ICICI Pru Retirement Fund-Hybrid Cons Direct Growth Plan Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Retirement Fund-Hybrid Cons Plan Direct Growth Plan has a NAV of ₹20.0805 as of 15 Sep 2026 and an AUM of ₹97 Cr. Its 1-year, 3-year and 5-year returns are 5.21%, 9.5% and 8.61%, and the scheme sits in the Medium Risk category. Our view is that this is a solution-oriented retirement fund with a conservative-leaning structure, so the return pattern looks steadier than aggressive equity-led options, but still not strong enough to call it a high-momentum compounder.
The 5-year number is reasonable, the 3-year figure is slightly better, and the 1-year return has been softer, which suggests recent weakness after a more stable longer run. The portfolio is anchored by government securities, cash-like holdings and debt exposure, so it may suit investors who want a long horizon and moderate risk rather than fast upside.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹20.0805 as of 15 Sep 2026 |
| AUM | ₹97 Cr |
| Expense Ratio | 0.94% |
| Launch Date | 27 Feb 2019 |
| Min SIP | ₹100 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Solution Oriented |
| Exit Load | No exit load |
| Fund Managers | Manasvi Shah, Darshil Dedhia, Rohit Lakhotia |
The fund is managed by Manasvi Shah, Darshil Dedhia, and Rohit Lakhotia.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.65% | -4.81% |
| 3M | 0.82% | -3.63% |
| 1Y | 5.21% | -8.27% |
| 3Y | 9.5% | 5.59% |
| 5Y | 8.61% | 5.58% |
In the last month, the fund was negative, but it still held up better than the benchmark. The three-month return has turned mildly positive while the benchmark remained weaker, which tells us the fund has been more resilient in the shorter window even without showing strong upside.
The 1-year picture is more useful for understanding the recent cycle. A 5.21% return versus the benchmark’s -8.27% shows that the fund protected capital much better over that stretch, even though the absolute gain was modest. That is consistent with a portfolio built around government securities, debt and cash-like positions.
Over 3 years and 5 years, the fund has compounded at 9.5% and 8.61%, both ahead of the benchmark’s 5.59% and 5.58%. The longer record therefore looks healthier than the short-term patch, which suggests the fund has been able to deliver steady medium-term compounding without depending on sharp equity-like swings.
The daily pattern through the recent periods also looks uneven rather than smooth. That matters because this is not a fund that seems to rely on one-way momentum; instead, it has moved through phases of modest gains and occasional pullbacks. For a retirement-oriented structure, that behaviour is not unusual, but it does mean investors should judge it on consistency over several years rather than on a single quarter.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD ICICI Pru Retirement Fund-Hybrid Cons Plan?
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 Retirement Fund-Hybrid Cons Plan? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Retirement Fund-Hybrid Cons Plan Direct Growth Plan | 5.21% | 9.5% | 8.61% |
| Aditya Birla SL Retirement Fund-30 Direct Growth Plan | 11.24% | 14.92% | 11.8% |
| Tata Retirement Sav Fund – Prog Plan Direct Growth Plan | 7.73% | 12.85% | 11% |
| Tata Retirement Sav Fund – Mod Plan Direct Growth Plan | 7.39% | 12.13% | 10.87% |
| ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan | 5.77% | 16.4% | 14.68% |
| SBI Retirement Benefit Fund-Aggressive Hybrid Plan Direct Growth Plan | 5.21% | 9.02% | 11.33% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the latest 1-year number, the fund trails Aditya Birla SL Retirement Fund-30 Direct Growth Plan, Tata Retirement Sav Fund – Prog Plan Direct Growth Plan and Tata Retirement Sav Fund – Mod Plan Direct Growth Plan. It is, however, ahead of SBI Retirement Benefit Fund-Aggressive Hybrid Plan Direct Growth Plan on the same period and slightly behind ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan.
