ICICI Pru Small Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Small Cap Fund Direct Growth Plan currently has a NAV of ₹103.81 as of 09 Sep 2026 and a scheme AUM of ₹9,820 Cr. Its 1-year, 3-year and 5-year returns are 4.29%, 10.76% and 14.87%, respectively, and the fund carries a High Risk profile.
Our view is that this is a small-cap fund for investors who can accept sharp swings in pursuit of long-term growth. The longer history still looks sturdier than the recent 1-year stretch, while the portfolio is built around a fairly broad set of holdings rather than a single dominant position.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹103.81 as of 09 Sep 2026 |
| AUM | ₹9,820 Cr |
| Expense Ratio | 0.76% |
| Launch Date | 02 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty Small Cap |
| Fund Category | Equity |
| Exit Load | 1% on or before 1Y, NIL after 1Y |
| Fund Managers | Rajat Chandak, Aatur Shah, Sakshat Goel, Gaurav Jain |
The fund is managed by Rajat Chandak, Aatur Shah, Sakshat Goel, and Gaurav Jain.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.02% | 0.47% |
| 3M | 8.46% | 9.83% |
| 1Y | 4.29% | 6.04% |
| 3Y | 10.76% | 15.26% |
| 5Y | 14.87% | 14.5% |
The near-term pattern has been uneven. Over 1 month and 1 year, the fund has lagged the benchmark, and the 3-month figure also sits below the index. That tells us the recent run has been softer than the broader small-cap market.
The longer picture is better balanced. At 3 years, the fund still trails the benchmark, but the gap is not as wide as it appears in the shorter windows. Over 5 years, the fund slightly edges the benchmark, which suggests that its longer compounding path has been more resilient than the recent stretch alone would imply.
The time pattern also points to a fund that has not moved in a straight line. The fund went through a weak patch before recovering into the later part of the 3-year and 5-year windows, but the recovery has not been smooth enough to keep pace with the index across every period. For investors, that means the return story is mixed rather than one-sided: longer-term numbers are respectable, but the latest phase has been less convincing.
Compared with the benchmark, this is not a consistent outperformance story. The 5-year edge is small, while the 1-year and 3-year gaps show that the benchmark has been stronger in more recent stretches. That split matters for small-cap investors, because it shows the fund can still participate in the category over time without matching the index every year.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD ICICI Pru Small Cap?
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 Small Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Small Cap Fund Direct Growth Plan | 4.29% | 10.76% | 14.87% |
| TRUSTMF Small Cap Fund Direct Growth Plan | 34.15% | Data not available | Data not available |
| Bank of India Small Cap Fund Direct Growth Plan | 28.12% | 21.92% | 20.56% |
| Motilal Oswal Small Cap Fund Direct Growth Plan | 25.85% | Data not available | Data not available |
| Union Small Cap Fund Direct Growth Plan | 25.03% | 17.56% | 17.97% |
| ITI Small Cap Fund Direct Growth Plan | 24.29% | 25.19% | 19.53% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the latest 1-year figure, the fund trails all five peers listed here, which shows that its recent phase has been weaker than the stronger short-term numbers in the group. That said, the 5-year result is better than some peers with available long-term data, so the longer track record is not as weak as the 1-year figure suggests.
For the 3-year and 5-year windows, the fund sits below the better-performing peers that have those figures available. The comparison therefore tells two different stories: the recent stretch looks lagged, while the longer history remains serviceable and, in the 5-year frame, still competitive enough to stay relevant for investors who focus on patience rather than short bursts of momentum.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Shadowfax Technologies Ltd | Logistics | 3.85% |
| TREPS | Cash & Cash Equivalents and Net Assets | 2.81% |
| RR Kabel Ltd. | Electricals | 2.29% |
| Atul Ltd. | Chemicals | 2.28% |
| Sedemac Mechatronics Ltd | Domestic Equities | 2.11% |
| Travel Food Services Ltd | Hospitality | 2.1% |
| Timken India Ltd. | Automobile & Ancillaries | 1.78% |
| ZF Commercial Vehicle Control Systems India Ltd | Automobile & Ancillaries | 1.76% |
| Pfizer Ltd. | Healthcare | 1.7% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 1.69% |
The largest holding is Shadowfax Technologies Ltd at 3.85%, so no single position dominates the disclosed list. The drop from the first holding to the tenth is gradual rather than steep, which usually points to a portfolio that is spread across several mid-sized convictions instead of relying on one outsized bet.
The top 10 holdings together account for approximately 22.37% of the portfolio, and the fund discloses 80 holdings in total. That combination suggests a fairly long tail beyond the largest positions, so individual stock moves may matter, but the disclosed weights also imply that the portfolio is not heavily concentrated in just a handful of names.
That balance can be useful in a small-cap strategy because it may reduce dependence on a single stock outcome, while still leaving enough room for meaningful active bets. At the same time, the presence of a cash-equivalent holding such as TREPS indicates that a portion of the portfolio may stay more defensively positioned at times.
To see all holdings, visit the ICICI Pru Small Cap Fund Direct Growth Plan page
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk and can hold through uneven performance. The return pattern shows a softer recent phase, but the longer-term record is more durable, so the fund fits better as a multi-year allocation than as a short-horizon idea.
The benchmark comparison shows that the fund has not beaten the index consistently, which means investors need patience and realistic expectations. The main trade-off is accepting sharper short-term underperformance and volatility in exchange for the chance to participate in small-cap growth over time.
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
1% if units are sold on or before 1 year; nil after 1 year.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Small Cap Fund Direct Growth Plan?
The current NAV is ₹103.81 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 4.29%, the 3-year return is 10.76%, and the 5-year return is 14.87%.
How does the fund compare with its benchmark?
It trails the benchmark over 1 month, 3 months, 1 year and 3 years, but slightly leads over 5 years. That makes the longer record stronger than the recent record.
How does it compare with peer small-cap funds?
Its 1-year return is below the five peer funds listed here, while the 5-year figure remains competitive against peers with long-term data available. The short-term and longer-term comparisons therefore tell different stories.
Is there a minimum SIP amount?
No minimum SIP amount is stated here.
What risk profile, holdings and exit load should investors know?
The fund is tagged High Risk and is managed by Rajat Chandak, Aatur Shah, Sakshat Goel, and Gaurav Jain. Its top holding is Shadowfax Technologies Ltd at 3.85%, and the exit load is 1% if units are sold on or before 1 year, with nil exit load after 1 year.
Bottom line
ICICI Pru Small Cap Fund Direct Growth Plan has a mixed but usable story: the latest 1-year result is softer than the benchmark, while the 5-year record is slightly ahead and the 3-year figure sits in between. Against peers with available data, the recent stretch looks weaker, but the longer-term picture is more balanced. The fund carries High Risk, and its portfolio is spread across many holdings, which may keep single-stock dependence in check. It fits better for patient investors who can tolerate swings.
Published on 10 September 2026 at 2:14 PM 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.