ICICI Pru Nifty Pharma Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan is at a NAV of ₹20.5831 as of 17 Sep 2026, with scheme AUM of ₹156 Cr. Its 1-year, 3-year and 5-year returns are 17.57%, 18.84% and 0%, and the fund is tagged High Risk. In our view, it suits investors who want focused pharma exposure and can accept sharp swings, rather than those looking for broad-market diversification.
The fund has a narrow sector build and a track record that has been stronger over the last 1-3 years than over the full 5-year window. That combination can work for investors with a longer horizon and a clear view on healthcare cycles, but the concentrated portfolio means the ride may stay uneven.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹20.5831 as of 17 Sep 2026 |
| AUM | ₹156 Cr |
| Expense Ratio | 0.37% |
| Launch Date | 14 Dec 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 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.80% | -3.66% |
| 3M | 9.60% | -3.71% |
| 1Y | 17.57% | -7.13% |
| 3Y | 18.84% | 5.82% |
| 5Y | Data not available | Data not available |
Recent performance has been noticeably better than the benchmark. Over the latest 1 month and 3 months, the fund stayed positive while the benchmark was negative, which tells us the strategy has held up well in a weak market phase. The 1-year figure also shows a strong gap in favour of the fund, with the fund up 17.57% while the benchmark is down 7.13%.
That short-term strength matters, but the longer view is more mixed. The 3-year return is still healthy at 18.84%, yet it is only modestly ahead of the benchmark’s 5.82% over the same period. This suggests the fund has delivered solid compounding, but not in a straight line.
The time pattern also shows that returns have moved through clear rises and pullbacks rather than a smooth climb. For an index fund tied to a single sector, that is not unusual, but it reinforces that investors are taking sector-specific exposure, not broad-market stability. The recent rebound is encouraging, but it should be read alongside the fact that the benchmark comparison is not uniformly wide across all horizons.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty Pharma 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 Pharma Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | 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.
On the recent 1-year figure, this fund trails the leading peer returns in the table, especially the stronger numbers from the NASDAQ 100 and capital-markets index funds. That does not make the fund weak in absolute terms, but it does show that its recent pace has been more measured than several peers with available 1-year data.
On the longer end, the fund’s 3-year return is available and remains constructive, while most peer rows do not have 3-year figures to compare against. That means the short-term comparison is richer than the long-term one, and the long-term peer picture stays incomplete for most of the listed funds. For readers, the key point is that this fund’s recent recovery looks respectable, but it has not matched the fastest peer numbers shown here.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Sun Pharmaceutical Industries Ltd. | Healthcare | 20.76% |
| Divi’S Laboratories Ltd. | Healthcare | 11.88% |
| Cipla Ltd. | Healthcare | 7.83% |
| Laurus Labs Ltd. | Healthcare | 7.36% |
| Torrent Pharmaceuticals Ltd. | Healthcare | 7.34% |
| DR. Reddy’S Laboratories Ltd. | Healthcare | 6.95% |
| Lupin Ltd. | Healthcare | 5.25% |
| Aurobindo Pharma Ltd. | Healthcare | 4.69% |
| Glenmark Pharmaceuticals Ltd. | Healthcare | 3.69% |
| Alkem Laboratories Ltd. | Healthcare | 3.08% |
The top 10 holdings account for approximately 78.83% of the portfolio.
To see all holdings, visit the ICICI Pru Nifty Pharma Index Fund Direct Growth Plan page
The largest position is Sun Pharmaceutical Industries Ltd. at 20.76%, which is a meaningful weight for a single holding in a sector fund. After that, the allocation steps down fairly quickly to Divi’s Laboratories at 11.88% and then into a cluster of mid-sized positions in the 7% range. That pattern suggests the fund is not evenly spread across the top names.
The gap from the largest holding to the tenth holding is wide enough to matter. Sun Pharmaceutical carries a much larger influence than Alkem Laboratories at 3.08%, so individual stock moves may still affect the fund more than investors would see in a broader multi-sector index fund. The fact that all 10 disclosed names sum to 78.83% also tells us the disclosed book is fairly concentrated even before the remaining 10 holdings are considered.
With 20 disclosed holdings in total, the portfolio may still have a longer tail beyond the top 10, but the visible slice is already dominated by a handful of pharma names. That concentration could help the fund reflect the pharma sector closely, yet it also means the portfolio may be more sensitive to stock-specific developments in a few large positions.
Source data date: as of 17 Sep 2026
Who should invest
This fund is better suited to investors who are comfortable with High Risk exposure and can stay invested through sector-led swings. The return pattern shows solid recent momentum, but the journey has not been smooth, so a shorter holding period may not give the strategy enough time to play out.
Our view is that this works best for a long-term investor who already has diversified core equity exposure and wants a focused pharma allocation alongside it. The benchmark comparison shows that the fund can outperform when the sector is strong, but the peer set also shows that faster recent gains have been available elsewhere.
The main trade-off is simple: you get focused healthcare exposure and the chance to benefit from sector strength, but you also accept concentration in a narrow group of stocks. That makes patience and risk tolerance more important than chasing short bursts of performance.
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 17 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty Pharma Index Fund Direct Growth Plan?
The current NAV is ₹20.5831 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 17.57% over 1 year, 18.84% over 3 years and 0% over 5 years.
How does the fund compare with its benchmark?
It has outpaced the benchmark over 1 month, 3 months, 1 year and 3 years. The gap is especially wide over the most recent year, while the 3-year edge is more moderate.
How does it compare with the peer funds listed here?
Its 1-year return is lower than the stronger peer numbers shown for the NASDAQ 100 and capital-markets index funds. The 3-year comparison is limited because most peer rows do not show a 3-year figure.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
What are the risk label, portfolio focus and exit load?
The fund is tagged High Risk and is concentrated in healthcare names, with Sun Pharmaceutical Industries Ltd. at 20.76% of the portfolio. It has no exit load.
Bottom line
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan has shown a clearer improvement over recent periods than over the full available track record, and it has stayed ahead of the benchmark across the measured windows. Against the peer list, its recent return is more restrained than the strongest funds shown, while the 3-year picture remains solid but not standout. The portfolio is concentrated in a small group of pharma names, so the fund is best viewed as a focused sector allocation for investors who can handle High Risk exposure and are comfortable with uneven performance.
Published on 18 September 2026 at 8:58 AM 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.