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

ICICI Pru Gilt Fund Direct Growth Plan has a NAV of ₹116.9978 as of 04 Sep 2026 and an AUM of ₹7,950 Cr. Its 1-year, 3-year and 5-year returns are 5.33%, 7.28% and 6.68%, respectively, and the scheme sits in the Medium Risk bucket.

Our view is that this is a steady gilt fund for investors who want sovereign-debt exposure with a moderate risk profile and a long enough horizon to let the return pattern matter. The fund has stayed ahead of its benchmark across the 1-year, 3-year and 5-year windows, while the portfolio remains anchored in government securities rather than credit-heavy bets.

Quick facts

The fund is managed by Manish Banthia and Raunak Surana.

Source data date: as of 04 Sep 2026

Performance

The short-term pattern is mixed, but it is not weak. Over 1 month, the fund slipped slightly, yet it still held up better than the benchmark, which fell more sharply. That matters for a gilt fund because the path of returns can be uneven when rates move, and the fund has shown it can absorb some of that movement better than the index.

The 3-month figure is more encouraging. The fund has stayed positive and a little ahead of the benchmark, which suggests that the recent backdrop has been more supportive than the one-month window alone implies. For investors tracking debt funds month by month, this kind of improvement is a useful sign that the fund is not stuck in a single direction.

The longer view is stronger. The 1-year return is comfortably ahead of the benchmark, and the 3-year and 5-year figures also stay above the index. That tells us the fund has not only recovered from weaker stretches, but has also compounded more effectively over a fuller cycle. The 5-year trend especially suggests a fairly disciplined gilt portfolio rather than a short-lived spike.

Our view is that the recent volatility does not break the longer story. The fund has seen some pullbacks in the time path, but the overall direction over 3 and 5 years remains better than the benchmark, which is what matters more for a bond-oriented allocation.

Source data date: as of 04 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year window, the fund trails Bandhan Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan, but it is not far from the rest of the set and still stays ahead of the benchmark. That makes the recent picture more about respectable stability than standout short-term leadership.

The longer record is more constructive. At 3 years, it is ahead of Franklin India Gilt Fund Direct Growth Plan and UTI Gilt Fund Direct Growth Plan, while also remaining in a similar band to Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan. Over 5 years, it stays ahead of Franklin India Gilt Fund Direct Growth Plan, UTI Gilt Fund Direct Growth Plan and Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan, which supports the idea that the fund has built a better full-cycle compounding profile than several peers.

So the short-term and longer-term stories are not identical. The 1-year figure looks less striking than some peers, but the 3-year and 5-year numbers show stronger persistence. For investors who care more about consistency across a cycle than one strong recent year, that difference matters.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

The largest holding is 6.9% Government Securities at 16.38%, which is meaningful enough to influence the portfolio, but it does not dominate the fund on its own. The next few positions also carry decent weight, so the portfolio’s outcome may be affected by movements in several sovereign and state-securities lines rather than a single large exposure.

The drop from the first holding to the tenth is noticeable, but not abrupt. That suggests the fund is built with a core set of larger government-paper positions and then a wider spread of smaller allocations behind them. With 62.87% of the portfolio shown across the top 10 holdings and 36 disclosed holdings overall, the visible book looks moderately concentrated at the top but still spread across a longer tail.

That structure may help keep credit quality anchored in government-related instruments while still giving the managers room to adjust duration and security mix. The concentration is therefore more about weight within sovereign debt than about a narrow single-name risk in the equity sense.

To see all holdings, visit the ICICI Pru Gilt Fund Direct Growth Plan page

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who are comfortable with a Medium Risk debt allocation and want a gilt-oriented option for a medium to long horizon. The 1-year, 3-year and 5-year pattern shows that it can handle short stretches of weakness while still compounding better over longer periods than the benchmark.

The main trade-off is that returns are not fixed and can move around as bond conditions change. Investors who want sovereign-debt exposure with a portfolio centred on government securities may find that balance useful, but they should still expect some fluctuation rather than a straight-line return path.

Tax and exit load

Exit load: No exit load after holding period.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Gilt Fund Direct Growth Plan?
Its NAV is ₹116.9978 as of 04 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 5.33% for 1 year, 7.28% for 3 years and 6.68% for 5 years.

How has it done against the benchmark?
It has stayed ahead of the benchmark across 1 year, 3 years and 5 years. The gap is especially clear over 1 year, where the benchmark return is negative.

How does it compare with the peer funds shown here?
Its 1-year return is below Bandhan Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan, but its 3-year and 5-year numbers are stronger than several of the peers shown.

What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.

What are the fund’s risk profile, portfolio style and exit load?
It is tagged as Medium Risk and is heavily anchored in government securities. The exit load is nil after the holding period, and the fund is managed by Manish Banthia and Raunak Surana.

Bottom line

ICICI Pru Gilt Fund Direct Growth Plan looks steadier over longer periods than its short-term run might suggest. The 1-year return is decent but not the strongest in the peer set, while the 3-year and 5-year numbers show better persistence and sit above the benchmark. The portfolio is built around government securities, which keeps the credit profile conservative in nature. For investors who want a gilt fund with moderate risk and a longer holding horizon, the mix of returns and portfolio structure is reasonably coherent.

Published on 5 September 2026 at 4:14 PM IST