ICICI Pru Nifty 200 Momentum 30 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Nifty 200 Momentum 30 Index Fund Direct Growth Plan is priced at ₹16.171 as of 16 September 2026, with scheme AUM of ₹568 Cr. Its 1-year, 3-year and 5-year returns are -4.04%, 8.94% and 0% respectively, and the fund carries a High Risk tag. Our view is that this is a momentum-oriented index strategy best suited to investors who can accept sharp swings and are comfortable with a return profile that has improved over 3 years but remains uneven over shorter periods.
It tracks a concentrated 30-stock momentum basket, so the portfolio can move differently from the broader market in both up and down phases. The structure may appeal more to long-horizon investors who understand that factor-led funds can go through extended periods of underperformance before recovering.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹16.171 as of 16 Sep 2026 |
| AUM | ₹568 Cr |
| Expense Ratio | 0.37% |
| Launch Date | 05 Aug 2022 |
| 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 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.68% | -4.41% |
| 3M | -4.58% | -3.6% |
| 1Y | -4.04% | -7.76% |
| 3Y | 8.94% | 5.74% |
| 5Y | Data not available | Data not available |
The fund has been weak over the most recent month and quarter, but the damage is not materially worse than the benchmark. Both have been under pressure in the short run, with the fund’s 1-month and 3-month returns only modestly different from the index.
The 1-year figure is more notable because the fund has held up better than the benchmark over that span, even though the return is still negative. That tells us the strategy has not escaped volatility, but it has navigated the last year somewhat better than the market slice it is being compared with.
At the longer end, the 3-year return is positive and also ahead of the benchmark. That is important because momentum strategies often live or die by whether the multi-year pattern stays intact; here, the longer window is healthier than the recent one. The 5-year period is not available, so we would avoid stretching the evidence beyond the fund’s actual operating history.
Overall, the performance picture is mixed rather than cleanly strong. Short-term weakness has been followed by a more supportive 3-year outcome, which suggests the fund can recover, but it also confirms that timing and market phase matter a great deal.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty 200 Momentum 30 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 200 Momentum 30 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty 200 Momentum 30 Index Fund Direct Growth Plan | -4.04% | 8.94% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return trails several peers that are currently showing positive double-digit numbers, so the recent stretch looks softer than the broader peer set. At the same time, its 3-year return is positive and better than the available 3-year figures for the benchmark-linked comparison in this section, which means the longer window is more constructive than the short window.
That split matters: the fund’s recent behaviour looks weaker than the best peer numbers, but its 3-year record is not out of line with all peers and is clearly more stable than its own 1-year outcome. The peer set therefore tells two stories at once: a difficult recent phase, and a longer period in which the strategy still produced positive results.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Laurus Labs Ltd. | Healthcare | 5.95% |
| Multi Commodity Exchange of India Ltd. | Finance | 5.86% |
| Shriram Finance Ltd. | Finance | 5.33% |
| Hindalco Industries Ltd. | Non – Ferrous Metals | 5.09% |
| Tata Steel Ltd. | Iron & Steel | 4.75% |
| Cummins India Ltd. | Automobile & Ancillaries | 4.5% |
| NTPC Ltd. | Power | 4.49% |
| Ge Vernova T&D India Ltd. | Capital Goods | 4.31% |
| Vedanta Ltd. | Non – Ferrous Metals | 4.3% |
| Adani Power Ltd. | Power | 4.22% |
The top 10 holdings account for approximately 48.8% of the portfolio.
To see all holdings, visit the ICICI Pru Nifty 200 Momentum 30 Index Fund Direct Growth Plan page
The largest holding, Laurus Labs Ltd., is 5.95% of the portfolio, which is large enough to matter but not so large that one position dominates the entire basket. The tenth holding is still 4.22%, so the fall-off from first to tenth is fairly gentle rather than steep.
That pattern suggests the portfolio is spread across a set of similarly weighted names rather than being anchored by one or two outsized positions. Even so, the top 10 holdings together make up 48.8% of the portfolio, so nearly half of the disclosed book sits in a relatively small cluster of companies.
Because the scheme discloses 30 holdings in total, the remaining positions may still matter, but the visible structure points to meaningful concentration within the leading names. In our view, that can leave performance more sensitive to the behaviour of the strongest momentum stocks in the basket.
Source data date: as of 16 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk exposure and who can stay invested through periods when a momentum strategy falls out of favour. The 1-year record is negative, while the 3-year result is positive, so the return pattern points to a strategy that can recover but may also swing sharply.
The benchmark comparison also matters: the fund has recently lagged in the short run but has done better over 3 years. That makes it more appropriate for a long horizon than for investors who want steady month-to-month consistency. The main trade-off is accepting volatility and factor-driven underperformance in exchange for the possibility of stronger multi-year compounding when the style is in sync with the market.
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 applies if units are sold at any time.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty 200 Momentum 30 Index Fund Direct Growth Plan?
The current NAV is ₹16.171 as of 16 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is -4.04%, its 3-year return is 8.94%, and its 5-year return is 0%.
How does the fund compare with its benchmark?
It has beaten the benchmark over 1 year and 3 years, while both have been weak over shorter recent periods. The 3-year comparison is the clearer strength.
How does the fund compare with the peer funds listed here?
Its recent 1-year return is weaker than several peers with available positive numbers, while its 3-year return is positive and compares more favourably than its own short-term record. The short and long windows point in different directions.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Nishit Patel, Ashwini Shinde and Venus Ahuja. No exit load applies if units are sold at any time.
Bottom line
This fund’s recent weakness contrasts with a better 3-year track, so it looks more like a volatile momentum strategy than a steady all-weather holding. It has also done better than the benchmark over the longer comparison window, but the short-term record remains soft. The portfolio is reasonably spread across 30 holdings, yet the top names still account for a meaningful share of assets, which can amplify style swings. It fits investors with a long horizon who can tolerate High Risk and uneven short-term outcomes.
Published on 17 September 2026 at 3:38 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.