ICICI Pru ELSS-Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru ELSS-Tax Saver Fund Direct Growth Plan had a NAV of ₹1044.6 as of 04 Sep 2026 and managed ₹14,291 Cr in scheme assets. Its 1-year, 3-year and 5-year returns are 0.82%, 11.80% and 10.62%, respectively, and it carries a High Risk label.

Our view is that this is a large, established ELSS with a clearly equity-led profile and a portfolio that is meaningfully exposed to a few large positions. The recent 1-year outcome is modest, but the 3-year and 5-year numbers show steadier compounding. That makes it more suitable for investors who can tolerate higher short-term swings and are comfortable using the three-year lock-in to stay invested through uneven market phases.

Quick facts

The fund is managed by Mittul Kalawadia and Priyanka Khandelwal.

Source data date: as of 04 Sep 2026

Performance

The recent picture is mixed rather than smooth. Over one month, the fund fell less than the benchmark, but both moved lower, which tells us sentiment has been weak in the very short run. Over three months, the fund recovered more strongly than the benchmark, showing that it has been able to participate in rebounds when markets improved.

The one-year return is still modest, yet it is better than the benchmark’s negative reading. That matters because it shows the portfolio has held up better than the index over a turbulent stretch, even if the absolute gain is small. For ELSS investors, that kind of relative resilience can be useful when the market is choppy.

The longer view is more encouraging. The fund’s 3-year return of 11.80% and 5-year return of 10.62% both sit above the benchmark’s 5.88% and 6.29%. In our view, this gap suggests the strategy has compounded better than the index over full market cycles, even though recent returns have not been strong enough to look like a straight-line trend.

The time pattern is important. The path has included drawdowns and recoveries rather than a clean climb, so the fund does not behave like a low-volatility product. Investors should read the trailing numbers as evidence of higher equity sensitivity, with a longer-run return profile that has been better than the benchmark but still uneven in the short term.

Source data date: as of 04 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Against the peer set, the fund’s 1-year return is clearly more muted than the stronger recent readings seen in the other schemes listed here. That short-term gap is noticeable, especially because several peers have delivered double-digit 1-year numbers.

The longer-term picture is also softer than most of the comparison group. The fund’s 3-year and 5-year returns are below the peer figures shown for the stronger options in this table, which means its compounding has been decent but not as forceful as the better-performing peers over the same horizons.

That said, the comparison does not tell only one story. Some peers have stronger momentum in the recent year, while the fund’s own multi-year track record is still positive and above the benchmark. For an investor, the key difference is that the fund looks steadier than the benchmark across longer periods, but less dynamic than the stronger peer examples on both recent and trailing numbers.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

The largest holding, ICICI Bank Ltd., carries an 8.10% weight, which is large enough to matter but not large enough to dominate the portfolio on its own. The next few holdings are also meaningful, with HDFC Bank Ltd. at 7.22% and Axis Bank Ltd. at 5.38%, so the top end of the portfolio appears anchored in a set of large financial positions.

Weight then steps down in a measured way rather than collapsing sharply, from 8.10% at the top to 3.40% for the tenth holding. That spread suggests the portfolio may be influenced by several large positions rather than one single dominant bet, while still keeping the biggest names important to outcomes.

With the top 10 holdings accounting for approximately 52.37% of the portfolio and 45 disclosed holding rows in total, the fund looks moderately concentrated at the visible top end but still has a meaningful tail beyond the largest positions. In our view, that mix may provide diversification across sectors, while the listed holdings remain large enough to shape return behaviour.

To see all holdings, visit the ICICI Pru ELSS-Tax Saver Fund Direct Growth Plan page

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested for the full ELSS lock-in plus a longer horizon after that. The 3-year and 5-year numbers are better than the benchmark, but the 1-year return is subdued, so short-term patience matters here.

The main trade-off is clear: you get a fund that has compounded better than the benchmark over longer stretches, but you must accept uneven short-term movement and a portfolio that leans heavily on a handful of large holdings. That makes it more appropriate for investors who can handle volatility in exchange for tax-linked equity participation and long-term growth potential.

Tax and exit load

No exit load after holding period.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru ELSS-Tax Saver Fund Direct Growth Plan?
Its NAV is ₹1044.6 as of 04 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 0.82%, the 3-year return is 11.80%, and the 5-year return is 10.62%.

How has the fund done versus the benchmark?
It has stayed ahead of the Nifty 50 over 1-year, 3-year and 5-year periods. The benchmark return is -4.43% for 1 year, 5.88% for 3 years and 6.29% for 5 years.

How does it compare with the peer funds listed here?
Its recent and trailing returns are lower than several of the peer funds shown in the comparison table. The gap is most visible in the 1-year numbers, where some peers have delivered much stronger gains.

What is the minimum SIP amount?
The minimum SIP is ₹500.

Who manages the fund and what is the exit load?
It is managed by Mittul Kalawadia and Priyanka Khandelwal. There is no exit load after the holding period.

Bottom line

This fund’s short-term performance is softer than its longer-term record, but the 3-year and 5-year returns still sit ahead of the benchmark. Compared with the peer set shown here, the fund looks less energetic on recent numbers and on trailing compounding, yet it retains a workable long-term equity profile. The High Risk tag and the concentration in large financial and blue-chip positions mean it is best viewed as a volatile, long-horizon ELSS rather than a defensive tax-saving option.

Published on 5 September 2026 at 4:47 PM IST