ICICI Pru Equity Minimum Variance Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Equity Minimum Variance Fund Direct Growth Plan is a High Risk equity fund with a NAV of ₹10.36 as of 15 Sep 2026 and scheme AUM of ₹2,671 Cr. Its 1-year, 3-year and 5-year returns are -1.96%, 0% and 0%. Our view is that the fund has shown a mixed short-term profile, with recent weakness but a portfolio style that may appeal to investors looking for a comparatively disciplined equity allocation rather than a fast-moving theme.

The fund sits below a plain-market benchmark on the latest 1-year figure and has not yet built a longer public return history beyond that. With a 0.71% expense ratio and a high-risk profile, it looks better suited to investors who can tolerate volatility and are willing to hold through uneven stretches.

Quick facts

Particular	Details
NAV	₹10.36 as of 15 Sep 2026
AUM	₹2,671 Cr
Expense Ratio	0.71%
Launch Date	06 Dec 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 12M, Nil after 12M
Fund Managers	Aatur Shah, Nitya Mishra

The fund is managed by Aatur Shah and Nitya Mishra.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.07%	-4.81%
3M	-3.27%	-3.63%
1Y	-1.96%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The latest 1-month and 3-month readings show a soft patch, but the fund has still held up a little better than the benchmark over both periods. That matters because the benchmark itself has been weak, yet the fund has lost slightly less ground in the most recent windows.

The 1-year figure is the most useful anchor for now. At -1.96%, the fund is still negative, but it has stayed well ahead of the benchmark’s -8.27% decline over the same period. That gap suggests the fund has been more resilient than the market reference, even though it has not yet produced a positive trailing year.

The time pattern is uneven rather than smooth. The fund had a period of recovery after earlier weakness, then softened again, which tells us the path has been volatile and not a straight compounding line. For an investor, that means the fund may be trying to control drawdowns better than the broad market, but the trade-off is that short stretches can still be choppy.

Because the scheme was launched in December 2024, there is not yet a public 3-year or 5-year return record to judge longer compounding. That makes the recent 1-year comparison and the internal consistency of the shorter windows more important than a longer history would be.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ICICI Pru Equity Minimum Variance?

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 Equity Minimum Variance Fund Direct Growth Plan	-1.96%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.16%	37.12%	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	30.67%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	28.09%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.47%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.05%	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 latest 1-year view, the fund trails the stronger peer return figures by a wide margin, while still remaining ahead of the benchmark. That creates a split picture: the fund has not matched the strongest recent peer gains, but it has been more defensive than the benchmark reference over the same period.

The longer-term peer comparison is less informative because only one peer in this set has a 3-year figure available, and the current fund itself does not yet have a 3-year or 5-year history. Even so, the available numbers show that the fund’s recent return profile is more conservative than the higher-growth peers in this table.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reliance Industries Ltd.	Crude Oil	9.56%
Axis Bank Ltd.	Bank	9.24%
Kotak Mahindra Bank Ltd.	Bank	8.95%
TREPS	Cash & Cash Equivalents and Net Assets	8.25%
State Bank of India	Bank	7.14%
HDFC Bank Ltd.	Bank	6.63%
Larsen & Toubro Ltd.	Infrastructure	5.08%
ITC Ltd.	FMCG	4.3%
Asian Paints Ltd.	Chemicals	4.17%
Hindustan Unilever Ltd.	FMCG	4.16%

The largest disclosed holding is Reliance Industries Ltd. at 9.56%, which is large enough to matter but not so dominant that it defines the whole portfolio on its own. The tenth holding, Hindustan Unilever Ltd. at 4.16%, is still meaningful, so the drop from the largest name to the tenth is noticeable but not extreme.

The top ten holdings together account for approximately 67.48% of the portfolio, and the fund has 29 disclosed holdings in total. That combination points to a portfolio that is still fairly concentrated in its main positions, while leaving a longer tail of other holdings to complete the picture. In our view, the weight profile may mean the portfolio is more sensitive to a handful of large positions, yet it is not concentrated to the point of relying on just one or two names.

To see all holdings, visit the ICICI Pru Equity Minimum Variance Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors who are comfortable with High Risk equity exposure and can stay invested through short stretches of weakness. The recent return pattern is mixed, but the fund has stayed ahead of its benchmark over the latest 1-year window, which suggests it has been more resilient than the market reference even while remaining negative.

A longer investment horizon matters here because short-term swings have been visible and the scheme does not yet have a long public track record. Investors who want a calmer equity experience or who need predictable near-term outcomes may find the return pattern too uneven. The main trade-off is between seeking a more controlled equity path and accepting that the fund can still lag in strong peer-led momentum periods.

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% if units are sold on or before 12 months; no exit load after that holding period.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Equity Minimum Variance Fund Direct Growth Plan?

The current NAV is ₹10.36 as of 15 Sep 2026.

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

Its 1-year return is -1.96%, while the 3-year and 5-year returns are not yet available.

How has the fund done versus Nifty 50 recently?

It has been ahead of Nifty 50 over the latest 1-month, 3-month and 1-year periods. The 1-year return is -1.96% versus -8.27% for the benchmark.

How does it compare with the listed peer funds on recent returns?

Its latest 1-year return is lower than the peer funds shown here, while the available benchmark comparison still shows a better outcome than Nifty 50. The peer table also includes one fund with a 3-year return of 37.12%.

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 Aatur Shah and Nitya Mishra. The exit load is 1% if units are sold on or before 12 months, and nil after that period.

Published on 16 September 2026 at 8:12 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.