ICICI Pru Manufacturing Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 28, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Manufacturing Fund Direct Growth Plan has a NAV of ₹40.84 as of 15 Sep 2026 and an AUM of ₹7,175 Cr. Its 1-year, 3-year and 5-year returns are 5.75%, 18.29% and 18.16%, and the scheme sits in the High Risk category. Our view is that the fund has rewarded patient investors over longer stretches, but the recent run has been softer than its 3-year and 5-year pace.
The portfolio is tilted toward a mix of industrial, manufacturing-linked and large-cap cyclical names, which can make outcomes uneven over shorter periods. That profile may suit investors who are comfortable with sharper swings and want a manufacturing theme exposure with a longer holding period.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹40.84 as of 15 Sep 2026 |
| AUM | ₹7,175 Cr |
| Expense Ratio | 0.75% |
| Launch Date | 11 Oct 2018 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 1Y, Nil after 1Y |
| Fund Managers | Roshan Chutkey |
The fund is managed by Roshan Chutkey.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -6.2% | -4.81% |
| 3M | -1.69% | -3.63% |
| 1Y | 5.75% | -8.27% |
| 3Y | 18.29% | 5.59% |
| 5Y | 18.16% | 5.58% |
The recent numbers show a weaker patch. The fund is down over both 1 month and 3 months, and its 1-month slide has been sharper than the benchmark’s, while the 3-month drop is milder than the index fall. That tells us the fund has not been immune to pressure, even though it has handled some of the shorter downturns better than the benchmark.
Over 1 year, the picture is more constructive. The fund’s 5.75% return stands well ahead of the benchmark’s -8.27%, which suggests the strategy recovered meaningfully while the index remained negative. This is a useful reminder that a thematic equity fund can behave very differently from the broad market at different points in the cycle.
The longer-term trend is stronger than the near-term patch. At 3 years and 5 years, the fund has stayed ahead of the benchmark by a wide gap, with returns close to 18% against about 5.6% for the index. Our reading is that the fund has delivered a more resilient compounding pattern over full cycles, even if the latest month-to-month movement has been uneven.
That combination matters for expectations. Investors looking at the fund only through the recent drawdown could miss the stronger medium- and long-term pattern, while investors focused only on the multi-year numbers could underestimate how volatile the path has been.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD ICICI Pru Manufacturing?
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 Manufacturing? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Manufacturing Fund Direct Growth Plan | 5.75% | 18.29% | 18.16% |
| 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 is far below the strongest short-term figures in the peer set, which are clustered in the mid-20% range and one much higher metal-and-energy-linked number. That shows the fund has not matched the fastest recent pace among comparable thematic peers. However, its 3-year and 5-year returns remain meaningfully positive, and the 5-year figure is much steadier than many peers whose longer-period data is unavailable here. The short-term comparison points to weaker recent momentum, while the longer-term comparison still supports a credible multi-year record.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Reliance Industries Ltd. | Crude Oil | 6.12% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 5.54% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 4.12% |
| DR. Reddy’S Laboratories Ltd. | Healthcare | 4.02% |
| Larsen & Toubro Ltd. | Infrastructure | 3.7% |
| Hyundai Motor India Ltd. | Automobile & Ancillaries | 3.38% |
| JSW Steel Ltd. | Iron & Steel | 3.05% |
| Samvardhana Motherson International Ltd. | Automobile & Ancillaries | 3.01% |
| Ultratech Cement Ltd. | Construction Materials | 2.87% |
| Voltamp Transformers Ltd. | Capital Goods | 2.77% |
The largest holding, Reliance Industries Ltd., carries a 6.12% weight, so no single position dominates the portfolio on its own. The fall from 6.12% to 2.77% by the tenth holding is gradual rather than abrupt, which suggests the top slice is spread across several sizable positions instead of being driven by one or two outsized bets.
The displayed top 10 holdings together account for approximately 38.58% of the portfolio, and the fund discloses 55 holdings in total. That combination points to a portfolio that may still be reasonably diversified at the stock level, while the leading names could continue to have greater influence on near-term outcomes than the longer tail of smaller positions.
Because the holdings span crude oil, automobiles, healthcare, infrastructure, steel, construction materials and capital goods, the portfolio may benefit when industrial and cyclical leadership is broad. It could also mean the fund’s performance is sensitive to how these economically linked segments move together, which is consistent with the choppier recent return pattern.
To see all holdings, visit the ICICI Pru Manufacturing Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk and are prepared for swings in shorter periods. The 1-year number is modest, but the 3-year and 5-year returns show stronger compounding than the benchmark, so the fund looks better suited to a multi-year horizon than a short holding period.
The key trade-off is that exposure to a manufacturing-oriented equity mix may bring stronger upside in favourable cycles, but it can also produce weaker patches like the recent month and quarter. Investors who want broad-market steadiness may find the path uncomfortable, while those who can stay invested through volatility may see the longer-term record as more relevant.
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% on or before 1Y, Nil after 1Y.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Manufacturing Fund Direct Growth Plan?
The current NAV is ₹40.84 as of 15 Sep 2026.
How has the fund performed over 1 year, 3 years and 5 years?
Its 1-year return is 5.75%, the 3-year return is 18.29% and the 5-year return is 18.16%.
How does it compare with the benchmark?
It has outpaced the benchmark over 1 year, 3 years and 5 years. The benchmark return is -8.27% over 1 year, 5.59% over 3 years and 5.58% over 5 years.
How does it compare with peer funds on recent returns?
Its 1-year return is below the strongest recent figures in the peer set, while its 3-year and 5-year returns remain solid on a longer horizon. The shorter-term comparison looks weaker than some peers, but the longer-term pattern is steadier.
What is the minimum SIP amount?
The fund is SIP-enabled, but a minimum SIP amount is not provided here.
What are the fund manager, risk category and exit load?
The fund is managed by Roshan Chutkey and is in the High Risk category. Exit load is 1% on or before 1Y and nil after 1Y.
Bottom line
ICICI Pru Manufacturing Fund Direct Growth Plan has had a weaker recent patch, but its 3-year and 5-year returns are still comfortably ahead of the benchmark, which makes the longer record more relevant than the latest stretch alone. In the peer set, the 1-year number trails the sharper recent performers, yet the multi-year pattern remains respectable. The portfolio is spread across 55 holdings, with the top names influential but not overwhelmingly dominant, and the High Risk profile means it is best judged over a long horizon.
Published on 16 September 2026 at 8:39 AM 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.