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

Updated: 10 Sept 2026 • 1:55 pm

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

ICICI Pru Credit Risk Fund Direct Growth Plan is priced at ₹38.7481 as of 09 September 2026, and its scheme AUM is ₹6,332 Cr. Its 1-year, 3-year and 5-year returns are 8.82%, 9.17% and 8.03% respectively. The fund sits in the High Risk category, so our view is that it suits investors who can accept credit-driven volatility and still want a debt fund with a measured, return-seeking profile.

The record is steady rather than fast-moving: returns have stayed positive across the 1Y, 3Y and 5Y windows, but the recent path has been modest versus the benchmark and uneven in places. That makes it more relevant for investors who can tolerate periods of underperformance in exchange for a diversified credit-oriented portfolio and a long holding horizon.

Table of Contents

Quick facts

Particular	Details
NAV	₹38.7481 as of 09 Sep 2026
AUM	₹6,332 Cr
Expense Ratio	0.76%
Launch Date	02 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	Nil upto 10% of units and 1% on remaining units on or before 1Y, Nil after 1Y
Fund Managers	Manish Banthia, Akhil Kakkar

The fund is managed by Manish Banthia and Akhil Kakkar.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.35%	-4.69%
3M	2.56%	0.93%
1Y	8.82%	-7.16%
3Y	9.17%	6%
5Y	8.03%	5.87%

The recent numbers are mixed in tone. Over 1 month and 3 months, the fund stayed in positive territory, which suggests it has held up better than the benchmark over the very short run. The 1-year figure is also positive, and that is important because it shows the fund has still compounded through a difficult benchmark backdrop.

At the same time, the path has not been smooth. The movement visible over the intermediate periods suggests a fund that can recover, but not in a straight line. That matters for credit-oriented debt exposure, because returns may depend on portfolio positioning as well as market conditions.

Against the benchmark, the fund is ahead over 1 month, 1 year, 3 years and 5 years. The only period where the benchmark has the edge is 3 months, where the fund’s gain is lower. Our read is that the longer window is more relevant here: the 3Y and 5Y outcomes show a stable compounding pattern, even though the latest quarter was softer than the benchmark’s move.

What stands out most is that the fund’s longer-term return profile is consistent with a debt scheme that is taking credit exposure rather than simply hugging a low-volatility benchmark. That can improve return potential, but it also means the journey can be uneven. Investors should therefore judge it on a full cycle rather than on one or two recent months.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD ICICI Pru Credit Risk?

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 Credit Risk? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru Credit Risk Fund Direct Growth Plan	8.82%	9.17%	8.03%
Bank of India Credit Risk Fund Direct Growth Plan	17.99%	10.12%	27.79%
Aditya Birla SL Credit Risk Fund Direct Growth Plan	13.04%	13.21%	10.92%
DSP Credit Risk Fund Direct Growth Plan	11.4%	16.84%	13.37%
Axis Credit Risk Fund Direct Growth Plan	8.76%	8.86%	7.7%

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

On the latest 1-year figures, this fund trails the stronger peer results shown here, although it is close to Axis Credit Risk Fund Direct Growth Plan. Over 3 years, it sits below DSP Credit Risk Fund Direct Growth Plan and Aditya Birla SL Credit Risk Fund Direct Growth Plan, but it is ahead of Axis Credit Risk Fund Direct Growth Plan. The 5-year comparison shows a similar pattern: the fund is behind Bank of India Credit Risk Fund Direct Growth Plan, DSP Credit Risk Fund Direct Growth Plan and Aditya Birla SL Credit Risk Fund Direct Growth Plan, while staying ahead of Axis Credit Risk Fund Direct Growth Plan.

That mix tells a clear story. The shorter-term numbers do not point to the same momentum that some peers have shown, and the 5-year figure also remains more restrained than the better-performing peers in this group. Still, the fund has held above one peer across all three lookback periods, so the comparison is not uniformly weak. It looks more like a middle-of-the-pack credit-risk outcome than a standout return profile.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
JTPM Metal Traders Ltd. **	Corporate Debt	3.92%
Embassy Office Parks Reit	Finance	3.32%
9.4% Vedanta Ltd.	Corporate Debt	3.17%
8.7% Adani Enterprises Ltd. **	Corporate Debt	3.16%
7.65% Truhome Finance Ltd. **	Corporate Debt	3.11%
10.81% Bamboo Hotels & Global Centre (Delhi) Pvt Ltd. **	Corporate Debt	2.93%
8% Adani Power Ltd. **	Corporate Debt	2.75%
9.25% Keystone Realtors Ltd. **	Corporate Debt	2.7%
Net Current Assets	Cash & Cash Equivalents and Net Assets	2.42%
8.5% Nirma Ltd. **	Corporate Debt	2.37%

The top 10 holdings account for approximately 29.85% of the portfolio.

To see all holdings, visit the ICICI Pru Credit Risk Fund Direct Growth Plan page

The single largest holding is 3.92%, which is sizeable but not dominant on its own. The gap from the first holding to the tenth is modest, falling to 2.37%, so the visible book is spread across several similarly weighted positions rather than being driven by one or two outsized exposures.

That pattern suggests a portfolio that may rely on multiple credit and structured-debt positions to shape outcomes. With 29.85% of the portfolio shown across the top 10 holdings and 61 total disclosed holdings, the fund appears to have a meaningful tail beyond the largest positions. In our view, that can reduce dependence on any single line item, although the credit nature of the holdings still means individual selections may matter.

The mix is tilted heavily toward corporate debt, with only one of the top 10 entries shown as cash and cash equivalents and net assets. So while the individual weights are not extreme, the portfolio is still likely to be influenced by credit decisions more than by broad market moves.

Source data date: as of 09 Sep 2026

Who should invest

This fund is most suitable for investors who can tolerate High Risk in a debt scheme and who are comfortable with credit-driven ups and downs. The 1-year return is positive, but the more useful picture comes from the 3-year and 5-year figures, which show that the fund has compounded steadily over time without matching the stronger peer outcomes visible in the comparison set.

A longer investment horizon makes more sense here than a short holding period, especially because the benchmark comparison is uneven in the near term and the portfolio is built around multiple credit exposures. The main trade-off is clear: investors may get a return profile that is better than a plain low-volatility debt allocation, but they must accept the possibility of weaker patches and a less predictable path.

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 upto 10% of units and 1% on remaining units on or before 1Y, Nil after 1Y.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Credit Risk Fund Direct Growth Plan?
The current NAV is ₹38.7481 as of 09 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 8.82%, its 3-year return is 9.17%, and its 5-year return is 8.03%.

How has it performed against the benchmark?
It has outperformed the benchmark over 1 month, 1 year, 3 years and 5 years, while trailing it over 3 months.

How does it compare with peer funds on available return data?
Its return profile is more restrained than several peers in the comparison set, especially over 1 year and 5 years, though it is ahead of Axis Credit Risk Fund Direct Growth Plan across the displayed periods.

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 Akhil Kakkar. The exit load is nil upto 10% of units and 1% on remaining units on or before 1Y, and nil after 1Y.

Bottom line

ICICI Pru Credit Risk Fund Direct Growth Plan shows a steadier long-term return pattern than its latest quarter suggests, but its recent numbers are still softer than the stronger peer outcomes visible here. The fund carries High Risk within debt, and its portfolio is spread across many holdings rather than concentrated in one dominant position. For investors who want credit exposure and can stay patient through uneven stretches, it can fit a longer horizon better than a short-term allocation.

Published on 10 September 2026 at 1:52 PM IST

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.