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

ICICI Pru Dividend Yield Fund Direct Growth Plan had a NAV of ₹58.07 as of 10 Sep 2026 and an AUM of ₹6,711 Cr. Its 1-year, 3-year and 5-year returns are -1.21%, 14.77% and 17.14%, and the scheme is tagged as High Risk. Our view is that it may suit investors who can accept equity volatility and want a dividend-yield-oriented portfolio with a clear large-cap tilt.

The fund has outpaced its benchmark over 3 years and 5 years, but the latest 1-year return is negative. That combination suggests a fund with meaningful longer-term compounding potential, yet enough near-term swings that it is better assessed over multi-year periods rather than a single year.

Quick facts

Particular	Details
NAV	₹58.07 as of 10 Sep 2026
AUM	₹6,711 Cr
Expense Ratio	0.56%
Launch Date	16 May 2014
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	Mittul Kalawadia

The fund is managed by Mittul Kalawadia.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.49%	-4.06%
3M	0.66%	1.37%
1Y	-1.21%	-7.31%
3Y	14.77%	6.07%
5Y	17.14%	5.91%

The short-term pattern has been mixed. The fund slipped over 1 month and also lagged the benchmark over 3 months, even though both have been weak over the very short term. That tells us the recent stretch has not been smooth, and the fund has still been moving in line with a choppy equity market rather than showing a clean defensive profile.

The 1-year figure is more important for context because it shows the fund finishing slightly negative while the benchmark fell much more sharply. In our view, that means the fund preserved relative value better than the index over the past year even though absolute returns were still under pressure. For an equity fund in the high-risk bucket, that kind of relative resilience matters.

Over 3 years and 5 years, the picture is stronger. The fund’s returns are well ahead of the benchmark in both periods, which points to better compounding through a full market cycle than the index delivered. The gap between the recent 1-year result and the longer-term record suggests that the fund can be volatile in the short run, but its longer horizon has been more rewarding.

That makes the fund more suitable for investors who judge performance over rolling multi-year periods. We would not read the latest 1-month or 3-month move in isolation, because the longer-term return profile is clearly more important for understanding what this strategy has done through different market phases.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD ICICI Pru Dividend Yield?

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 Dividend Yield Fund Direct Growth Plan	-1.21%	14.77%	17.14%
Tata Dividend Yield Fund Direct Growth Plan	13.56%	14.62%	14.16%
LIC MF Dividend Yield Fund Direct Growth Plan	7.63%	18.61%	15.65%
Aditya Birla SL Dividend Yield Fund Direct Growth Plan	5.04%	12.48%	13.7%
SBI Dividend Yield Fund Direct Growth Plan	4.28%	11.22%	Data not available
Baroda BNP Paribas Dividend Yield Fund Direct Growth Plan	3.58%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year returns, the fund trails the peer set shown here because several comparators posted positive double-digit gains while this fund was slightly negative. The longer record is more balanced: its 3-year return is competitive, but its 5-year return is higher than the available peer figures shown for most funds in this table.

That split matters. The recent period has been weaker than the stronger peer names, yet the 3-year and 5-year numbers show that the fund has still compounded well over longer holding periods. So the short-term comparison is less favorable than the medium- and long-term picture, and investors need to decide whether they are judging this strategy on recent softness or on its broader cycle performance.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	6.93%
ICICI Bank Ltd.	Bank	6.7%
Sun Pharmaceutical Industries Ltd.	Healthcare	5.4%
Axis Bank Ltd.	Bank	4.32%
Reliance Industries Ltd.	Crude Oil	3.91%
NTPC Ltd.	Power	3.34%
Maruti Suzuki India Ltd.	Automobile & Ancillaries	3.25%
Interglobe Aviation Ltd.	Aviation	3.16%
TREPS	Cash & Cash Equivalents and Net Assets	3.03%
Larsen & Toubro Ltd.	Infrastructure	3%

The top 10 holdings account for approximately 43.04% of the portfolio.

To see all holdings, visit the ICICI Pru Dividend Yield Fund Direct Growth Plan page

The largest holding, HDFC Bank Ltd., carries a 6.93% weight, so no single position dominates the portfolio by itself. The tenth holding is still 3%, which means the weights do not fall off sharply at the bottom of the visible list. That profile suggests the scheme is spread across several meaningful positions rather than being driven by one or two names.

Even so, the top 10 holdings together make up about 43.04% of the portfolio, so the rest of the exposure sits across a longer tail of 51 disclosed holdings. In our view, that combination may moderate single-stock dependence while still leaving enough stock-specific influence for individual holdings to matter. The visible mix also leans heavily toward banks, which may shape how the portfolio behaves when financials move differently from the broader market.

Source data date: as of 10 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk equity exposure and can stay invested for a multi-year horizon. The 1-year return was negative, but the 3-year and 5-year results were clearly stronger and beat the benchmark, which means the fund has rewarded patience more than short holding periods.

The main trade-off is straightforward: you accept short-term volatility and occasional drawdowns in exchange for the possibility of better compounding over longer periods. Because the portfolio is led by large financial and other established companies, it may appeal to investors who want an equity fund with a more established-stock tilt, but the recent return pattern shows that even that style can move around meaningfully.

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 applies as 1% if units are sold on or before 1 year, and it is nil after 1 year.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Dividend Yield Fund Direct Growth Plan?

The current NAV is ₹58.07 as of 10 Sep 2026.

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

The fund’s returns are -1.21% for 1 year, 14.77% for 3 years and 17.14% for 5 years.

How does the fund compare with its benchmark?

It has outperformed the Nifty 50 over 3 years and 5 years, while the 1-year return was less negative than the benchmark.

How does it compare with peer dividend yield funds?

Its 1-year return is weaker than several peers in the table, but its 3-year and 5-year returns are competitive and stronger than some longer-period peer figures shown there.

What is the exit load?

The exit load is 1% if units are sold on or before 1 year, and nil after 1 year.

Who manages the fund?

The fund is managed by Mittul Kalawadia.

Bottom line

This fund’s recent performance is weaker than its longer-term record, but the 3-year and 5-year numbers still show solid compounding against the benchmark. In the peer table, the short-term picture looks less favorable, while the longer-term picture remains more competitive. The portfolio is fairly spread out, yet banks occupy several of the largest positions, so the fund may still be influenced by financial-sector moves. Overall, it fits investors who can handle High Risk equity swings and are willing to judge the strategy over years rather than quarters.

Published on 11 September 2026 at 2:14 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.