ICICI Pru Bharat 22 FOF- Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Bharat 22 FOF- Direct Growth Plan closed at ₹32.5249 as of 15 Sep 2026, with scheme AUM of ₹2,743 Cr. Its 1-year, 3-year and 5-year returns are 4.13%, 14.35% and 21.46% respectively, and the fund sits in the High Risk bucket.
Our view is that this is a concentrated fund-of-fund strategy with one disclosed holding and a strong long-term compounding record, but its latest 1-year result is much softer than its multi-year pace. That combination suits investors who can tolerate sharp swings and want exposure that has historically compounded well over longer periods rather than delivered steady short-term consistency.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹32.5249 as of 15 Sep 2026 |
| AUM | ₹2,743 Cr |
| Expense Ratio | 0.12% |
| Launch Date | 29 Jun 2018 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | No exit load |
| Fund Managers | Nishit Patel, Ashwini Shinde, Ajaykumar Solanki, Venus Ahuja |
The fund is managed by Nishit Patel, Ashwini Shinde, Ajaykumar Solanki and Venus Ahuja.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.79% | -4.81% |
| 3M | -7.35% | -3.63% |
| 1Y | 4.13% | -8.27% |
| 3Y | 14.35% | 5.59% |
| 5Y | 21.46% | 5.58% |
The recent pattern is mixed. Over 1 month and 3 months, the fund was weak, with both periods showing negative returns. That said, the 1-month loss was still slightly smaller than the benchmark’s decline, while the 3-month fall was deeper than the benchmark’s.
The 1-year figure shows a clearer contrast: the fund stayed positive while the benchmark was negative. That tells us the strategy has been able to hold up better over the last year than the index, even though the most recent stretch has been soft. The 1-year time path also shows a choppy recovery rather than a smooth climb.
The longer record is more favourable. The 3-year and 5-year returns are well above the benchmark’s numbers, which suggests the fund has compounded materially better over fuller market cycles. The five-year pattern also looks stronger than the short-term path, so the recent weakness does not yet change the broader long-term picture.
For investors, the main message is that the fund has not been a straight-line performer. Our view is that it has rewarded patience over longer periods, but the last few months show that it can still go through uncomfortable phases even when the broader multi-year trend remains ahead of the benchmark.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD ICICI Pru Bharat 22 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 Bharat 22 FOF-? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Bharat 22 FOF- Direct Growth Plan | 4.13% | 14.35% | 21.46% |
| SBI Silver ETF FOF Direct Growth Plan | 81.88% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 80.9% | 44.95% | Data not available |
| Axis Silver FoF Direct Growth Plan | 80.07% | 45.18% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 79.84% | Data not available | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 79.78% | 44.48% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The peer set shows a very different recent return profile from this fund. On the 1-year figure, the Bharat 22 strategy trails the silver-focused peers by a wide margin, while those peers have posted much stronger recent gains.
The picture becomes more balanced on longer horizons because the fund has 3-year and 5-year figures that remain positive and clearly above the benchmark. Several peers do not have full long-term figures available, so the comparison is uneven, but the available numbers still show that this fund’s strength lies in its own longer-term compounding rather than in matching the standout recent surge seen in the silver funds.
That creates two different stories: the current fund looks modest on the latest 1-year return, yet its multi-year numbers are steadier and more constructive than its recent pace suggests.
Source data date: as of 15 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| BHARAT 22 ETF | Domestic Mutual Funds Units | 99.97% |
The portfolio is extremely concentrated in a single disclosed holding, so that one position is likely to have the greatest influence on returns. With a weight of 99.97%, there is very little visible diversification within the holding list.
Because only one holding is disclosed, the decline from the largest holding to the tenth is not available in practice. What matters more here is the lack of breadth: the fund’s return pattern will likely track the underlying Bharat 22 ETF very closely.
Our view is that this setup may create a cleaner exposure for investors who want a focused fund-of-fund structure, but it also means the strategy could swing sharply if the underlying ETF moves unevenly. Since the disclosed holdings list contains just one line, the portfolio is concentrated rather than spread across a longer tail.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk and who can stay invested long enough for the multi-year trend to matter more than the weaker recent stretch. The 1-year return is modest, but the 3-year and 5-year numbers are stronger and sit above the benchmark, which points to a strategy that has worked better over full market cycles than over short bursts.
The main trade-off is concentration. The disclosed portfolio is almost entirely in one holding, so investors need to accept a narrow exposure and the possibility of sharper swings. In our view, this makes the fund more suitable for a longer horizon and for investors who are willing to tolerate uneven short-term performance in exchange for the chance of stronger compounding 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: No exit load.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Bharat 22 FOF- Direct Growth Plan?
The NAV is ₹32.5249 as of 15 Sep 2026.
How has the fund performed over 1 year, 3 years and 5 years?
Its returns are 4.13% over 1 year, 14.35% over 3 years and 21.46% over 5 years. The longer figures are much stronger than the latest 1-year result.
How does it compare with the benchmark?
It has outpaced the benchmark over 1 year, 3 years and 5 years. The benchmark’s returns for those periods are -8.27%, 5.59% and 5.58%.
How does it compare with the peer funds listed here?
Its 1-year return is far below the silver-focused peers shown here, while its 3-year and 5-year returns remain constructive. The comparison points to a fund that has been steadier over longer periods than its recent one-year number suggests.
What is the minimum SIP amount?
The minimum SIP amount is ₹1000.
Who manages the fund and what is the exit load?
The fund is managed by Nishit Patel, Ashwini Shinde, Ajaykumar Solanki and Venus Ahuja. There is no exit load.
Bottom line
This fund’s recent performance is weaker than its longer-term record, but the 3-year and 5-year numbers still show meaningful compounding above the benchmark. The peer comparison also shows that its short-term return profile is very different from the silver-focused funds listed here. Its most important characteristic is concentration: the disclosed portfolio is effectively a single-holding structure, which makes the strategy focused and potentially more volatile. That makes it a better fit for investors who can handle High Risk and think in longer horizons.
Published on 16 September 2026 at 8:01 AM IST
Explore mutual funds with Univest
Review mutual fund data, compare performance and explore fund insights on Univest.
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.