ICICI Pru Nifty SDL Sep 2027 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 SDL Sep 2027 Index Fund Direct Growth Plan is priced at ₹13.3009 as of 16 Sep 2026, with scheme AUM of ₹1,448 Cr. Its 1-year, 3-year and 5-year returns are 6.14%, 7.51% and 0% respectively, and the fund sits in the Balanced Risk bucket. Our view is that it has shown a modestly steady longer-term profile, but the short run has been more muted than the benchmark behaviour would suggest.
The fund can suit investors who want a defined-duration index strategy and can accept moderate movement in returns rather than fast compounding. The portfolio is dominated by state government securities, which makes the holding mix straightforward and relatively transparent.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹13.3009 as of 16 Sep 2026 |
| AUM | ₹1,448 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 24 Mar 2022 |
| Min SIP | ₹500 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Darshil Dedhia, Rohit Lakhotia |
The fund is managed by Darshil Dedhia and Rohit Lakhotia.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.26% | -4.41% |
| 3M | 1.66% | -3.6% |
| 1Y | 6.14% | -7.76% |
| 3Y | 7.51% | 5.74% |
| 5Y | Data not available | Data not available |
Recent performance has been better than the benchmark over the last 1 month, 3 months and 1 year, but the gap is especially clear in the shorter windows because the benchmark itself has been weak. That tells us the fund has held up better through the recent patch, even though the absolute gains remain small.
Over 3 years, the picture is more balanced. The fund’s 7.51% return is ahead of the benchmark’s 5.74%, which suggests it has compounded slightly better over the measured period. The 1-year and 3-month trends also remain positive, so the recent recovery is not out of line with the longer pattern, even if it is not especially strong in absolute terms.
The time pattern points to a fund that has moved in a relatively controlled way rather than with sharp swings. The 3-year journey shows gradual improvement rather than a burst of performance, which fits a strategy that is designed to track a fixed income-style index closely. For investors, the main point is that this has been a steadier than dramatic compounding story.
We would read the 5-year field cautiously because the scheme was launched in 2022, so the available track record does not support a meaningful five-year comparison yet. In practical terms, the usable evidence comes from the 1-year and 3-year figures, and both suggest a modest edge over the benchmark rather than a decisive lead.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD ICICI Pru Nifty SDL Sep 2027 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 SDL Sep 2027 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Nifty SDL Sep 2027 Index Fund Direct Growth Plan | 6.14% | 7.51% | 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. On the available 1-year figures, this fund trails the stronger peer returns by a wide margin, although its 6.14% still remains positive. The longer window is more mixed: its 3-year return is ahead of one peer with a 3-year record in this set, but well below the higher-growth peers that have posted materially stronger gains over the same broad review frame. The short-term and longer-term peer stories therefore point in different directions, which is typical when a fund is tied to a narrower fixed-income theme rather than a high-growth equity style.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 7.2% State Government of Maharashtra | Government Securities | 10.99% |
| 7.25% State Government of Gujarat | Government Securities | 10.87% |
| 7.38% State Government of Karnataka | Government Securities | 9.08% |
| 7.45% State Government of Rajasthan | Government Securities | 8.45% |
| 7.46% State Government of Madhya Pradesh | Government Securities | 6.99% |
| 8.61% State Government of Tamil Nadu | Government Securities | 4.53% |
| 6.12% State Government of Karnataka | Government Securities | 4.14% |
| 7.18% State Government of Tamil Nadu | Government Securities | 3.76% |
| 7.29% State Government of Uttar Pradesh | Government Securities | 3.62% |
| 6.43% State Government of Maharashtra | Government Securities | 3.46% |
The top 10 holdings account for approximately 65.89% of the portfolio.
To see all holdings, visit the ICICI Pru Nifty SDL Sep 2027 Index Fund Direct Growth Plan page
The largest holding is 7.2% State Government of Maharashtra at 10.99%, which is a meaningful single position for a fund built around sovereign-linked debt. The next few holdings remain close in size, so the drop from the largest to the tenth holding is gradual rather than abrupt. That pattern suggests the portfolio is not dominated by one overwhelming line item.
At the same time, the top 10 holdings together make up 65.89% of the disclosed portfolio, so a relatively small set of securities may still carry a large share of the portfolio weight. Because the fund discloses 32 holdings in total, the remaining positions form a longer tail that can help spread exposure beyond the largest names. Our view is that the structure looks moderately concentrated at the top, but not narrowly concentrated in only one or two holdings.
The repeated presence of state government securities across the table also shows that the fund’s visible exposure is highly specific. That can make the portfolio easier to read, but it also means the return profile is likely to be driven more by the chosen SDL mix and duration profile than by broad diversification across many different asset classes.
Source data date: as of 16 Sep 2026
Who should invest
This fund may suit investors who are comfortable with a Balanced Risk profile and who want an index-style debt strategy rather than a high-growth equity path. The return pattern is steady but not high-octane: it has done better than the benchmark over 1 year and 3 years, yet the absolute numbers remain modest. That makes it more relevant for investors with a medium-term horizon who value relative stability and can accept that gains may build gradually.
The main trade-off is simple. You get a transparent portfolio of state government securities and a return path that has held up better than the benchmark, but you should not expect equity-like upside. Investors comparing this with more aggressive peers may see that its role is different: it is built for measured compounding, not rapid growth.
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 |
No exit load applies.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Nifty SDL Sep 2027 Index Fund Direct Growth Plan?
The current NAV is ₹13.3009 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 6.14% and the 3-year return is 7.51%. The 5-year return is not available as a meaningful track record for this scheme.
How does the fund compare with its benchmark?
It has outperformed the benchmark over 1 month, 3 months, 1 year and 3 years. The 1-year comparison is 6.14% for the fund versus -7.76% for the benchmark, while the 3-year comparison is 7.51% versus 5.74%.
How does it compare with the peer funds listed here?
Its 1-year return of 6.14% is below the stronger peer figures shown here, while its 3-year return of 7.51% is ahead of peer names in this set that do not have a 3-year record or have a much lower comparable return. The comparison therefore looks mixed across horizons.
What is the minimum SIP amount?
Minimum SIP is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Darshil Dedhia and Rohit Lakhotia. No exit load applies.
Bottom line
This fund’s recent performance is steadier than dramatic, but it has still held up better than the benchmark over the measured periods. Against the peer set shown here, the short-term return is modest, while the longer comparison is more balanced. The Balanced Risk label, the concentrated state-government-security mix, and the gradual compounding profile all point to a fund that may appeal more to investors seeking a defined-duration, transparent debt-style allocation than to those chasing high upside.
Published on 17 September 2026 at 2:44 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.