ICICI Pru Multi Asset Allocation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 5, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Multi Asset Allocation Fund Direct Growth Plan currently has a NAV of ₹897.3783 as of 08 Sep 2026 and a scheme AUM of ₹87,833 Cr. Its 1-year, 3-year and 5-year returns are 6.25%, 14.6% and 16.62%, and the fund sits in the High Risk category.
Our view is that this is a diversified hybrid option for investors who want multi-asset exposure and can accept swings in short-term performance. The 5-year record is materially stronger than the benchmark, while the recent 1-year return is more restrained, which points to a fund that has compounded well over time but still moves through uneven phases.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹897.3783 as of 08 Sep 2026 |
| AUM | ₹87,833 Cr |
| Expense Ratio | 0.69% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Hybrid |
| Exit Load | Nil upto 30% of units and 1% for remaining units on or before 1Y, Nil after 1Y |
| Fund Managers | Sankaran Naren, Antariksha Banerjee, Manish Banthia, Gaurav Chikane |
The fund is managed by Sankaran Naren, Antariksha Banerjee, Manish Banthia and Gaurav Chikane.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.78% | -4.69% |
| 3M | 3.22% | 0.93% |
| 1Y | 6.25% | -7.16% |
| 3Y | 14.6% | 6% |
| 5Y | 16.62% | 5.87% |
The recent pattern is mixed but not weak. Over the past month the fund has slipped less than the benchmark, and over three months it has done better than the benchmark, which suggests it has not been simply tracking the market’s short-term mood.
The 1-year figure is especially important because it shows a positive absolute return while the benchmark is negative over the same horizon. That gap supports the idea that the fund’s hybrid structure has helped it hold up better than a pure equity benchmark when conditions have been choppy.
The longer record is stronger still. The 3-year return is above the benchmark, and the 5-year return is far ahead of it, which tells us the fund has compounded at a pace the benchmark has not matched. That is a useful sign for investors who care about multi-year outcomes rather than quarter-to-quarter noise.
At the same time, the recent 1-month dip reminds us that the path has not been linear. The series shows periods of steady progress interrupted by setbacks, so the fund’s return profile looks more like a multi-asset compounding story than a smooth equity-like climb.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD ICICI Pru Multi Asset Allocation?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding ICICI Pru Multi Asset Allocation? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Multi Asset Allocation Fund Direct Growth Plan | 6.25% | 14.6% | 16.62% |
| 360 ONE Multi Asset Allocation Fund Direct Growth Plan | 20.37% | Data not available | Data not available |
| Quant Multi Asset Allocation Fund Direct Growth Plan | 18.36% | 21.65% | 19.99% |
| Kotak Multi Asset Allocation Fund Direct Growth Plan | 18.17% | Data not available | Data not available |
| DSP Multi Asset Allocation Fund Direct Growth Plan | 16.27% | Data not available | Data not available |
| Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan | 15.34% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On a 1-year basis, the fund trails several peers that have posted stronger recent gains, especially the ones above 15%. That said, the fund’s 1-year return remains positive, while some comparison points only tell the story for the recent period and not for longer horizons.
The longer-term picture is more balanced in favour of this fund. Its 3-year and 5-year returns are stronger than the peer funds in the table with available longer-horizon data, which suggests that the fund has been more consistent at compounding over time even if its latest year has been more modest.
So the peer set tells two different stories. The short-term comparison looks less assertive, but the longer-term comparison is clearly steadier, which makes the fund more interesting for multi-year investors than for those focused only on the latest 12-month number.
Source data date: as of 08 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Prudential Gold ETF | Domestic Mutual Funds Units – Gold | 10.07% |
| TREPS | Cash & Cash Equivalents and Net Assets | 6.69% |
| HDFC Bank Ltd. | Bank | 5.59% |
| Life Insurance Corporation of India | Insurance | 3.81% |
| ICICI Bank Ltd. | Bank | 3.76% |
| Reliance Industries Ltd. | Crude Oil | 3.26% |
| Bajaj Finserv Ltd. | Finance | 2.58% |
| Axis Bank Ltd. | Bank | 2.38% |
| Interglobe Aviation Ltd. | Aviation | 1.87% |
| Infosys Ltd. | IT | 1.72% |
The largest disclosed holding is ICICI Prudential Gold ETF at 10.07%, which is meaningful but not overwhelming on its own. After that, weights step down fairly quickly: TREPS is 6.69%, HDFC Bank is 5.59%, and the tenth holding is down to 1.72%, so the individual-position profile is spread rather than sharply top-heavy.
The top 10 holdings together account for approximately 41.73% of the portfolio, which means a large part of the fund sits beyond the names shown here. With 46 disclosed holdings in total, the portfolio may draw influence from a broad tail of positions rather than from just a few very large bets.
That structure can help reduce dependence on any single holding, but it also means returns may reflect several moving parts at once. The gold ETF, the cash-like TREPS allocation and the financials-heavy stock mix suggest that the fund is likely to behave as a multi-asset portfolio rather than a plain equity scheme.
To see all holdings, visit the ICICI Pru Multi Asset Allocation Fund Direct Growth Plan page
Source data date: as of 08 Sep 2026
Who should invest
This fund may suit investors with a higher tolerance for volatility who are comfortable with a High Risk label but still want a diversified hybrid structure. Its 1-year return is positive but more muted than several peer funds, while the 3-year and 5-year numbers are clearly stronger, so a longer investment horizon matters more than a short holding period.
The main trade-off is that you may accept uneven short-term movement in exchange for a stronger multi-year compounding pattern and exposure across assets rather than only equities. The benchmark comparison also shows that the fund has held up better than Nifty 50 over longer periods, which may appeal to investors who want a smoother diversification story than a pure index-style equity allocation.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: Nil upto 30% of units and 1% for remaining units on or before 1Y, Nil after 1Y.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Multi Asset Allocation Fund Direct Growth Plan?
Its NAV is ₹897.3783 as of 08 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.25%, its 3-year return is 14.6%, and its 5-year return is 16.62%.
How has it performed versus the benchmark?
It has done better than Nifty 50 across the 1-year, 3-year and 5-year periods shown here. The gap is most pronounced over 5 years.
How does it compare with peer funds on recent returns?
Several peers have stronger 1-year returns, but this fund’s 3-year and 5-year returns are stronger than the peer funds shown with available longer-horizon figures.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Sankaran Naren, Antariksha Banerjee, Manish Banthia and Gaurav Chikane. The exit load is nil up to 30% of units and 1% for the remaining units on or before 1 year, and nil after 1 year.
Bottom line
ICICI Pru Multi Asset Allocation Fund Direct Growth Plan looks like a fund with a stronger multi-year compounding record than its latest 12-month result suggests. The benchmark comparison favours it over 3 and 5 years, and the peer table shows a similar pattern: recent returns are less striking, but the longer horizon is more persuasive.
The portfolio is diversified across 46 disclosed holdings, with gold, cash equivalents and large-cap financials all playing visible roles. For investors who can handle High Risk and want a multi-asset fund with a longer-run track record rather than a short-term momentum story, the fund may merit attention.
Published on 10 September 2026 at 9:40 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.