ICICI Pru Dynamic Asset Allocation Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Dynamic Asset Allocation Active FOF Direct Growth Plan currently has a NAV of ₹138.9756 as of 08 Sep 2026 and a scheme AUM of ₹28,660 Cr. Its 1-year, 3-year and 5-year returns are 4.08%, 11.06% and 11.31% respectively. The fund sits in the High Risk bucket, so our view is that it fits investors who can tolerate meaningful swings in returns and are willing to stay invested through uneven phases.
The long-term numbers are steadier than the recent one-year stretch, and that matters here. The portfolio is built through a fund-of-funds structure with a broad mix of underlying domestic mutual funds, which can help spread exposure but also means results will depend on how those underlying funds perform.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹138.9756 as of 08 Sep 2026 |
| AUM | ₹28,660 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 10 Jan 2013 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | Nil on 30% of units within 1Y and 1% for more than 30% of units within 1Y, Nil after 1Y |
| Fund Managers | Dharmesh Kakkad, Manish Banthia, Ritesh Lunawat, Sharmila Dsilva |
The fund is managed by Dharmesh Kakkad, Manish Banthia, Ritesh Lunawat and Sharmila Dsilva.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.68% | -4.69% |
| 3M | 3.38% | 0.93% |
| 1Y | 4.08% | -7.16% |
| 3Y | 11.06% | 6% |
| 5Y | 11.31% | 5.87% |
The most recent month was weak, but the fund still held up better than the benchmark in the same period. That tells us the fund has not moved in a straight line and can still give back some gains over short windows.
The three-month picture is stronger than the benchmark, while the one-year figure is especially notable because the benchmark was negative over the same period. That means the fund managed to stay positive in a difficult stretch for the benchmark, which improves the look of the recent return profile.
Over longer periods, the fund has stayed ahead of the benchmark, with both the 3-year and 5-year returns comfortably above the Nifty 50 comparison. Our view is that this is the more relevant signal for a fund like this, because the shorter windows are clearly choppier than the longer compounding trend.
The time pattern also suggests alternating phases of strength and softness rather than a smooth climb. For investors, that usually means the fund may suit a patient holding period better than a short tactical allocation, especially when the goal is to ride through changes in the underlying fund mix.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD ICICI Pru Dynamic Asset Allocation Active FOF?
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 Dynamic Asset Allocation Active FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Dynamic Asset Allocation Active FOF Direct Growth Plan | 4.08% | 11.06% | 11.31% |
| SBI Silver ETF FOF Direct Growth Plan | 84.9% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 84.03% | 46.21% | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 83.29% | 46.02% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 82.53% | Data not available | Data not available |
| Aditya Birla SL Silver ETF FOF Direct Growth Plan | 82.46% | 45.91% | Data not available |
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 far below the silver-focused peer set shown here, which is expected because these peer funds are built around a very different exposure. The more useful comparison is on consistency: the fund’s 3-year and 5-year returns are positive and stable relative to its own benchmark path, while several peers have much larger one-year moves but incomplete longer-history figures.
That means the short-term comparison tells a different story from the longer-term one. On one-year numbers alone, the fund looks modest; on three-year and five-year numbers, it presents a more balanced picture. For readers comparing options within the same broad fund-of-fund space, we think this matters because it highlights a steadier compounding profile rather than a sharp recent surge.
Source data date: as of 08 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Prudential Value Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 12.84% |
| ICICI Prudential All Seasons Bond Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 9.63% |
| ICICI Prudential Large Cap Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 7.42% |
| ICICI Prudential Focused Equity Fund – Direct – Growth | Domestic Mutual Funds Units | 5.96% |
| ICICI Prudential Savings Fund – Direct – Growth | Domestic Mutual Funds Units | 5.65% |
| ICICI Prudential Innovation Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 5.36% |
| ICICI Prudential Large & Mid Cap Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 5.17% |
| ICICI Prudential Technology Fund – Direct – Growth | Domestic Mutual Funds Units | 4.93% |
| ICICI Prudential Infrastructure Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 4.47% |
| ICICI Prudential Banking and Financial Services Fund – Direct – Growth | Domestic Mutual Funds Units | 4.34% |
The top 10 holdings account for approximately 65.77% of the portfolio.
To see all holdings, visit the ICICI Pru Dynamic Asset Allocation Active FOF Direct Growth Plan page
The largest holding is 12.84%, so it could be a meaningful driver of returns, but it is not overwhelmingly dominant on its own. The next few positions also carry sizable weights, which suggests the fund may be shaped by a cluster of core underlying funds rather than by a single bet.
Weight drops from 12.84% at the top holding to 4.34% at the tenth, so influence appears to taper rather than fall off sharply. That pattern usually points to a layered portfolio where several funds may matter, especially the first half-dozen positions.
Because the displayed holdings already account for 65.77% of the portfolio across 28 disclosed holdings, the structure looks moderately concentrated at the top but still spread across a fairly long tail. In our view, that balance may reduce reliance on one underlying fund while still leaving the top positions with greater influence on outcomes.
Source data date: as of 08 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk and can stay invested for a longer horizon. The 1-year return has been much softer than the 3-year and 5-year numbers, so short holding periods may not capture the better compounding pattern.
It also fits investors who want a fund-of-funds structure rather than a single direct equity or debt style exposure. The main trade-off is that the portfolio depends on the performance of multiple underlying funds, which can make returns uneven even when the longer-term trend is healthier.
On a relative basis, the fund’s longer-term returns stand above the benchmark, while the recent period has been more mixed. That combination makes it more suitable for investors who can tolerate short-term swings in exchange for a steadier multi-year profile.
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 on 30% of units within 1 year and 1% for more than 30% of units within 1 year, Nil after 1 year.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Dynamic Asset Allocation Active FOF Direct Growth Plan?
The current NAV is ₹138.9756 as of 08 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 4.08% for 1 year, 11.06% for 3 years and 11.31% for 5 years.
How does the fund compare with its benchmark?
It has outperformed the Nifty 50 across the 1-year, 3-year and 5-year periods shown here. The gap is especially visible over 3 years and 5 years.
How does it compare with the peer funds shown here?
The fund’s 1-year return is much lower than the silver ETF FOF peers listed here, while its 3-year and 5-year history is more stable and complete than several of those peers. The comparison shows different portfolio styles rather than a like-for-like outcome.
What is the minimum SIP amount?
There is no minimum SIP amount stated here.
Who manages the fund and what is the exit load?
The fund is managed by Dharmesh Kakkad, Manish Banthia, Ritesh Lunawat and Sharmila Dsilva. The exit load is nil on 30% of units within 1 year and 1% for more than 30% of units within 1 year, with nil exit load after 1 year.
Bottom line
This fund’s recent return pattern is softer than its longer-term record, but the 3-year and 5-year figures still sit above the benchmark. Compared with the peer set shown here, the fund does not match the eye-catching one-year gains of the silver ETF FOFs, yet it offers a steadier multi-year profile. The portfolio is moderately concentrated at the top, with 28 disclosed holdings and a 65.77% combined weight in the top 10, so the underlying fund mix can matter a lot. Our view is that it fits patient investors who can accept High Risk and uneven short-term moves.
Published on 10 September 2026 at 3:26 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.