ICICI Pru Nifty SDL Dec 2028 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 SDL Dec 2028 Index Fund Direct Growth Plan currently has a NAV of ₹13.3961 as of 16 September 2026 and scheme AUM of ₹908 Cr. Its 1-year, 3-year and 5-year returns are 5.39%, 7.38% and 0%, and the fund sits in the Balanced Risk category.
Our view is that this is a steady index-oriented debt option for investors who want exposure to state government securities with a measured risk profile. The recent return pattern is better than the benchmark in the medium term, but the longer record is still short and should be read with that context in mind.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹13.3961 as of 16 Sep 2026 |
| AUM | ₹908 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 12 Oct 2022 |
| Min SIP | ₹500 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Darshil Dedhia, Rohit Lakhotia |
The fund is managed by Darshil Dedhia and Rohit Lakhotia.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.2% | -4.41% |
| 3M | 1% | -3.6% |
| 1Y | 5.39% | -7.76% |
| 3Y | 7.38% | 5.74% |
| 5Y | Data not available | Data not available |
The fund has held up better than the benchmark in the near term. Over 1 month and 3 months, the benchmark was weaker, while the fund stayed close to flat to mildly positive, which suggests a relatively smoother short-term path.
The 1-year figure is also clearly ahead of the benchmark, with the fund delivering 5.39% against the benchmark’s -7.76%. That gap matters because it shows the strategy has recently behaved more defensively than the benchmark rather than simply moving in line with it.
The 3-year record is positive, but the margin over the benchmark is not as wide as in the recent period. Our read is that the fund’s pattern has been more resilient than the benchmark across the latest periods, yet the absence of a full 5-year record means investors should avoid stretching the history beyond what is available.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty SDL Dec 2028 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 SDL Dec 2028 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty SDL Dec 2028 Index Fund Direct Growth Plan | 5.39% | 7.38% | 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 trails the strongest short-term peer returns in the table, but its purpose is different from the equity-heavy peer set, so the gap should not be read in isolation. Where 3-year figures are available, the fund’s 7.38% is below ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan and ICICI Pru Nifty Pharma Index Fund Direct Growth Plan, but several peers have no 3-year data available at all.
That leaves a mixed picture: the recent return profile is modest, while the longer available track record is steadier but still behind the most assertive peer numbers. For investors comparing only return history, this fund looks more restrained than the faster-moving peers, yet its recent short-term resilience may still appeal to those who value stability over sharper upside swings.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 8.18% State Government of Tamil Nadu | Government Securities | 16.26% |
| 8.08% State Government of Tamil Nadu | Government Securities | 10.52% |
| 8.09% State Government of Rajasthan | Government Securities | 9% |
| 8.73% State Government of Uttar Pradesh | Government Securities | 6.82% |
| 8.38% State Government of Kerala | Government Securities | 6.18% |
| 8.08% State Government of Gujarat | Government Securities | 3.97% |
| 8.17% State Government of Gujarat | Government Securities | 3.95% |
| 8.84% State Government of Rajasthan | Government Securities | 3.53% |
| 8.53% State Government of Tamil Nadu | Government Securities | 3.41% |
| 8.36% State Government of Tamil Nadu | Government Securities | 3.4% |
The largest holding carries 16.26%, which is sizeable enough to have greater influence on portfolio behaviour than any single smaller line. After that, the weights step down fairly quickly into the 10% to 6% range, and then into a cluster of positions around 4% and below.
That pattern suggests the portfolio may be influenced by a few large positions at the top while still keeping a meaningful spread across multiple state government securities. The top 10 holdings account for approximately 67.04% of the portfolio, and with 32 disclosed holding rows in total, the portfolio appears to have a strong core that is balanced by a longer tail rather than being narrowly concentrated in only one or two positions.
Because the holdings are all government securities, the portfolio may also behave more like a targeted interest-rate and yield exposure than a broad equity-style basket. That makes the top weights especially relevant, since the largest positions could meaningfully shape the fund’s day-to-day movement.
To see all holdings, visit the ICICI Pru Nifty SDL Dec 2028 Index Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund may suit investors who are comfortable with a Balanced Risk profile and want exposure that has recently held up better than its benchmark. The 1-year and 3-year figures point to a steadier path than the benchmark, while the short history and the 5-year data gap mean it is better viewed as a measured, medium-horizon holding rather than a long-track-record core allocation.
Our view is that it fits investors who prefer government-securities exposure with a defined maturity style and can accept that returns may stay moderate rather than dramatic. The main trade-off is that the portfolio’s more stable structure can help dampen volatility, but it may not match the upside available in more aggressive peer funds.
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 16 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty SDL Dec 2028 Index Fund Direct Growth Plan?
The current NAV is ₹13.3961 as of 16 September 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is 5.39%, the 3-year return is 7.38%, and the 5-year return is 0% in the displayed history.
How has the fund done versus its benchmark?
The fund has been ahead of the benchmark in the recent periods shown. Over 1 year, it returned 5.39% versus the benchmark’s -7.76%, and over 3 years it returned 7.38% versus 5.74% for the benchmark.
How does it compare with the peer funds shown here?
Its recent return is well below the stronger peer figures shown for equity-heavy funds such as ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan, but its return profile is also different in nature. The 3-year figure is available and positive, while several peer rows do not have 3-year or 5-year figures available.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Darshil Dedhia and Rohit Lakhotia. There is no exit load.
Bottom line
This fund’s recent return pattern is steadier than its benchmark, and its 3-year history is positive, but the long record is still limited and the 5-year figure is not available. Compared with the peers shown here, its returns are more modest, which fits a calmer government-securities style rather than a higher-octane peer set. The portfolio is also fairly top-heavy at the holding level, with a few large state government securities likely to influence outcomes more than the smaller tail. It looks most suitable for investors who want measured exposure and can accept moderate returns in exchange for a more stable structure.
Published on 17 September 2026 at 5:33 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.