ICICI Pru Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Money Market Fund Direct Growth Plan currently has a NAV of ₹414.8679 as of 03 September 2026 and a scheme AUM of ₹34,627 Cr. Its 1-year, 3-year and 5-year returns are 6.59%, 7.41% and 6.67% respectively, and the fund sits in the Balanced Risk category.

Our view is that this is a steady debt fund suited to investors who want relatively measured movement rather than aggressive upside. The return pattern is consistent with a portfolio built around money-market instruments and short-duration credit exposure, so the fund looks more appropriate for lower-to-moderate volatility needs and short-to-medium holding periods.

Quick facts

The fund is managed by Manish Banthia and Nikhil Kabra.

Source data date: as of 03 Sep 2026

Performance

The near-term pattern has been supportive. Over the latest month, the fund stayed positive while the benchmark was negative, and the 3-month return also stayed ahead of the benchmark. That tells us the fund has been able to preserve a mild positive drift even when the benchmark was uneven.

The 1-year comparison is more striking because the fund remained firmly positive while the benchmark was negative. For investors, that matters more than the headline figure alone, because it shows the scheme has not been tied to the same direction as the benchmark in the recent period.

Longer term, the 3-year return is higher than the 5-year return, which suggests the fund’s compounding has been stronger in the more recent window than across the full five years. The 5-year number is still positive, but it is only modestly above the benchmark, so the edge has been stable rather than dramatic.

The daily pattern also looks fairly controlled, with no large visible swings in the fund’s path. In our view, that supports the idea of a cash-management style debt allocation where the main appeal is consistency rather than sharp outperformance.

Source data date: as of 03 Sep 2026

Peer comparison

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

On the latest 1-year return, this fund trails Union Money Market Fund Direct Growth Plan but stays close to the other peers listed here. The gap is not wide, so the more useful distinction is that the fund still keeps a firm positive return profile without stretching for excess volatility.

Over 3 years, it sits above Union Money Market Fund Direct Growth Plan, LIC MF Money Market Fund Direct Growth Plan and Bandhan Money Market Fund Direct Growth Plan where figures are available, while Tata Money Market Fund Direct Growth Plan is ahead on the same measure. The 5-year number is also competitive, though Tata Money Market Fund Direct Growth Plan is slightly better on that horizon. Taken together, the shorter window and longer window do not tell the exact same story: recent strength is decent, but the longer compounding record looks more balanced than dominant.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

The top 10 holdings account for approximately 55.57% of the portfolio.

To see all holdings, visit the ICICI Pru Money Market Fund Direct Growth Plan page

The largest holding is 182 Days Treasury Bills at 8.68%, so the scheme starts with a meaningful but not dominating government-backed position. The next positions are mostly bank certificates of deposit, which means the portfolio is leaning on short-term money-market instruments rather than a single large issuer bet.

Weight does taper as we move down the list, but not abruptly. From the first holding to the tenth, the weights step down from 8.68% to 3.61%, which suggests a fairly even spread among the largest positions instead of a highly skewed structure. That kind of shape may help the fund avoid over-reliance on any one exposure.

With 55.57% covered by the ten largest disclosed holdings and 34 total holdings disclosed, the portfolio appears moderately concentrated at the top while still leaving room for a longer tail. In our view, that balance may contribute to steadier behaviour, although the bank-heavy mix also means credit quality and short-term rate conditions can remain important.

Source data date: as of 03 Sep 2026

Who should invest

This fund suits investors who can accept moderate risk in exchange for relatively steady debt-style returns. The Balanced Risk label and the positive return pattern across 1 year, 3 years and 5 years make it more suitable for investors who value consistency and do not need equity-like upside.

The better fit is a short-to-medium horizon, especially where the goal is to keep money working in a portfolio without taking on sharp swings. The main trade-off is that the fund’s return profile is more restrained than faster-moving market categories, even though it has held up well versus the benchmark and stayed competitive versus several peers.

Tax and exit load

Exit load: No exit load after holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Money Market Fund Direct Growth Plan?

The current NAV is ₹414.8679 as of 03 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year return is 6.59%, the 3-year return is 7.41% and the 5-year return is 6.67%.

How does the fund compare with the benchmark?

It has outpaced the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The 1-year gap is especially notable because the fund stayed positive while the benchmark was negative.

How does it compare with peers on available return data?

It is close to the peer set on 1-year return and remains competitive on 3-year and 5-year periods where figures are available. Some peers are ahead on individual horizons, but the fund does not look out of line on the measured returns.

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 Manish Banthia and Nikhil Kabra. The exit load is effectively nil after the holding period, as stated in the fund details.

Bottom line

ICICI Pru Money Market Fund Direct Growth Plan shows a steadier recent pattern than its benchmark and stays competitive across the longer 3-year and 5-year windows. The return profile is not the fastest in the peer set, but it is broadly consistent, and that matters for a debt fund built around short-term instruments. The portfolio’s top holdings are spread across treasury bills, CDs and commercial paper, which supports a measured, liquidity-focused profile for investors who prefer controlled movement over aggressive upside.

Published on 4 September 2026 at 10:08 AM IST