The longer record is less flattering than the recent short-term showing. The fund’s 3-year and 5-year returns are below most of the peers listed here, including both Tata retirement funds and the Aditya Birla scheme, while the ICICI aggressive hybrid option has stronger long-term figures still. That makes the current fund look more conservative in outcome, even if the gap is not extreme.
The short-term and longer-term comparisons tell slightly different stories. Recent resilience versus the benchmark is visible, but the peer set still shows stronger compounding elsewhere over 3 and 5 years. So the fund’s case is more about stability and retirement-style structure than about standing out on raw return strength.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 6.94% Government Securities | Government Securities | 23.71% |
| TREPS | Cash & Cash Equivalents and Net Assets | 10.7% |
| 7.34% Government Securities | Government Securities | 5.91% |
| 8.6% Housing and Urban Development Corporation Ltd. ** | Corporate Debt | 5.26% |
| 7.62% NABARD | Corporate Debt | 5.12% |
| 8.3% Rural Electrification Corporation Ltd. ** | Corporate Debt | 4.18% |
| 6.9% Government Securities | Government Securities | 3.72% |
| 8.5% Nirma Ltd. ** | Corporate Debt | 3.59% |
| India Universal Trust Al1 ** | PTC & Securitized Debt | 2.24% |
| Life Insurance Corporation of India | Insurance | 2.16% |
The top 10 holdings account for approximately 66.59% of the portfolio. That is a meaningful concentration in a limited set of positions, especially because the largest single holding alone is 23.71% and the second largest adds another 10.7% in cash-like exposure.
The weight drops fairly quickly after the first few lines. From 23.71% to 10.7%, then to 5.91% and into the 5% range, the structure shows that the fund leans heavily on a handful of core allocations rather than spreading weight evenly across many similar positions.
At the same time, the disclosed portfolio is not narrowly concentrated in one security only. There are 37 total holdings shown, so the tail is still long enough to provide breadth. Our view is that this mix may help keep the fund anchored by government securities and credit exposure while still leaving room for additional smaller positions to contribute in a supporting role.
To see all holdings, visit the ICICI Pru Retirement Fund-Hybrid Cons Plan Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund fits investors who are comfortable with moderate risk and a retirement-style structure, rather than those who want fast upside. The 1-year return has been weaker than the 3-year and 5-year numbers, but the longer track record still shows better compounding than the benchmark over the same horizons.
It is best viewed as a long-horizon option where steadier asset mix matters more than aggressive market participation. The main trade-off is that the portfolio’s conservative tilt may help cushion swings, but it can also limit how quickly returns accelerate when risk assets rally.
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.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Retirement Fund-Hybrid Cons Plan Direct Growth Plan?
Its current NAV is ₹20.0805 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.21% for 1 year, 9.5% for 3 years and 8.61% for 5 years.
How does it compare with the benchmark?
It has outpaced the benchmark over 1, 3 and 5 years. The benchmark’s returns are -8.27% over 1 year, 5.59% over 3 years and 5.58% over 5 years.
How does it compare with other retirement funds in the peer set?
Its recent return is below several peers, while its 3-year and 5-year figures are also weaker than most of the comparison funds shown here. The gap is most visible against Aditya Birla SL Retirement Fund-30 Direct Growth Plan and the two Tata retirement funds.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What are the risk, portfolio and exit-load features?
The fund is in the Medium Risk category and has a portfolio led by government securities, TREPS and corporate debt. It has no exit load, and the fund is managed by Manasvi Shah, Darshil Dedhia and Rohit Lakhotia.
Bottom line
The fund’s latest 1-year return looks softer than its 3-year and 5-year record, so the near-term picture is less convincing than the longer-term one. Against the benchmark, it has done better across all the main periods, but the peer set shows stronger compounding in several comparable retirement funds. The portfolio is anchored by government securities and other defensive positions, which supports a steadier profile. That makes it a more suitable fit for investors who want a medium-risk, long-horizon retirement-oriented allocation.
Published on 16 September 2026 at 11:59 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.