ICICI Pru Nifty Top 15 Equal Weight Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Nifty Top 15 Equal Weight Index Fund Direct Growth Plan had a NAV of ₹9.0196 as of 15 Sep 2026 and an AUM of ₹31 Cr. Its 1-year, 3-year and 5-year returns are -9.62%, 0% and 0%, and the scheme is tagged as High Risk. In our view, this is a narrow, concentrated index fund that has struggled over the past year and has not yet built a long published return history, so it suits only investors who can accept sharp fluctuations and are comfortable with a small-cap-like style of short-term movement in a large-cap universe.
The fund tracks an equal-weight basket of the Nifty top 15 names, so the portfolio profile is very different from a broad market index fund. That structure can keep single-stock dominance lower than in a cap-weighted strategy, but it can also lead to higher movement when the included names move out of sync. For investors who want a rules-based, transparent product and can hold through volatility, the portfolio design is the main attraction; for those seeking stable near-term results, the recent return pattern is not supportive.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹9.0196 as of 15 Sep 2026 |
| AUM | ₹31 Cr |
| Expense Ratio | 0.35% |
| Launch Date | 26 Jun 2025 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Nishit Patel, Ashwini Shinde, Venus Ahuja |
The fund is managed by Nishit Patel, Ashwini Shinde and Venus Ahuja.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -5.39% | -4.81% |
| 3M | -4.35% | -3.63% |
| 1Y | -9.62% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
Recent performance has been weak across every available window. The 1-month and 3-month numbers both show a soft trend, and the 1-year figure confirms that the pressure has not been limited to one short stretch. The fund has lagged the benchmark in each available period, which suggests that the equal-weight approach has not helped in the recent market backdrop.
The daily movement pattern also looks choppy rather than steadily improving. Over the last month and quarter, the fund moved through several small recoveries and pullbacks instead of building a clean uptrend, and that is consistent with a strategy that can react sharply when its top names diverge. For an investor, this means the short-term experience may feel uneven even when the index itself is moving lower in a more orderly way.
Because the fund has been live only since June 2025, there is not yet a meaningful 3-year or 5-year published return record in our table. That matters because it limits how much weight we can place on longer compounding evidence. At this stage, the visible record points more to benchmark lag and near-term volatility than to a proven long-run edge.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty Top 15 Equal Weight Index?
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 Nifty Top 15 Equal Weight Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty Top 15 Equal Weight Index Fund Direct Growth Plan | -9.62% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.71% | Data not available | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.15% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 18.11% | 18.92% | 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 trails every peer shown here, while the peer set includes several funds with clearly positive 1-year results. On the longer end, the current fund does not yet have usable 3-year or 5-year figures, so the comparison is one-sided there; by contrast, a few peers do show multi-year numbers, which makes the gap in track record more visible. The short-term comparison and the longer-term comparison therefore tell different stories: the fund looks weaker on current returns, and it also lacks the deeper history that some peer funds already have.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Tata Consultancy Services Ltd. | IT | 7.57% |
| Infosys Ltd. | IT | 7.14% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 7.13% |
| Bajaj Finance Ltd. | Finance | 7.1% |
| ICICI Bank Ltd. | Bank | 7.05% |
| Kotak Mahindra Bank Ltd. | Bank | 6.88% |
| State Bank of India | Bank | 6.82% |
| Maruti Suzuki India Ltd. | Automobile & Ancillaries | 6.8% |
| Reliance Industries Ltd. | Crude Oil | 6.47% |
| Larsen & Toubro Ltd. | Infrastructure | 6.44% |
The top 10 holdings account for approximately 69.4% of the portfolio.
To see all holdings, visit the ICICI Pru Nifty Top 15 Equal Weight Index Fund Direct Growth Plan page
The largest holding is Tata Consultancy Services Ltd. at 7.57%, which is a meaningful single-stock weight for an index product but still far from an outsized concentration. The drop from the first holding to the tenth is modest, ending at 6.44%, so the structure is intentionally flat at the top rather than heavily tilted to one name.
That said, the displayed basket is still fairly concentrated because the top 10 names alone make up about 69.4% of the portfolio, and the scheme discloses 15 holdings in total. Our view is that this makes the fund more dependent on a relatively small set of large businesses, even though the equal-weight approach keeps individual weights close together. Investors should expect the tail beyond the top names to matter, but the main portfolio influence is still likely to come from the holdings shown here.
Source data date: as of 15 Sep 2026
Who should invest
This fund fits investors who can tolerate High Risk and are comfortable with a volatile equity index product. Its short-term return record has been weak, and the benchmark comparison does not yet show a clear edge, so the case for the fund depends more on the portfolio design than on recent performance.
A longer investment horizon is important because the fund has limited live history and no published 3-year or 5-year record in our table. It may appeal to investors who want a transparent equal-weight strategy and can accept the trade-off of uneven near-term results in exchange for diversified exposure across a compact set of large companies.
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 |
No exit load.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty Top 15 Equal Weight Index Fund Direct Growth Plan?
The current NAV is ₹9.0196 as of 15 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is -9.62%, while the 3-year and 5-year returns are both Data not available.
How has the fund performed versus the benchmark?
It has lagged the benchmark in each available period. The 1-month, 3-month and 1-year figures are all weaker than the corresponding benchmark returns.
How does it compare with the peer funds shown here?
The fund’s 1-year return is below the peer returns shown here. Several peers have clearly positive 1-year numbers, while this fund is still negative over the same period.
What is the minimum SIP amount?
The minimum SIP amount is ₹1000.
What is the risk profile, and who manages the fund?
The fund is classified as High Risk. It is managed by Nishit Patel, Ashwini Shinde and Venus Ahuja.
Bottom line
This fund’s recent record is weaker than the benchmark and weaker than the peer returns shown here, while its longer-run evidence is still limited because it has not built a 3-year or 5-year track record yet. The portfolio is compact and evenly weighted across the top names, which can keep single-stock dominance contained, but it also means the fund remains sensitive to movement in a relatively small group of holdings. It is best viewed as a high-risk, rules-based equity allocation for investors who can stay patient through uneven short-term outcomes.
Published on 16 September 2026 at 6:00 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.