ICICI Pru ELSS-Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru ELSS-Tax Saver Fund Direct Growth Plan has a NAV of ₹1,028.62 as of 09 Sep 2026 and scheme AUM of ₹14,285 Cr. Its 1-year, 3-year and 5-year returns are -1.4%, 10.66% and 10.19%, and the fund sits in the High Risk bucket. Our view is that this is a fund for investors who can tolerate sharp short-term swings in exchange for a steadier multi-year return profile.

The fund is not an obvious fit for very short holding periods because the recent return has been weak, but its longer-term numbers are still positive. The portfolio is led by banks, retail, healthcare, automobiles and infrastructure names, which gives it a diversified large-cap tilt rather than a narrow thematic profile.

Quick facts

Particular	Details
NAV	₹1,028.62 as of 09 Sep 2026
AUM	₹14,285 Cr
Expense Ratio	1.08%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load after holding period
Fund Managers	Mittul Kalawadia, Priyanka Khandelwal

The fund is managed by Mittul Kalawadia and Priyanka Khandelwal.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.72%	-4.69%
3M	4.17%	0.93%
1Y	-1.4%	-7.16%
3Y	10.66%	6%
5Y	10.19%	5.87%

The recent picture is mixed, but not weak across every horizon. Over 1 month the fund fell less than the benchmark, and over 3 months it recovered more strongly than the benchmark. That tells us the fund has been able to participate in rebounds even after periods of pressure.

The 1-year return remains negative, but it is still better than the benchmark’s deeper decline. So while the last year was not rewarding in absolute terms, the fund handled the same backdrop with less damage than the index.

The longer view is stronger. The 3-year and 5-year returns both stay ahead of the benchmark, which suggests the fund has compounded better over a full cycle than the benchmark used here. That matters more for an ELSS strategy than a single weak year, because tax-saving investors usually stay invested for the lock-in and often beyond it.

Our reading of the path is that the fund has shown recovery after drawdowns, but it has not been immune to volatility. The 3-year trend is better than the 1-year outcome, so the recent stretch looks softer than the medium-term record. For investors, that means the fund’s longer-term return profile is more convincing than its recent one.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD ICICI Pru ELSS-Tax Saver?

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 ELSS-Tax Saver Fund Direct Growth Plan	-1.4%	10.66%	10.19%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	15.62%	22.46%	17.66%
Quant ELSS Tax Saver Fund Direct Growth Plan	15.48%	14.66%	15.71%
JM ELSS-Tax Saver Fund Direct Growth Plan	9.59%	16.11%	14.7%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	8.53%	11.5%	15.93%
ITI ELSS Tax Saver Fund Direct Growth Plan	7.64%	17.03%	13.34%

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 stronger peer figures by a wide margin, even though it still beats the benchmark. That short-term gap is important, because recent momentum is clearly not as strong as the better peer names in the list.

The longer record is more balanced. Its 3-year and 5-year returns are ahead of some peers in the table, but behind the strongest multi-year figures. So the peer comparison gives a split message: the fund is not leading on the latest year, yet its longer-term outcome is solid enough to stay relevant within an ELSS shortlist.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	8.21%
HDFC Bank Ltd.	Bank	6.85%
Axis Bank Ltd.	Bank	5.69%
Avenue Supermarts Ltd.	Retailing	5.23%
Reliance Industries Ltd.	Crude Oil	5.06%
Sun Pharmaceutical Industries Ltd.	Healthcare	4.86%
TVS Motor Company Ltd.	Automobile & Ancillaries	4.85%
Larsen & Toubro Ltd.	Infrastructure	4.27%
TREPS	Cash & Cash Equivalents and Net Assets	3.71%
Maruti Suzuki India Ltd.	Automobile & Ancillaries	3.52%

The top 10 holdings account for approximately 52.25% of the portfolio.

To see all holdings, visit the ICICI Pru ELSS-Tax Saver Fund Direct Growth Plan page

The largest holding, ICICI Bank Ltd., stands at 8.21%, so it is meaningful but not dominant on its own. The next few positions also remain in mid-single digits, which tells us the fund does not rely on a single security to drive the outcome.

The drop from the first holding to the tenth is not abrupt, but it is still noticeable. That pattern suggests the portfolio is spread across multiple large positions rather than tightly concentrated in just one or two names, although the bank exposure at the top is still clearly visible.

With 43 disclosed holdings and 52.25% of the portfolio in the top 10, the fund appears to use a fairly long tail beyond the largest positions. That may help reduce single-stock dependence, while the largest holdings could still have greater influence on near-term results.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk volatility and can stay invested for a long enough period to let the 3-year lock-in and equity compounding work together. The negative 1-year return shows that the path can be uneven, so it is better suited to investors who can tolerate drawdowns without reacting too quickly.

Its 3-year and 5-year returns are more reassuring than the 1-year result, and both are ahead of the benchmark. That makes it more appropriate for long-term ELSS investors who want tax efficiency along with a diversified equity allocation. The main trade-off is accepting short-term weakness and price swings in exchange for better multi-year discipline and participation in equity growth.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru ELSS-Tax Saver Fund Direct Growth Plan?

The current NAV is ₹1,028.62 as of 09 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is -1.4%, the 3-year return is 10.66% and the 5-year return is 10.19%.

How does it compare with the benchmark?

It has outperformed the benchmark over 3 years and 5 years, and it also held up better over 1 year. Over 1 month, it fell less than the benchmark, while over 3 months it recovered more strongly.

How does it compare with the peer funds listed here?

Its 1-year return is weaker than the stronger peer figures shown, but its 3-year and 5-year returns remain competitive with several peers. The shorter-term picture and the longer-term picture do not tell the same story.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What is the fund’s risk category and who manages it?

The fund is in the High Risk category and is managed by Mittul Kalawadia and Priyanka Khandelwal. The portfolio is led by banks, retailing, healthcare, automobiles and infrastructure names.

Bottom line

This fund’s recent return profile is softer than its longer-term record, but the 3-year and 5-year figures remain ahead of the benchmark. Compared with the peer set shown here, the latest year looks weaker, while the medium-term track stays broadly relevant. The High Risk label fits the uneven recent path, and the portfolio’s heavy but not extreme top holdings suggest meaningful stock-specific influence without total concentration. It looks best suited to patient ELSS investors who can accept short-term volatility for a more stable multi-year equity outcome.

Published on 10 September 2026 at 9:39 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.