ICICI Pru Nifty SDL Sep 2026 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 SDL Sep 2026 Index Fund Direct Growth Plan has a NAV of ₹12.9339 as of 17 Sep 2026 and an AUM of ₹220 Cr. Its 1-year, 3-year and 5-year returns are 5.68%, 7.15% and 0% respectively, and the fund sits in the Low Risk category. Our view is that this is a conservative fixed-income index fund for investors who want modest return potential with government-backed holdings rather than equity-like growth.
The appeal lies in its low expense ratio of 0.2% and a portfolio made entirely of state government securities, Treasury Bills and cash-like exposures. The trade-off is clear: the fund has delivered steady but moderate gains, and it is not designed for aggressive capital appreciation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.9339 as of 17 Sep 2026 |
| AUM | ₹220 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 21 Dec 2022 |
| Min SIP | ₹500 |
| Risk Category | Low 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 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.44% | -3.66% |
| 3M | 1.33% | -3.71% |
| 1Y | 5.68% | -7.13% |
| 3Y | 7.15% | 5.82% |
| 5Y | Data not available | Data not available |
Recent performance has been firmer than the benchmark across the short windows. The 1-month and 3-month numbers are both positive for the fund while the benchmark is negative over the same periods, which tells us the strategy has held up better in a weaker market phase. That is useful for investors who want stability first and are less concerned with chasing sharp upside.
The 1-year return is also positive at 5.68%, while the benchmark is still negative for the same period. That gap suggests the fund has navigated the latest stretch better than the benchmark path captured here. The trend is more mixed over 3 years, where the fund remains ahead of the benchmark but by a narrower margin.
What matters for us is the shape of the returns rather than one isolated number. The fund’s 3-year return is still above its 1-year return, which indicates a reasonably consistent compounding pattern, but the 5-year figure is not available because the scheme has not been around long enough for a full 5-year track record. On balance, the fund has behaved defensively without showing dramatic swings.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty SDL Sep 2026 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 Sep 2026 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty SDL Sep 2026 Index Fund Direct Growth Plan | 5.68% | 7.15% | 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 recent return is well below the stronger peer figures in this table, especially the equity-linked index funds that have posted much higher 1-year gains. That does not make the comparison invalid, because the underlying strategy is different: this fund is built around state government securities and short-term cash-like holdings, so its return profile is expected to be much calmer.
Over longer windows where figures are available, the fund is ahead of the benchmark path and remains more consistent than the more volatile peer set in the table. The available peer history therefore tells two different stories: the shorter-term comparison makes the fund look subdued, while the longer-term comparison still shows it has delivered a steadier low-risk return pattern.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 7.38% State Government of Rajasthan | Government Securities | 46.67% |
| 7.37% State Government of Tamil Nadu | Government Securities | 27.26% |
| 8.72% State Government of Tamil Nadu | Government Securities | 5.21% |
| 7.49% State Government of Gujarat | Government Securities | 4.55% |
| 91 Days Treasury Bills | Treasury Bills | 4.53% |
| 7.37% State Government of Maharashtra | Government Securities | 3.09% |
| Net Current Assets | Cash & Cash Equivalents and Net Assets | 3.09% |
| 7.19% State Government of Uttar Pradesh | Government Securities | 2.27% |
| 7.16% State Government of Maharashtra | Government Securities | 1.88% |
| TREPS | Cash & Cash Equivalents and Net Assets | 1.46% |
The largest holding, 7.38% State Government of Rajasthan, carries a 46.67% weight, so it is likely to have the greatest influence on day-to-day fund behaviour. The next holding, 7.37% State Government of Tamil Nadu, is still sizable at 27.26%, which means the top two positions alone account for a very large share of the portfolio’s visible exposure.
Weights then fall away quite sharply. By the tenth holding, TREPS stands at 1.46%, which is far below the top two and also below the 5% zone seen in the middle of the table. That step-down suggests the portfolio is built around a few dominant positions rather than being evenly spread across many similar-sized securities.
The top 10 holdings account for approximately 100% of the portfolio, and the table discloses 10 holdings in total. On that basis, the portfolio appears fully concentrated in the shown securities, with little evidence of a long tail beyond what is listed here. For an investor, that means the fund’s movement may be shaped primarily by a small set of state security positions and cash-like instruments.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors with a conservative risk tolerance who are comfortable with low-volatility debt-oriented exposure. The Low Risk label and the portfolio mix of state government securities, Treasury Bills and cash-like instruments point to a steadier profile than an equity fund, but not to high growth.
The return pattern also fits a measured horizon rather than a short-term trading mindset. The fund has shown positive 1-year and 3-year returns, while the benchmark comparison has been less favourable over the same recent windows, so investors need to accept moderate returns in exchange for a calmer ride.
The main trade-off is that portfolio stability comes with limited upside. If an investor wants a government-security-led fund with low day-to-day movement and can accept that returns may trail faster-moving peer funds, this scheme may fit that role better than a growth-seeking alternative.
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 SDL Sep 2026 Index Fund Direct Growth Plan?
The current NAV is ₹12.9339 as of 17 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is 5.68% and the 3-year return is 7.15%. The 5-year return is Data not available.
How does it compare with the benchmark?
The fund has outperformed the benchmark in the 1-month, 3-month and 1-year windows shown here, and it is also ahead over 3 years. The recent pattern has been steadier than the benchmark path reflected in the current figures.
How does it compare with peer funds on available return data?
Its 1-year return is lower than the stronger equity-linked peer figures listed here, while its longer-term return profile is steadier and more defensive. The comparison therefore depends on whether an investor is looking for return chasing or lower-volatility debt exposure.
What is the minimum SIP?
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. The exit load is no exit load.
Bottom line
This fund’s short-term and longer-term behaviour point in the same general direction: it has been steady rather than exciting. It compares well with the benchmark in the recent return windows shown, but it trails the higher-return peer funds that focus on more growth-oriented themes. The Low Risk profile and the heavy tilt toward state government securities make it more suitable for conservative investors who want stability, not aggressive upside. The main characteristic to note is its concentrated exposure in a few large government-security positions, which may keep the return pattern anchored to a small set of holdings.
Published on 18 September 2026 at 9:51 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.