-year and 5-year returns are 6.97%, 20.03% and 23.82%. The scheme is tagged High Risk, so our view is that it suits investors who can accept sharp swings in exchange for a focused infrastructure-led equity exposure.

The recent return pattern has been softer than the longer-term track record, but the five-year number remains strong. With a large small-cap slice and meaningful bets on infrastructure, realty and capital goods, the fund may suit investors who want cyclical upside and can stay invested through uneven stretches.

Quick facts

The fund is managed by Sanket Gaidhani.

Source data date: as of 27 Aug 2026

Performance

The short-term picture is mixed. Over one month, the fund has held up better than the benchmark, but the three-month figure trails the index. That tells us recent moves have not been perfectly smooth, even though the fund still stayed in positive territory over both periods.

The one-year return is more comfortable, especially because the benchmark was negative over the same span. That matters for this fund because infrastructure and related cyclical areas often move differently from the broader market, so relative outperformance can show up in phases rather than every month.

Longer term, the fund’s 3-year and 5-year returns are well above the benchmark’s 6.72% and 7.06%. The five-year profile also appears stronger than the one-year result, which suggests the fund has rewarded patient holding periods more than short tactical entries. Our view is that the pattern fits a cyclical equity strategy: stronger compounding over time, with some shorter-run unevenness.

The return path across the periods also points to bouts of correction and recovery rather than a straight upward march. For investors, that means the fund may be more effective as a committed allocation than as a short-term rotation play.

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 far below the stronger recent numbers shown by several peers, so the short-term comparison is not in its favour. However, its 3-year and 5-year figures are still solid and compare better with the more complete multi-year peer records, especially against the Aditya Birla SL Mfg. Equity Fund.

The story is therefore split between short and long horizons. In recent conditions, peers have shown much faster upside, but the current fund has built a steadier long-term record than many of the peers for which 3-year and 5-year numbers are available. That makes the fund look less explosive in the near term, but more established over longer holding periods.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

The market-cap mix is 40.13% large cap, 15.16% mid cap, 38.47% small cap and 6.24% other cap. That is a fairly balanced spread between large-cap and small-cap exposure, with smaller mid-cap weight in between.

The largest sector is infrastructure at 18.43%, and it is clearly ahead of each of the other named sectors, though not so large that it dominates the whole portfolio. Realty at 14.80% and capital goods at 13.52% are also meaningful, which keeps the fund concentrated around linked cyclical themes rather than a broad market spread.

Among the holdings, Brigade Enterprises at 11.56% stands out as the single largest stock weight in the listed sector set. Larsen & Toubro at 6.09% and TD Power Systems at 5.27% also look important, so individual names could have a noticeable influence on returns when their sectors move sharply.

Overall, our view is that infrastructure may have the greatest influence on portfolio behaviour, but realty and capital goods are close enough that the fund’s day-to-day movement may reflect all three themes together. The mix of 40.13% large cap and 38.47% small cap also suggests the portfolio may combine some stability from larger names with more volatility from smaller companies.

Source data date: as of 27 Aug 2026

Who should invest

This fund fits investors with a high risk tolerance and a long horizon, because the category is High Risk and the return pattern has been uneven in the short run. The stronger 3-year and 5-year records suggest the strategy can work better when held through full market cycles rather than judged on one-year moves.

The main trade-off is between cyclical upside and periods of noticeable volatility. Investors who want a fund tied closely to infrastructure, realty and capital goods may find that mix attractive, but they must be comfortable with shorter stretches where the benchmark can lead. The market-cap mix also adds to the move-fast, recover-later character of the portfolio.

Tax and exit load

Exit load

1% if units are sold on or before 15 days. No exit load after the holding period.

Source data date: as of 27 Aug 2026

Frequently asked questions

What is the current NAV of ICICI Pru Infrastructure Fund Direct Growth Plan?
The current NAV is ₹222.7 as of 27 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 6.97%, the 3-year return is 20.03% and the 5-year return is 23.82%.

How has the fund performed versus the benchmark?
It has beaten the benchmark over 1 year, 3 years and 5 years. The benchmark’s returns over those periods are -2.53%, 6.72% and 7.06%.

How does the fund compare with the listed peer funds?
Its one-year return is lower than several peers, but its multi-year record is still stronger than some peers with available 3-year and 5-year numbers. The comparison is mixed because peers have delivered very sharp short-term gains in some cases.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the risk profile?
Sanket Gaidhani manages the fund. The scheme is tagged High Risk, and its portfolio is tilted toward infrastructure-linked, realty and capital goods exposure.

Bottom line

ICICI Pru Infrastructure Fund Direct Growth Plan has a mixed short-term record but a much firmer long-term story. Its recent return is more subdued than several peers, yet the 3-year and 5-year numbers remain well ahead of the benchmark and point to stronger compounding over time. The fund carries a High Risk profile and is meaningfully exposed to infrastructure, realty and capital goods, so it is best viewed as a cyclical equity allocation for investors who can accept volatility and hold through uneven market phases.

Published on 28 August 2026 at 10:49 AM IST