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

ICICI Pru Manufacturing Fund Direct Growth Plan has a NAV of ₹43.23 as of 27 August 2026 and an AUM of ₹7,148 Cr. Its 1-year, 3-year and 5-year returns are 14.99%, 22.81% and 20.87%, and the scheme carries a High Risk profile.

Our view is that this is a manufacturing-focused equity fund with strong longer-term compounding and a portfolio tilted toward large caps, but with meaningful mid- and small-cap participation as well. That mix can support upside in a favorable industrial cycle, yet it also means the fund can move sharply when sentiment turns.

Quick facts

The fund is managed by Roshan Chutkey.

Source data date: as of 27 Aug 2026

Performance

The recent return pattern is constructive. The fund has stayed positive across the 1-month, 3-month and 1-year periods, which tells us the strategy has held up well through shorter stretches of market movement and has not relied only on a single strong quarter.

The more important point is the gap versus the benchmark. The fund is ahead of Nifty 50 in every period listed here, and that advantage becomes much more visible over 3 years and 5 years. That suggests the manufacturing theme has translated into compounding rather than just a short burst of performance.

The path has not been perfectly smooth, though. The multi-year return pattern shows periods of moderation and recovery, which is normal for a sector-focused equity fund. Our read is that the longer horizon matters here: the fund has rewarded patience better than short holding periods have, and its recent gains are best seen as a continuation of that longer trend rather than a new story.

For investors, the main takeaway is that this is not a benchmark-like experience. The fund has outpaced the index, but it does so with a theme-driven equity profile that can swing with industrial and manufacturing sentiment.

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 current fund’s 1-year return is below the stronger short-term figures shown by several peers, including the metal-and-energy and automotive themes. Over 3 years, however, it remains close to Aditya Birla SL Mfg. Equity Fund Direct Growth Plan and comfortably ahead of the benchmark, while its 5-year return also holds up well versus the available manufacturing peer data. Our view is that the short-term comparison looks less striking than the longer-term one.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

The market-cap mix is 57.25% large cap, 15.49% mid cap, 21.79% small cap and 5.48% other. That is a balanced structure for a manufacturing fund, but the large-cap sleeve is still the biggest building block.

The sector layout is clearly led by Automobile & Ancillaries, which is almost three times the weight of each of the next two sectors. That gives the portfolio a strong industrial and consumption-linked manufacturing bias, while still keeping exposure spread across chemicals, capital goods, steel and construction materials.

Large caps account for the largest share of assets, so the fund is not purely a high-volatility small-cap strategy. At the same time, the combined mid-cap and small-cap exposure is meaningful, which can add return potential but can also increase swings when the market narrows to a few leaders.

In practical terms, Automobile & Ancillaries is likely to have greater influence on portfolio behaviour than any other single sector because of its 28.88% weight. Within that, Mahindra & Mahindra Ltd. and Cummins India Ltd. are the most visible stock-level positions from the available holdings list.

Source data date: as of 27 Aug 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and who can stay invested for a long horizon. The 3-year and 5-year returns show that the strategy has worked better over time than over very short stretches, so a patient holding period matters.

It is also more suitable for investors who can accept theme concentration and benchmark divergence in exchange for the chance of stronger compounding. The portfolio’s mix of large caps with meaningful mid- and small-cap exposure adds opportunity, but it also raises the chance of sharper moves when manufacturing-related sectors cool off.

Tax and exit load

Exit load: 1% if units are sold on or before 1 year; nil after 1 year.

Source data date: as of 27 Aug 2026

Frequently asked questions

What is the current NAV of ICICI Pru Manufacturing Fund Direct Growth Plan?
Its current NAV is ₹43.23 as of 27 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 14.99% over 1 year, 22.81% over 3 years and 20.87% over 5 years.

How does it compare with the Nifty 50 benchmark?
It has outperformed the Nifty 50 in every listed period, including 14.99% versus -2.53% over 1 year and 20.87% versus 7.06% over 5 years.

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

Who manages the fund?
The fund is managed by Roshan Chutkey.

What is the exit load and tax treatment?
The exit load is 1% on or before 1 year and nil after 1 year. Short-term capital gains tax is 20% and long-term capital gains tax is 12.5%.

Bottom line

ICICI Pru Manufacturing Fund Direct Growth Plan has a longer-term return profile that is stronger than its near-term comparison may first suggest, and it has stayed ahead of the benchmark across the listed periods. The fund is High Risk, which fits its theme-led equity nature and its meaningful mid- and small-cap exposure. Its portfolio is led by Automobile & Ancillaries, so sector swings can matter. Our view is that it suits investors who want manufacturing exposure and can remain patient through uneven stretches.

Published on 28 August 2026 at 10:51 AM IST