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

ICICI Pru Conservative Hybrid Fund Direct Growth Plan has a NAV of ₹87.3908 as of 09 Sep 2026 and scheme AUM of ₹3,329 Cr. Its 1-year, 3-year and 5-year returns are 3.62%, 8.84% and 8.54% respectively, and the fund carries a High Risk tag. Our view is that it suits investors who want a conservative hybrid structure but are still comfortable with noticeable volatility and some equity-linked movement in performance.

The longer-term return profile has been steadier than the latest 1-year figure, which makes the recent stretch look softer than the 3-year and 5-year record. That pattern matters because the fund has not simply relied on a short burst of outperformance; instead, it has shown a moderate compounding profile with periods of uneven movement. For investors, that points to a fund that may work better as a multi-year holding than as a short-term parking place.

Quick facts

Particular	Details
NAV	₹87.3908 as of 09 Sep 2026
AUM	₹3,329 Cr
Expense Ratio	1.0%
Launch Date	03 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil on 30% of units within 1Y and 1% for more than 30% of units within 1Y, Nil after 1Y
Fund Managers	Manish Banthia, Akhil Kakkar, Roshan Chutkey

The fund is managed by Manish Banthia, Akhil Kakkar and Roshan Chutkey.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.05%	-4.69%
3M	1.39%	0.93%
1Y	3.62%	-7.16%
3Y	8.84%	6.00%
5Y	8.54%	5.87%

The last month was mildly negative for the fund, but it still fell less than the benchmark. That tells us the recent weakness was contained rather than severe, and the fund held up better than the index in a difficult short-term patch. Over three months, the fund stayed slightly ahead of the benchmark, which supports the view that the recent trend is improving from the weakest point in the short run.

The 1-year record is more useful for context because it shows the fund with a positive return while the benchmark was negative. That is a meaningful gap in favour of the fund, even though the pace of return is modest. The shape of the longer 3-year and 5-year record is more important for this scheme: both periods are near the same level, which suggests a fairly balanced compounding path rather than a dramatic step-up or collapse.

Our reading is that the fund has handled the benchmark comparison well across all measured periods, especially on the 1-year, 3-year and 5-year horizons. The short-term numbers do not look as strong as the multi-year record, but they also do not suggest a structural break in the fund’s behaviour. For a hybrid strategy, that mix of relative resilience and moderate growth is the core point to watch.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD ICICI Pru Conservative Hybrid?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru Conservative Hybrid Fund Direct Growth Plan	3.62%	8.84%	8.54%
Nippon India Conservative Hybrid Fund Direct Growth Plan	7.43%	8.73%	8.32%
Parag Parikh Conservative Hybrid Fund Direct Growth Plan	5.96%	9.53%	9.52%
SBI Conservative Hybrid Fund Direct Growth Plan	5.75%	8.46%	8.74%
Baroda BNP Paribas Conservative Hybrid Fund Direct Growth Plan	5.68%	8.56%	7.60%
Aditya Birla SL Conservative Hybrid Fund Direct Growth Plan	5.43%	8.80%	8.19%

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

On the latest 1-year figure, this fund trails the stronger peer readings in this set, though it still stays positive while the benchmark was negative. That means the recent return profile is not the strongest among the compared funds, but it is still better than a weak index backdrop. Over 3 years, the fund sits in the middle of this group and stays close to the better long-run names, while the 5-year figure remains competitive and edges ahead of several peers.

The key split is between the shorter and longer horizons. The 1-year number looks softer than the peer set, but the 3-year and 5-year figures tell a more balanced story and show that the fund has held its own over time. For investors comparing conservative hybrid options, that suggests the fund’s appeal comes more from consistency than from standout recent momentum.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.9% Government Securities	Government Securities	4.09%
8.7% Adani Enterprises Ltd. **	Corporate Debt	3.01%
8.73% Eris Lifesciences Ltd. **	Corporate Debt	3.01%
6.94% Government Securities	Government Securities	2.99%
8% Manappuram Finance Ltd. **	Corporate Debt	2.98%
8.4% Godrej Properties Ltd. **	Corporate Debt	2.26%
7.62% NABARD	Corporate Debt	2.25%
8.45% Muthoot Finance Ltd. **	Corporate Debt	2.24%
8.23% Godrej Industries Ltd. **	Corporate Debt	2.21%
Net Current Assets	Cash & Cash Equivalents and Net Assets	2.2%

The top 10 holdings account for approximately 27.24% of the portfolio.

To see all holdings, visit the ICICI Pru Conservative Hybrid Fund Direct Growth Plan page

The largest holding is 6.9% Government Securities at 4.09%, and the next few positions sit close together around the 3% mark. That tells us the portfolio does not rely on a single dominant position, even though the top holdings are visible enough to matter individually.

The drop from the largest holding to the tenth is not sharp in isolation, because the tenth position still carries 2.2%. In practice, that means the visible sleeve is spread across several debt-heavy positions rather than being anchored by one outsized bet. The mix of government securities, corporate debt and cash-like exposure may also help keep the portfolio from becoming too dependent on one issuer or one market move.

At the same time, the top 10 holdings together make up 27.24% of the portfolio, while the fund discloses 75 holdings in total. Our view is that this points to a reasonably broad tail beyond the top names, so the visible leaders matter but do not define the entire scheme. That balance may appeal to investors who want diversified exposure within a conservative hybrid structure.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can handle High Risk exposure and are comfortable with a hybrid strategy that can move unevenly in the short run. The 1-year result is softer than the 3-year and 5-year record, so the fund fits better for people who can stay invested through weaker patches rather than those looking for smooth month-to-month stability.

Its profile is more suitable for a multi-year horizon because the longer return record is steadier and the benchmark comparison has generally been supportive. Investors who value some resilience versus the benchmark but still want a return profile linked to equity and debt markets may find this balance useful. The main trade-off is that the fund may not always lead in the latest period, even if the broader trend remains workable over time.

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: Nil on 30% of units within 1Y and 1% for more than 30% of units within 1Y, Nil after 1Y.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Conservative Hybrid Fund Direct Growth Plan?

The current NAV is ₹87.3908 as of 09 Sep 2026.

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

Its 1-year return is 3.62%, its 3-year return is 8.84%, and its 5-year return is 8.54%.

How has the fund performed versus the benchmark?

The fund has beaten the benchmark across 1M, 3M, 1Y, 3Y and 5Y. The gap is especially clear over 1Y, where the fund is positive and the benchmark is negative.

How does it compare with the peer funds listed here?

The fund’s 1-year return is lower than several peers in this set, but its 3-year and 5-year figures remain competitive. That makes the latest period softer than the longer record.

Is there a minimum SIP amount?

The minimum SIP amount is ₹100.

What are the fund’s risk, portfolio and exit-load characteristics?

The fund is marked High Risk. Its top holdings are spread across government securities, corporate debt and cash-like assets, and the exit load is nil on 30% of units within 1 year, 1% for more than 30% of units within 1 year, and nil after 1 year.

Bottom line

This fund’s short-term showing is softer than its longer-term record, but it still compares favourably with the benchmark and remains broadly competitive on multi-year numbers. The portfolio leans toward debt and government securities among its largest holdings, which helps explain why it can look more balanced than a pure equity product while still carrying High Risk. For investors who can stay invested over several years and accept some uneven stretches, the fund offers a measured conservative-hybrid profile rather than a fast-moving return story.

Published on 10 September 2026 at 2:11 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.