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

ICICI Pru Multi Asset Allocation Fund Direct Growth Plan closed at ₹903.2602 as of 03 Sep 2026, with an AUM of ₹86,785 Cr. Its 1-year, 3-year and 5-year returns are 7.09%, 15.21% and 16.75% respectively, and the scheme sits in the High Risk bucket.

Our view is that this is a diversified hybrid fund with a strong longer-run track record, but its recent return profile has been more modest than its medium- and long-term history. The portfolio mix and the large gold ETF position can help broaden exposure, yet the fund still carries meaningful equity-linked volatility, so it suits investors who can stay invested through uneven stretches.

Quick facts

The fund is managed by Sankaran Naren, Antariksha Banerjee, Manish Banthia and Gaurav Chikane.

Source data date: as of 03 Sep 2026

Performance

The recent picture is mixed but not weak. Over one month, the fund slipped slightly, although it still held up better than the benchmark. Over three months, it moved ahead of the benchmark by a small margin, which suggests the portfolio has been able to participate in the current market environment without taking the same full downside in the weakest patch.

The bigger message comes from the longer periods. The 1-year return is positive while the benchmark is negative, which tells us the fund has been more resilient over the latest full-year window. The 3-year and 5-year figures are also clearly ahead of the benchmark, which supports the case that the strategy has added value through a full cycle rather than only in a short burst.

That said, the recent one-month and three-month figures are well below the fund’s own 3-year and 5-year pace. Our view is that this reflects a fund that can compound steadily over time but still experiences short-term swings. For investors, the pattern matters: the long-term shape is stronger than the latest month-to-month movement, so the main strength lies in staying invested rather than chasing a smooth path.

Source data date: as of 03 Sep 2026

Peer comparison

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

On the latest 1-year number, the fund trails the stronger peer readings in this set, especially the double-digit returns posted by several schemes. That does not erase its longer track record, because the 3-year and 5-year figures remain solid and are better than the available long-term peer figures shown here for Quant. The short-term picture therefore looks less striking than the medium-term story.

What stands out is that the fund’s long-term returns are more balanced than the sharp one-year surges seen in some peers. Some peer rows do not have 3-year or 5-year figures available, so the comparison becomes less complete beyond the latest year. Even so, the current fund’s longer-run data suggest steadier compounding, while the peer set shows a wider spread in recent performance outcomes.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

The largest holding is ICICI Prudential Gold ETF at 9.66%, which is meaningful but not overwhelming for a diversified hybrid strategy. The next positions fall to 5.97% and 3.76%, so the weight drops fairly quickly from the largest slot into the rest of the portfolio.

By the tenth holding, the weight is down to 1.83%, which tells us the disclosed core is not built around one dominant security alone. Instead, influence is spread across several positions, with banks, financials, a large industrial name, cash-like allocations and gold all appearing in the top set. That mix may help reduce reliance on a single market theme.

The top 10 disclosed holdings together account for approximately 35.88% of the portfolio, and the fund has 52 disclosed holdings in total. That combination suggests a fairly extended tail beyond the visible core, so the portfolio may be more layered than concentrated. For investors, the important point is that the biggest positions matter, but the disclosed book still looks broad enough to avoid a highly concentrated profile.

To see all holdings, visit the ICICI Pru Multi Asset Allocation Fund Direct Growth Plan page

Source data date: as of 03 Sep 2026

Who should invest

This fund is better suited to investors who can accept higher volatility and stay invested for a longer horizon. The High Risk tag matters here, but so does the return pattern: the 3-year and 5-year results are much stronger than the latest one-year stretch, which means patience has been rewarded more than short-term timing.

It may appeal to investors who want a diversified hybrid allocation rather than a plain equity-only exposure, especially because the portfolio includes gold alongside financials, a large industrial name and cash-like holdings. The trade-off is that returns may not move in a straight line, and the recent period has been less compelling than the longer-term record. That makes it a better fit for investors who can tolerate uneven short-term outcomes in exchange for a steadier multi-year growth profile.

Tax and exit load

Exit load applies as nil on up to 30% of units and 1% for the remaining units when sold on or before 1 year. After 1 year, there is no exit load.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Multi Asset Allocation Fund Direct Growth Plan?
Its NAV is ₹903.2602 as of 03 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 7.09% for 1 year, 15.21% for 3 years and 16.75% for 5 years.

How does the fund compare with its benchmark?
It has beaten the Nifty 50 across 1 year, 3 years and 5 years. The benchmark’s corresponding figures are -4.43%, 5.88% and 6.29%.

Which peer fund has the strongest 1-year return among the listed peers?
360 ONE Multi Asset Allocation Fund Direct Growth Plan shows the highest 1-year return in the listed peer set at 22.81%. Several peer rows do not have longer-horizon figures available.

What is the exit load?
There is nil exit load on up to 30% of units and 1% on the remaining units if sold on or before 1 year. There is no exit load after 1 year.

Who manages the fund?
The fund is managed by Sankaran Naren, Antariksha Banerjee, Manish Banthia and Gaurav Chikane.

Bottom line

The fund’s recent run is less impressive than its medium- and long-term record, but the longer periods still show a clear edge over the benchmark. In the peer set, the latest 1-year figure is weaker than the strongest names, while the available longer-horizon numbers remain respectable. With a High Risk profile and a portfolio that includes gold, banks and other cyclical exposures, it may suit investors who want diversified hybrid participation and can tolerate uneven shorter-term moves in exchange for multi-year compounding.

Published on 5 September 2026 at 3:49 PM IST