ICICI Pru Diversified Debt Strategy Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Diversified Debt Strategy Active FOF Direct Growth Plan has a NAV of ₹49.9968 as of 09 Sep 2026 and an AUM of ₹105 Cr. Its 1-year, 3-year and 5-year returns are 5.91%, 7.41% and 6.53% respectively, while the scheme sits in the Medium Risk bucket. In our view, that points to a fund that has kept compounding positive over longer stretches without delivering a smooth ride every month.
The portfolio is built almost entirely through debt-oriented underlying funds, so the outcome depends on fixed-income positioning rather than equity-style growth. That makes it more relevant for investors who want diversification within debt and are comfortable with moderate fluctuations instead of a very steady short-term path.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹49.9968 as of 09 Sep 2026 |
| AUM | ₹105 Cr |
| Expense Ratio | 0.41% |
| Launch Date | 03 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 0.25% on or before 15D, Nil after 15D |
| Fund Managers | Manish Banthia, Ritesh Lunawat |
The fund is managed by Manish Banthia and Ritesh Lunawat.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.06% | -4.69% |
| 3M | 1.96% | 0.93% |
| 1Y | 5.91% | -7.16% |
| 3Y | 7.41% | 6% |
| 5Y | 6.53% | 5.87% |
Recent performance has been mixed, but not weak. Over one month, the fund was slightly negative, which is a reminder that short holding periods can still show noise even in a debt-oriented structure. Over three months, it turned positive and moved ahead of the benchmark, suggesting that the fund recovered better than the index over that stretch.
The one-year number is more important for judging the recent phase. The fund posted 5.91% against the benchmark’s -7.16%, which is a clear gap in favour of the fund. That tells us it handled the recent environment much better than the benchmark and avoided the drawdown visible in the index. For investors, that matters because it shows the strategy can behave differently from a broad market yardstick.
Looking at the longer horizon, the picture is steadier than spectacular. The 3-year return of 7.41% is modestly above the benchmark’s 6%, and the 5-year return of 6.53% is also slightly better than the benchmark’s 5.87%. The pattern is therefore consistent: the fund has stayed ahead of the benchmark over medium and longer periods, but the margin is not dramatic. That suggests controlled compounding rather than aggressive outperformance.
The time pattern also matters. The fund’s longer history shows periods of pressure and recovery, which is normal for a diversified debt fund using underlying schemes across short, medium, gilt and floating-rate exposures. Our reading is that the strategy has been capable of maintaining a broadly upward long-term path, but investors should still expect shorter-term movement rather than a straight line.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD ICICI Pru Diversified Debt Strategy Active FOF?
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 Diversified Debt Strategy Active FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Diversified Debt Strategy Active FOF Direct Growth Plan | 5.91% | 7.41% | 6.53% |
| SBI Silver ETF FOF Direct Growth Plan | 84.9% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 84.03% | 46.21% | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 83.29% | 46.02% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 82.53% | Data not available | Data not available |
| Aditya Birla SL Silver ETF FOF Direct Growth Plan | 82.46% | 45.91% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s one-year return is far below the silver-focused peer set shown here, but that comparison is not the most meaningful one because the peer funds sit in a very different return pattern. Against peers with available longer-term numbers, this fund’s 3-year return of 7.41% and 5-year return of 6.53% are much lower, though still positive. The short-term comparison and the longer-term comparison therefore tell different stories: the recent peer figures are dominated by a different asset theme, while this fund’s own profile is steadier and more debt-like.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Prudential All Seasons Bond Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 41.12% |
| ICICI Prudential Short Term Fund – Direct Plan – Growth Option | Domestic Mutual Funds Units | 32.79% |
| ICICI Prudential Medium Term Bond Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 11.75% |
| ICICI Prudential Gilt Fund – Direct Plan – Growth | Domestic Mutual Funds Units | 7.62% |
| ICICI Prudential Floating Interest Fund – Direct Plan | Domestic Mutual Funds Units | 5.68% |
| TREPS | Cash & Cash Equivalents and Net Assets | 1.27% |
The largest holding, ICICI Prudential All Seasons Bond Fund – Direct Plan – Growth, carries a 41.12% weight, so it is likely to have the greatest influence on the portfolio’s day-to-day behaviour. The second position is also large at 32.79%, and together the top two holdings already account for most of the visible allocation.
Weights then taper meaningfully into the mid-teens and single digits. That drop from 41.12% to 1.27% at TREPS shows that the disclosed slice is not evenly spread; rather, it is anchored by a few dominant positions and a smaller cash-like buffer. In our view, that kind of structure may make the fund’s outcome more dependent on the performance of its largest underlying debt funds.
Because the six disclosed holdings add up to 100%, the visible portfolio is highly concentrated in a small set of underlying funds. That does not automatically mean higher risk than the category label suggests, but it does mean the fund is not built as a broad, many-holdings basket. Investors who prefer simplicity may like that, while those who want more granular diversification may see the concentration as a trade-off.
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who are comfortable with Medium Risk and want debt-oriented diversification with a longer horizon in mind. The return pattern supports an investor who can tolerate some short-term movement in exchange for a steadier 3-year and 5-year compounding path. It may appeal to those who want something that has stayed ahead of the benchmark over medium and longer periods without trying to deliver equity-like upside.
The main trade-off is that the portfolio is concentrated in a handful of underlying debt funds, so outcomes may depend heavily on those positions rather than on a very wide spread of holdings. That makes patience important. Investors looking for smooth month-to-month stability may find the short-term variation less comfortable, while those who can hold through it may view the strategy as a useful debt allocation with measured growth potential.
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: 0.25% on or before 15D, Nil after 15D.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Diversified Debt Strategy Active FOF Direct Growth Plan?
The current NAV is ₹49.9968 as of 09 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.91%, the 3-year return is 7.41% and the 5-year return is 6.53%.
How has it compared with the benchmark?
It has been ahead of the benchmark across the reported periods. The gap is widest over 1 year, where the fund posted a positive return while the benchmark was negative.
How many holdings are visible in the portfolio?
There are 6 disclosed holdings, and they are all shown in the portfolio table.
What is the exit load?
The exit load is 0.25% on or before 15D, and nil after 15D.
Who manages the fund?
The fund is managed by Manish Banthia and Ritesh Lunawat.
Bottom line
ICICI Pru Diversified Debt Strategy Active FOF Direct Growth Plan has looked steadier over 3-year and 5-year horizons than its own short-term wobble suggests, and it has stayed ahead of the benchmark across the reported periods. The portfolio is concentrated in a few underlying debt funds, which may help explain why the visible structure looks focused rather than widely spread. For investors comfortable with Medium Risk and a longer holding period, the fund reads as a debt-oriented option with measured compounding rather than dramatic swings.
Published on 10 September 2026 at 2:01 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.