ICICI Pru Innovation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Innovation Fund Direct Growth Plan is priced at ₹19.93 as of 17 September 2026, with scheme AUM of ₹8,012 Cr. Its 1-year, 3-year and 5-year returns are 1.13%, 17.72% and Data not available, and the scheme sits in the High Risk bucket. Our view is that this is a fund for investors who can accept uneven near-term outcomes in exchange for a portfolio built around innovation-led positions rather than broad market style exposure.
The current return pattern is mixed: the 3-year track is clearly better than the 1-year number, but the recent one-year phase has been much softer than the longer lookback. That makes the fund more suitable for investors with a longer horizon and patience for swings, especially because its current portfolio is concentrated in a handful of stocks and the benchmark behaviour has also been weak over recent periods.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹19.93 as of 17 Sep 2026 |
| AUM | ₹8,012 Cr |
| Expense Ratio | 0.67% |
| Launch Date | 28 Apr 2023 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 12M, Nil after 12M |
| Fund Managers | Vaibhav Dusad |
The fund is managed by Vaibhav Dusad.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.78% | -3.66% |
| 3M | 2.36% | -3.71% |
| 1Y | 1.13% | -7.13% |
| 3Y | 17.72% | 5.82% |
| 5Y | Data not available | Data not available |
The fund has stayed ahead of the benchmark across every available period, but the margin has varied a lot. The short-term numbers tell a cautious story: the 1-month return was negative and the 1-year return is modest, which means recent compounding has been uneven rather than smooth.
The more useful signal is the 3-year return. At 17.72%, it is well above the benchmark’s 5.82%, which tells us the strategy has done more work over a full cycle than it has in the latest year. That gap matters because it suggests the fund’s longer-run profile is stronger than its recent headline pace.
The recent path is also choppier than the 3-year trend would suggest. The one-month slip after a positive 3-month period shows that gains have not been linear, so investors should expect drawdowns and recovery phases rather than a steady climb. The benchmark comparison reinforces that the fund has still handled that volatility better than the index over the chosen horizons.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD ICICI Pru Innovation?
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 Innovation? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Innovation Fund Direct Growth Plan | 1.13% | 17.72% | Data not available |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.8% | 36.32% | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 25.31% | Data not available | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 25.27% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 24.51% | Data not available | Data not available |
| PGIM India Healthcare Fund Direct Growth Plan | 22.75% | 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 is far below the peer set shown here, while its 3-year return is only clearly comparable where the peer itself has a 3-year figure available. That means the short-term picture looks weak against the stronger recent momentum in the peer group, but the longer-term picture is more balanced because one peer with a 3-year figure has still outpaced it materially.
We also note that the available peer data points tell two different stories. On one hand, the current fund’s 3-year number is comfortably ahead of the benchmark and stronger than its own 1-year result. On the other hand, several peers have much stronger 1-year numbers, so recent relative momentum is not in this fund’s favour. Investors comparing only on available return data will see a fund whose longer horizon is steadier than its latest year, but not one that has matched the strongest short-term peer trends.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd. | Bank | 4.97% |
| Eternal Ltd. | Retailing | 3.84% |
| Maruti Suzuki India Ltd. | Automobile & Ancillaries | 3.64% |
| Axis Bank Ltd. | Bank | 2.88% |
| Sagility India Ltd | Business Services | 2.8% |
| Bharti Hexacom Ltd. | Telecom | 2.78% |
| Swiggy Ltd | Retailing | 2.52% |
| Cummins India Ltd. | Automobile & Ancillaries | 2.24% |
| TVS Motor Company Ltd. | Automobile & Ancillaries | 2.11% |
| TREPS | Cash & Cash Equivalents and Net Assets | 1.99% |
The top 10 holdings account for approximately 29.77% of the portfolio.
To see all holdings, visit the ICICI Pru Innovation Fund Direct Growth Plan page
The largest holding, ICICI Bank Ltd. at 4.97%, is meaningful but not overwhelming on its own. After that, the weights step down fairly quickly, with the tenth holding at 1.99%, so the visible basket does not rely on one dominant position to the same extent as a highly concentrated portfolio would.
At the same time, the combined weight of the top 10 holdings is only 29.77%, while the fund discloses 71 holdings in total. That suggests the larger positions may influence outcomes, but a long tail of additional holdings could also contribute to portfolio behaviour. The mix of banks, autos, retailing, telecom and business services indicates a diversified set of themes, even though the overall strategy remains tilted toward a relatively selective set of names.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can hold through uneven return paths. The 3-year result is much better than the 1-year figure, so the story here is more about patience than smooth near-term compounding.
The benchmark comparison also matters: the fund has stayed ahead of the Nifty 50 over the periods shown, but the latest year has been modest. Our view is that the better fit is for investors with a multi-year horizon who can accept portfolio concentration and style-led swings in exchange for the possibility of stronger longer-run outcomes.
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 within 12 months; nil after 12 months.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Innovation Fund Direct Growth Plan?
The current NAV is ₹19.93 as of 17 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 1.13% and its 3-year return is 17.72%. The 5-year return is Data not available.
How does the fund compare with the Nifty 50 benchmark?
The fund has outpaced the Nifty 50 across every available period shown here. The gap is widest over 3 years, where the fund’s 17.72% is well above the benchmark’s 5.82%.
How does it compare with the peer funds shown here?
Its 1-year return is well below the peer funds listed here, while its 3-year return is stronger than the one peer in the list that has a 3-year figure available and weaker than another peer with a much higher 3-year number. The short-term and longer-term comparisons therefore do not tell the same story.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What are the risk profile, portfolio style and exit load?
The fund is in the High Risk category and its portfolio includes 71 holdings, with the top 10 accounting for 29.77% of assets. The exit load is 1% if units are sold within 12 months and nil after 12 months.
Bottom line
ICICI Pru Innovation Fund Direct Growth Plan has a mixed but understandable profile: the latest year has been modest, while the 3-year record is much stronger and ahead of the benchmark. Against the peer set, recent momentum is not as strong as the better short-term performers, but the longer view is more respectable. The portfolio is spread across 71 holdings, yet the top names still matter, so this is not a plain vanilla equity fund. It fits investors who can handle High Risk equity swings and think in multi-year horizons.
Published on 18 September 2026 at 1:07 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.