ICICI Pru Diversified Equity All Cap Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Diversified Equity All Cap Active FOF Direct Growth Plan is at ₹10.5327 as of 16 Sep 2026, with AUM of ₹954 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and it carries a High Risk tag. In our view, this looks suited only to investors who are comfortable with sharp swings and are willing to wait for the portfolio to settle into a longer track record.

The fund has no long return history yet, so our read is driven more by its current structure than by any established performance pattern. The portfolio is built around diversified domestic equity fund holdings, which can broaden exposure, but the near-term return trend has been weak versus the benchmark.

Quick facts

Particular	Details
NAV	₹10.5327 as of 16 Sep 2026
AUM	₹954 Cr
Expense Ratio	0.0%
Launch Date	20 Mar 2026
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Dharmesh Kakkad, Sharmila Dsilva

The fund is managed by Dharmesh Kakkad and Sharmila Dsilva.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.85%	-4.41%
3M	-1.65%	-3.6%
1Y	0%	Data not available
3Y	0%	Data not available
5Y	0%	Data not available

The recent pattern is mixed rather than cleanly one-directional. Over one month, the fund fell more than the benchmark, which suggests a softer recent stretch. Over three months, however, it held up better than the benchmark, so the short window does not point to a steady underperformance trend.

Because the scheme was launched only in March 2026, the 1-year, 3-year and 5-year figures do not yet reflect a full market cycle. That means the longer-horizon return lines are not a mature test of compounding. Our view is that the fund should be judged more on how consistently it builds its portfolio exposure than on these early-period return prints.

Against the benchmark, the fund has lagged in the latest one-month view but been ahead over three months. That split matters because it suggests the path of returns has been uneven. For investors, the key takeaway is that there is not yet enough history here to treat the fund’s early numbers as a stable pattern.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD ICICI Pru Diversified Equity All Cap Active FOF?

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 Diversified Equity All Cap Active FOF Direct Growth Plan	0%	0%	0%
Axis Gold and Silver Passive FoF Direct Growth Plan	Data not available	Data not available	Data not available
HSBC Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Bandhan Silver ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
The Wealth Company Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Mirae Asset BSE Midcap 150 Momentum 30 ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available

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

On the available return fields, the fund’s recent performance is easier to compare than its longer history, because the peer set does not provide usable 1-year, 3-year or 5-year returns for the other schemes shown here. That leaves the current fund as the only one with visible return figures in this comparison, but it does not create a ranking. The more useful reading is that the fund’s early record still needs time before it can be judged against a fuller peer history.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Large & Mid Cap Fund – Direct Plan – Growth	Domestic Mutual Funds Units	36.71%
ICICI Prudential Large Cap Fund – Direct Plan – Growth	Domestic Mutual Funds Units	33.37%
ICICI Prudential Multicap Fund – Direct Plan – Growth	Domestic Mutual Funds Units	12.69%
ICICI Prudential Smallcap Fund – Direct – Growth	Domestic Mutual Funds Units	9.51%
ICICI Prudential Focused Equity Fund – Direct – Growth	Domestic Mutual Funds Units	4.79%
TREPS	Cash & Cash Equivalents and Net Assets	3.42%

The largest holding is ICICI Prudential Large & Mid Cap Fund – Direct Plan – Growth at 36.71%, which is a very meaningful weight for a single position in a fund-of-funds structure. The next two holdings are also large at 33.37% and 12.69%, so the top of the portfolio is clearly doing most of the work.

Weight then steps down to 9.51% and 4.79% before cash and cash equivalents at 3.42%. That drop from the largest position to the smallest disclosed holding suggests the portfolio is tilted toward a few core building blocks rather than spread evenly across many small positions.

Because every disclosed holding is visible here and the disclosed holdings sum to 100%, the structure appears concentrated within the small set of underlying fund units rather than stretched across a long tail. That may make the portfolio easier to understand, but it also means a handful of holdings could have greater influence on the fund’s path.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and are comfortable with early-stage uncertainty. The launch is recent, so the return record is still short, and the available near-term pattern has been uneven against the benchmark.

It is more appropriate for a longer horizon than for someone looking for a settled performance history. The main trade-off is that the portfolio gives broad exposure through other equity funds, but the fund still needs time before its return pattern becomes easier to judge.

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: 1% on or before 1Y, Nil after 1Y.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Diversified Equity All Cap Active FOF Direct Growth Plan?
The NAV is ₹10.5327 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year, 3-year and 5-year returns are 0%, 0% and 0%.

How does it compare with the benchmark?
Over 1 month, the fund lagged the benchmark, while over 3 months it held up better. The benchmark-linked long-horizon figures are not available for a direct like-for-like comparison.

Who manages the fund?
Dharmesh Kakkad and Sharmila Dsilva manage the fund.

What is the exit load?
The exit load is 1% on or before 1 year and nil after 1 year.

What does the portfolio look like?
The portfolio is concentrated in a few domestic mutual fund units, led by ICICI Prudential Large & Mid Cap Fund – Direct Plan – Growth at 36.71%.

Bottom line

This fund’s short-term return pattern has been uneven, with one month weaker than the benchmark and three months stronger. The longer-horizon return fields do not yet offer a mature track record, so the fund is still in the early part of its life cycle.

What stands out more is the portfolio structure: it is concentrated in a handful of underlying fund units, led by a large position in one holding. For investors who accept High Risk and want equity exposure through a fund-of-funds structure, the key question is whether they are comfortable waiting for a longer history to develop.

Published on 17 September 2026 at 3:44 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.