ICICI Pru Commodities Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Commodities Fund Direct Growth Plan is priced at ₹50.9 as of 11 Sep 2026, with scheme assets of ₹4,276 Cr. Its 1-year, 3-year and 5-year returns are 9.75%, 13.98% and 14.58%, and it carries a High Risk tag. Our view is that the fund has delivered solid longer-term compounding, but the recent path has been softer, so it fits investors who can accept sharp swings in exchange for exposure to commodities-linked themes and a concentrated stock book.
The benchmark has been weaker across the same stretches, which supports the case for the fund’s long-run edge. Even so, the latest short-term move has been choppy, so this is better viewed as a higher-volatility satellite holding than a core conservative allocation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹50.9 as of 11 Sep 2026 |
| AUM | ₹4,276 Cr |
| Expense Ratio | 0.97% |
| Launch Date | 15 Oct 2019 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 3M, Nil after 3M |
| Fund Managers | Lalit Kumar |
The fund is managed by Lalit Kumar.
Source data date: as of 11 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.1% | -4.81% |
| 3M | -2.02% | -3.63% |
| 1Y | 9.75% | -8.27% |
| 3Y | 13.98% | 5.59% |
| 5Y | 14.58% | 5.58% |
The recent picture is softer than the medium-term record. Over 1 month and 3 months, the fund stayed negative, but it still held up better than the benchmark in both periods. That tells us the fund has not escaped short-term pressure, yet it has absorbed the recent drawdown more effectively than the index.
The longer lens is more constructive. The 1-year return is positive while the benchmark is negative, and the gap widens over 3 years and 5 years, where the fund stays comfortably ahead. That pattern suggests the strategy has been able to compound better than the benchmark through a full cycle, even if the last few months have been uneven.
We also see a more volatile path in the shorter series, with gains and retracements alternating rather than forming a straight line. For investors, that means the fund’s return profile is not smooth, but the longer record still points to disciplined participation in a stronger commodity-linked market cycle than the benchmark has captured.
Our read is that this is a fund where patience matters. Recent softness does not overturn the 3-year and 5-year record, but it does remind investors that the ride can be choppy even when the longer trend is favourable.
Source data date: as of 11 Sep 2026
Should you BUY or HOLD ICICI Pru Commodities?
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 Commodities? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Commodities Fund Direct Growth Plan | 9.75% | 13.98% | 14.58% |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.16% | 37.12% | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 27.47% | Data not available | Data not available |
| SBI Automotive Opportunities Fund Direct Growth Plan | 27.05% | Data not available | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 26.51% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 25.46% | Data not available | 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 have had a much stronger recent run, especially the metal-and-energy theme fund. However, the fund’s 3-year and 5-year numbers are more complete and more persuasive than most of the peer set shown here, because many of those rows do not have longer-horizon figures available.
That creates two different stories. On recent numbers, the fund looks restrained relative to the sharper peer advances; on longer numbers, it shows steadier compounding than the available peer comparisons can fully match. For us, that makes the fund look less like a short-term momentum play and more like a longer-horizon commodity exposure with a more measured return profile.
Source data date: as of 11 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Hindustan Petroleum Corporation Ltd. | Crude Oil | 8.35% |
| Jindal Steel Ltd. | Iron & Steel | 7.79% |
| Vedanta Aluminium Metal Ltd. | Non – Ferrous Metals | 6.69% |
| JSW Steel Ltd. | Iron & Steel | 6.68% |
| Hindalco Industries Ltd. | Non – Ferrous Metals | 4.7% |
| Jindal Stainless Ltd. | Iron & Steel | 4.26% |
| Freeport-Mcmoran Inc | Overseas Equities | 4.12% |
| Vedanta Ltd. | Non – Ferrous Metals | 3.94% |
| Ultratech Cement Ltd. | Construction Materials | 3.93% |
| UPL Ltd. | Chemicals | 3.93% |
The largest holding, Hindustan Petroleum Corporation Ltd., carries an 8.35% weight, so it is likely to have greater influence on outcomes than any single smaller position. The drop from the first holding to the tenth is noticeable but not extreme, because the top names stay clustered in the mid-single-digit range after the largest position.
That said, the top 10 holdings together account for approximately 54.39% of the portfolio, which means more than half the disclosed book sits in a relatively small set of names. With 32 holdings disclosed in total, the portfolio still has a meaningful tail beyond the top 10, so the fund is not a pure one-stock story. Even so, the disclosed structure suggests the bigger commodity, metals and energy positions may matter most to return behaviour.
For investors, the key point is that the portfolio is broad enough to avoid total dependence on one holding, but concentrated enough that movements in a handful of large positions could shape near-term swings. That mix can suit investors who are comfortable with a sharper equity-style ride inside a thematic commodity allocation.
To see all holdings, visit the ICICI Pru Commodities Fund Direct Growth Plan page
Source data date: as of 11 Sep 2026
Who should invest
This fund suits investors with a high tolerance for volatility and a long investment horizon. The High Risk label matches the uneven short-term pattern, where recent returns have been negative, but the 3-year and 5-year record still stands above the benchmark.
The main trade-off is clear: you may get stronger long-run participation when the underlying theme is working, but you also have to accept a choppy path and the possibility of sharper drawdowns along the way. The portfolio’s heavier weights in energy, metals and related industrial names can make the fund more sensitive to sector swings, so it is better treated as a specialist allocation rather than a steady core holding.
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: 1% if units are sold on or before 3 months; nil after 3 months.
Source data date: as of 11 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Commodities Fund Direct Growth Plan?
The current NAV is ₹50.9 as of 11 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 9.75% for 1 year, 13.98% for 3 years and 14.58% for 5 years.
How has the fund performed against the benchmark?
It has outpaced the benchmark across 1 year, 3 years and 5 years. The benchmark’s returns are -8.27%, 5.59% and 5.58% over those same periods.
How does it compare with the peer funds shown here?
Its 1-year return is lower than several of the peer funds shown here, but its 3-year and 5-year record is more complete than most of those peer entries. That gives it a different profile: less striking in the short term, but steadier over longer stretches.
What is the minimum SIP for this fund?
The minimum SIP is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Lalit Kumar. The exit load is 1% if units are sold on or before 3 months and nil after 3 months.
Bottom line
ICICI Pru Commodities Fund Direct Growth Plan has a steadier long-term record than its recent short-term move suggests, with 3-year and 5-year returns that stay ahead of the benchmark even as the latest 1-month and 3-month readings soften. Relative to the peer set shown here, the recent return is less forceful, but the longer horizon looks more established. The High Risk tag and the commodity-heavy holdings mean this is a fund for investors who can handle swings and are seeking thematic exposure rather than a smooth core allocation.
Published on 16 September 2026 at 1:51 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.