ICICI Pru Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹1178.57 as of 04 Sep 2026 and a scheme AUM of ₹32,706 Cr. Its 1-year, 3-year and 5-year returns are 5.58%, 16.55% and 17.09% respectively, and the fund carries a High Risk label.

Our view is that this is a large-and-mid-cap equity fund with a clear growth orientation: it has delivered healthy medium-term compounding, but the recent 1-year result is much softer than the 3-year and 5-year track record. The portfolio also shows meaningful exposure to financials, aviation, manufacturing and real estate names, so the path of returns may remain uneven even when the long-term trend is constructive.

Quick facts

The fund is managed by Lalit Kumar and Gaurav Jain.

Source data date: as of 04 Sep 2026

Performance

Recent numbers show a mixed but still constructive pattern. The fund declined over the last month, yet it was less weak than the benchmark in that stretch. Over three months, it recovered more sharply than the benchmark, which tells us the portfolio has been able to participate well in the rebound after short-term pressure.

The 1-year return is also important because it breaks away from the benchmark in a favourable way: the fund stayed positive while the benchmark was negative. That makes the latest year look better than the index backdrop, even though the absolute return is not especially strong for an equity fund with a high-risk profile.

The longer record is stronger than the recent year. Both the 3-year and 5-year returns sit well above the benchmark returns, which suggests the strategy has compounded more effectively over a full market cycle than the index used here. That said, the short-term path has not been smooth, so the fund appears better suited to investors who can look through periodic swings rather than those who need steady year-by-year outcomes.

We also see a wider gap between the benchmark and the fund in the medium term than in the latest month, which points to a return profile that can move decisively when the portfolio’s preferred themes are in favour. For investors, that means the fund’s appeal rests more on longer-horizon compounding than on short-run consistency.

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.

Compared with the peer set here, the fund’s latest 1-year return is clearly lower than all five comparables, even though it still stayed positive. The longer record is more competitive: its 3-year return is ahead of two peers and close to another, while its 5-year return is better than three of the five peers shown. That combination tells us the recent year has been softer than the broader medium-term pattern.

The contrast matters because a short-term gap and a longer-term edge can coexist in the same fund. Here, the peers with stronger 1-year numbers have not always been the ones with the best 3-year or 5-year figures, so the comparison is not one-dimensional. For investors, the key question is whether they value the stronger long-term compounding or prefer a fund that has also shown more momentum in the latest year.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

The top 10 holdings account for approximately 29.99% of the portfolio.

To see all holdings, visit the ICICI Pru Large & Mid Cap Fund Direct Growth Plan page

The largest holding, SBI Cards & Payment Services Ltd., is 4.99%, which is meaningful but not overwhelming on its own. The gap from the first holding to the tenth is not extreme, as the list steps down gradually from 4.99% to 2.37%, so the visible positions look reasonably spread rather than dominated by one very large bet.

The mix also shows that finance remains influential, with multiple positions in the same broad area, while aviation, manufacturing, construction materials, steel, realty and metals add further diversification across cyclicals and domestic growth themes. That spread may help reduce dependence on any one company, although several positions still sit in areas that can be sensitive to economic conditions and market sentiment.

With 29.99% of the portfolio in the displayed top 10 and 56 holdings disclosed in total, the fund appears to combine a meaningful core of larger positions with a longer tail beyond them. In our view, that suggests moderate concentration at the top rather than an extremely narrow portfolio.

Source data date: as of 04 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and who can hold through phases when short-term returns lag the longer trend. The 1-year result is relatively subdued, but the 3-year and 5-year numbers show stronger compounding, so the fund is better suited to people who judge performance over multiple years rather than a single market cycle.

The benchmark comparison also suggests that the fund can move ahead of the index over longer periods, even if the latest year is less compelling. Investors who want exposure to a large-and-mid-cap style portfolio, and who can accept uneven short-term behaviour in exchange for the possibility of better medium-term outcomes, are the natural fit here.

The main trade-off is clear: the fund offers the potential for stronger long-horizon returns, but it may deliver a bumpier path than a more conservative equity option.

Tax and exit load

Exit load: 1% if units are sold within 1 month; no exit load after that holding period.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹1178.57 as of 04 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.58%, the 3-year return is 16.55% and the 5-year return is 17.09%.

How does this fund compare with its benchmark?
It is ahead of the benchmark over 1 year, 3 years and 5 years, while the benchmark was slightly weaker over the latest month too. The stronger medium-term gap is more notable than the recent short-term move.

How does it compare with the peer funds shown here?
Its 1-year return is lower than the five peers listed, but its 3-year and 5-year numbers are still competitive. The longer record is stronger than the latest year suggests.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Lalit Kumar and Gaurav Jain. The exit load is 1% if units are sold within 1 month; after that, no exit load applies.

Bottom line

ICICI Pru Large & Mid Cap Fund Direct Growth Plan looks stronger over 3-year and 5-year horizons than over the last year, so the fund’s story is more about medium-term compounding than short-term consistency. It compares well with the benchmark over the longer periods, while the latest year is less impressive. The portfolio is not dominated by a single holding, but the top positions are meaningful and spread across several cyclical themes. That makes it more suitable for investors who can tolerate High Risk equity swings and who care more about multi-year outcomes than smooth near-term returns.

Published on 5 September 2026 at 4:58 PM IST