ICICI Pru 10 year Constant Maturity Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru 10 year Constant Maturity Gilt Fund Direct Growth Plan had a NAV of ₹26.6329 as of 10 Sep 2026, with scheme AUM of ₹2,012 Cr and a Medium Risk profile. Its 1-year, 3-year and 5-year returns are 4.78%, 7.47% and 5.93%. Our view is that this is a fairly steady gilt option for conservative debt investors who want government-securities exposure and can live with interest-rate swings rather than chasing sharp short-term upside.
The fund’s returns sit close to its benchmark over the longer horizon and have held up better than the benchmark over 1 year and 3 years. The portfolio is dominated by sovereign paper, which keeps credit risk low but leaves performance mainly driven by rate movements and duration decisions.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹26.6329 as of 10 Sep 2026 |
| AUM | ₹2,012 Cr |
| Expense Ratio | 0.25% |
| Launch Date | 12 Sep 2014 |
| Min SIP | ₹500 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load |
| Fund Managers | Manish Banthia, Raunak Surana |
The fund is managed by Manish Banthia and Raunak Surana.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.71% | -4.06% |
| 3M | 1.7% | 1.37% |
| 1Y | 4.78% | -7.31% |
| 3Y | 7.47% | 6.07% |
| 5Y | 5.93% | 5.91% |
The recent picture is mixed but still constructive. Over 1 month, the fund was slightly negative, yet it still held up much better than the benchmark, which was more weakly placed. That tells us the fund has not been immune to short-term price moves, but it has cushioned those moves better than the benchmark.
At the 3-month point, the fund and benchmark both moved higher, with the fund marginally ahead. The longer pattern is more useful for investors: the 1-year return is clearly positive while the benchmark is negative, and the 3-year return remains ahead as well. That suggests the fund has managed the rate cycle more effectively than the benchmark over a fuller period.
Looking at 5 years, the gap narrows sharply, with the fund almost matching the benchmark. That matters because it shows our view is not based on one strong stretch alone; the fund has delivered relative strength in some periods, but the longer compounding advantage is modest. For a gilt strategy, that is still a sensible profile because returns are being built with comparatively low credit risk and a mostly sovereign portfolio.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD ICICI Pru 10 year Constant Maturity Gilt?
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 10 year Constant Maturity Gilt? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru 10 year Constant Maturity Gilt Fund Direct Growth Plan | 4.78% | 7.47% | 5.93% |
| Bandhan Gilt Fund Direct Growth Plan | 7.94% | 7.99% | 6.38% |
| Franklin India Gilt Fund Direct Growth Plan | 6.49% | 6.64% | 5.48% |
| UTI Gilt Fund Direct Growth Plan | 5.34% | 6.72% | 5.75% |
| Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan | 5.31% | 7.81% | 5.9% |
| ICICI Pru Gilt Fund Direct Growth Plan | 5.22% | 7.25% | 6.62% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Against peers, the fund’s 1-year return is below the stronger recent figures in the set, especially the higher single-year outcomes seen in a few other gilt funds. That said, its 3-year return remains solid and its 5-year return is close to the middle of the peer range shown here.
That creates a split story: shorter-term performance has trailed some peers, while the longer horizon is more balanced. For investors comparing only available return figures, our read is that the fund looks steadier than exciting, with a profile that may appeal more to someone focused on sovereign debt consistency than on trying to stretch for the best near-term numbers.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 6.94% Government Securities | Government Securities | 64.65% |
| 7.06% Government Securities | Government Securities | 13.11% |
| 6.68% Government Securities | Government Securities | 5.99% |
| TREPS | Cash & Cash Equivalents and Net Assets | 4.78% |
| 7.47% State Government of Karnataka | Government Securities | 3.69% |
| 7.18% State Government of Uttar Pradesh | Government Securities | 2.65% |
| 7.74% State Government of Karnataka | Government Securities | 2.5% |
| Net Current Assets | Cash & Cash Equivalents and Net Assets | 2.04% |
The single largest holding, 6.94% Government Securities, carries 64.65% of the portfolio, so it is likely to have the strongest influence on the fund’s day-to-day behaviour. That is consistent with a constant-maturity gilt strategy, where one dominant sovereign line often anchors the portfolio.
The weight then falls quickly to 13.11% for the next government security and keeps stepping down after that. By the last disclosed holding, the allocation is 2.04%, which shows a clear concentration at the top rather than a flat spread across positions.
Even so, the disclosed list is still fairly broad for a gilt fund, with eight holdings accounting for 99.41% of the portfolio. That suggests limited room for credit-style dispersion and a strong emphasis on a few government-backed instruments, which may help contain credit risk while leaving duration and yield shifts as the main drivers of returns.
Source data date: as of 10 Sep 2026
Who should invest
This fund fits investors who are comfortable with Medium Risk and want exposure to government securities rather than corporate credit. The 1-year return has been better than the benchmark, while the 3-year and 5-year figures show a more measured, rate-sensitive pattern that is still broadly coherent for a gilt strategy.
We think the better fit is a medium- to longer-term horizon, because gilt funds can move around when interest-rate expectations change. The main trade-off is that the portfolio may offer lower credit risk, but the return path can still be uneven in the short run and may not always lead the benchmark or peer set.
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 10 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru 10 year Constant Maturity Gilt Fund Direct Growth Plan?
Its NAV is ₹26.6329 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 4.78% over 1 year, 7.47% over 3 years and 5.93% over 5 years.
How has it done versus the benchmark?
It has stayed ahead of the benchmark over 1 year and 3 years, while the 5-year figure is almost identical to the benchmark.
How does it compare with peer gilt funds on returns?
Its recent return is below some peer funds in this group, but its 3-year and 5-year figures remain competitive within the set shown here.
What is the minimum SIP amount?
The minimum SIP is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Manish Banthia and Raunak Surana, and there is no exit load.
Bottom line
This gilt fund has shown a mixed but respectable pattern: stronger relative behaviour over 1 year and 3 years, and a 5-year return that is close to the benchmark. Compared with the peer set shown here, the short-term picture is less forceful, but the longer-horizon record remains workable. The portfolio is dominated by government securities, so credit risk is low and rate sensitivity is the main thing to watch. That makes it more suitable for investors who want a sovereign-bond allocation and can accept moderate short-term fluctuation.
Published on 11 September 2026 at 3:20 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.