ICICI Pru Nifty Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Nifty Midcap 150 Index Fund Direct Growth Plan is at ₹20.0281 as of 16 Sep 2026, with scheme AUM of ₹1,328 Cr. Its 1-year, 3-year and 5-year returns are 2.99%, 13.84% and 0%, and the fund sits in the High Risk bucket. Our view is that this is a mid-cap index option for investors who can accept sharp swings in the short run and want a simple passive approach rather than a smoother return path.
The recent return trend has been weaker than its 3-year record, but the fund has still outpaced the benchmark over 1-year and 3-year periods. The portfolio is spread across 83 holdings, which can help reduce single-stock dependence, though the largest weights still sit in a few names.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹20.0281 as of 16 Sep 2026 |
| AUM | ₹1,328 Cr |
| Expense Ratio | 0.3% |
| Launch Date | 22 Dec 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Nishit Patel, Ajaykumar Solanki, Ashwini Shinde, Venus Ahuja |
The fund is managed by Nishit Patel, Ajaykumar Solanki, Ashwini Shinde and Venus Ahuja.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.59% | -4.41% |
| 3M | -1.65% | -3.6% |
| 1Y | 2.99% | -7.76% |
| 3Y | 13.84% | 5.74% |
| 5Y | Data not available | Data not available |
Performance has been choppy in the near term. Over 1 month and 3 months, the fund stayed negative, and the 1-month fall was slightly deeper than the benchmark. That tells us the mid-cap segment remained under pressure even after a longer run of strength.
The 1-year picture is more constructive because the fund stayed positive while the benchmark was negative. That gap suggests the underlying index exposure has held up better than the broader reference index over the last year, even though the pace of gains was not especially strong by itself.
The 3-year record is more important for this scheme because it is still relatively young. On that horizon, the fund has built a clearly stronger return base than the benchmark, which indicates that the passive mid-cap exposure has compounded better than the chosen benchmark over a fuller market cycle.
The recent softness does not fully reverse that longer trend, but it does show that the path has not been smooth. For investors, the key point is that this fund has shown better medium-term compounding than the benchmark, while short-term fluctuations remain meaningful.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty Midcap 150 Index?
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 Nifty Midcap 150 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty Midcap 150 Index Fund Direct Growth Plan | 2.99% | 13.84% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is far below the strongest peer figures in this set, while its 3-year return is also lower than the best available peer numbers. That said, the comparison is not one-sided: the fund still shows a clearer long-term record than some peers where 3-year data is unavailable. The short-term gap and the medium-term gap point in the same direction here, which means the fund has not matched the stronger peer return profile over either horizon.
Even so, the peer table does not suggest a broken strategy; it suggests a different return path. For an index fund with a mid-cap mandate, the key question is less about one-year spikes and more about whether the multi-year pattern is acceptable. On that measure, the fund has a steadier case than the benchmark, but several peer funds have produced much sharper recent gains.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| BSE Ltd. | Finance | 3.13% |
| The Federal Bank Ltd. | Bank | 2.05% |
| Multi Commodity Exchange of India Ltd. | Finance | 2.03% |
| Laurus Labs Ltd. | Healthcare | 1.74% |
| One 97 Communications Ltd | IT | 1.69% |
| Hero Motocorp Ltd. | Automobile & Ancillaries | 1.65% |
| Coforge Ltd. | IT | 1.61% |
| Indusind Bank Ltd. | Bank | 1.56% |
| PB Fintech Ltd. | IT | 1.52% |
| Bharat Heavy Electricals Ltd. | Capital Goods | 1.51% |
The largest holding, BSE Ltd., is 3.13%, which is modest in absolute terms for a single stock but still large enough to matter in a passive portfolio. The tenth holding, Bharat Heavy Electricals Ltd., is 1.51%, so the weight drops by 1.62 percentage points across the top 10 names.
That spacing suggests the top end is not dominated by one oversized position, yet the fund is still led by a handful of relatively close weights. The top 10 holdings account for approximately 18.49% of the portfolio, which points to a long tail beyond the visible list rather than a narrow, highly concentrated structure.
With 83 disclosed holdings, the scheme appears broadly spread across many names. At the same time, the first few positions may still have greater influence on day-to-day movement than the rest of the list, especially when the underlying mid-cap segment is volatile.
To see all holdings, visit the ICICI Pru Nifty Midcap 150 Index Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund suits investors with a high risk tolerance and a medium-to-long holding horizon who are comfortable with mid-cap volatility. The 1-year return has been soft relative to the stronger 3-year record, so the entry point matters less than the ability to stay invested through swings.
The main trade-off is clear: you get broad, rules-based mid-cap exposure, but the ride can be uneven and benchmark-like outcomes may lag stronger peer funds in some periods. Investors who want a simple index approach and can accept sharp drawdowns may find the risk-reward pattern understandable; those who need smoother year-by-year results may not.
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: No exit load if units are sold anytime.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty Midcap 150 Index Fund Direct Growth Plan?
It is ₹20.0281 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 2.99%, its 3-year return is 13.84%, and its 5-year return is Data not available.
How does it compare with the benchmark?
The fund has beaten the benchmark over 1 year and 3 years. The benchmark return is -7.76% over 1 year and 5.74% over 3 years.
How does it compare with the peer funds shown here?
Its 1-year return is lower than the stronger peer figures shown, while its 3-year return is also below the best available peer numbers. Some peers do not have 3-year or 5-year data available.
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 Nishit Patel, Ajaykumar Solanki, Ashwini Shinde and Venus Ahuja. There is no exit load if units are sold anytime.
Bottom line
This fund’s recent performance has been softer than its 3-year record, but it still holds a clearer edge over the benchmark on the available 1-year and 3-year figures. The peer set shows that some comparable index funds have delivered much stronger recent returns, so this scheme does not stand out on short-term momentum. Its High Risk profile, mid-cap exposure and 83-holding structure make it a fit for investors who can tolerate volatility and are comfortable with a long enough horizon for the compounding pattern to matter.
Published on 17 September 2026 at 12:54 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.