ICICI Pru ESG Exclusionary Strategy Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru ESG Exclusionary Strategy Fund Direct Growth Plan currently has a NAV of ₹22.24 as of 15 Sep 2026 and an AUM of ₹1,356 Cr. Its 1-year, 3-year and 5-year returns are -7.37%, 10.41% and 9.17% respectively, and it sits in the High Risk bucket.

Our view is that the fund suits investors who can accept sharp short-term swings in exchange for a portfolio built around quality large-cap names and an exclusionary equity framework. The recent one-year outcome has been weak, but the longer-term numbers are steadier, and the portfolio mix suggests a reasonably diversified active equity exposure rather than a narrow thematic bet.

Quick facts

Particular	Details
NAV	₹22.24 as of 15 Sep 2026
AUM	₹1,356 Cr
Expense Ratio	1.0%
Launch Date	09 Oct 2020
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	Mittul Kalawadia, Ayush Shah

The fund is managed by Mittul Kalawadia and Ayush Shah.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.08%	-4.81%
3M	-1.29%	-3.63%
1Y	-7.37%	-8.27%
3Y	10.41%	5.59%
5Y	9.17%	5.58%

The recent pattern is uneven. The fund has struggled over the past month and quarter, which tells us that short-term sentiment and price swings have been uncomfortable, but the one-year figure is still slightly better than the benchmark’s one-year return.

The longer view is more constructive. Over three and five years, the fund has stayed ahead of the benchmark, which suggests that the strategy has been able to compound better than the index through a fuller market cycle.

That mix of weak recent numbers and better medium-term results matters for interpretation. We read it as a fund that can lag in choppy periods, but still preserve a more favourable long-horizon picture than the benchmark when the holding period is long enough.

For investors, the message is that the fund is not a steady short-term compounder. Its profile fits better with a patient equity allocation where interim volatility is acceptable and the focus is on multi-year outcomes rather than month-to-month consistency.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ICICI Pru ESG Exclusionary Strategy?

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 ESG Exclusionary Strategy Fund Direct Growth Plan	-7.37%	10.41%	9.17%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	23.52%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On a recent one-year view, the fund trails the strongest peer returns by a wide margin, even though its one-year loss is less severe than some broad-market weakness in the same period. The longer-term picture is more balanced: its three-year and five-year returns are stronger than the available peer figures in this table where those figures exist, which points to a strategy that has held up better over fuller cycles than in the latest stretch.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	9.05%
ICICI Bank Ltd.	Bank	7.75%
Sun Pharmaceutical Industries Ltd.	Healthcare	5.47%
TVS Motor Company Ltd.	Automobile & Ancillaries	4.9%
Axis Bank Ltd.	Bank	4.55%
Maruti Suzuki India Ltd.	Automobile & Ancillaries	4.04%
Avenue Supermarts Ltd.	Retailing	3.34%
Bharti Airtel Ltd.	Telecom	2.89%
Eternal Ltd.	Retailing	2.82%
Interglobe Aviation Ltd.	Aviation	2.6%

The largest holding, HDFC Bank Ltd., carries a 9.05% weight, which is meaningful but not dominant on its own. The drop from the first holding to the tenth is fairly clear, as the table moves from a high-single-digit position to 2.6%, suggesting that influence is shared rather than concentrated in just one stock.

The top 10 holdings together account for approximately 47.41% of the portfolio, and the disclosed holding count is 46. That combination points to a portfolio with a sizeable core in a few large positions, but also a longer tail of smaller holdings that may help spread stock-specific risk.

Because the leading names include banks, healthcare, consumer, telecom and travel-linked businesses, the portfolio may behave like a diversified large-cap equity book rather than a narrowly focused sector fund. That said, the weight in the top names means the largest positions could still have greater influence on near-term returns.

To see all holdings, visit the ICICI Pru ESG Exclusionary Strategy Fund Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund is more suitable for investors with a high tolerance for equity volatility and a multi-year horizon. The recent one-year loss shows that short-term outcomes can be uncomfortable, while the three-year and five-year returns suggest that the strategy has worked better when held through a fuller cycle.

It also fits investors who are comfortable with a benchmark-linked equity process but want an exclusionary approach and a portfolio that leans on established large-cap businesses. The trade-off is clear: you may accept weaker short-term consistency in exchange for a better chance of capturing longer-horizon equity compounding.

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 within 12 months; nil after 12 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru ESG Exclusionary Strategy Fund Direct Growth Plan?

The current NAV is ₹22.24 as of 15 Sep 2026.

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

Its 1-year return is -7.37%, its 3-year return is 10.41%, and its 5-year return is 9.17%.

How does the fund compare with the benchmark?

It is ahead of the benchmark over 3 years and 5 years, while the 1-year return is also slightly better than the benchmark’s 1-year return. Over the most recent month and quarter, performance has been weaker.

What are the top holdings in the portfolio?

The largest holdings are HDFC Bank Ltd., ICICI Bank Ltd., Sun Pharmaceutical Industries Ltd., TVS Motor Company Ltd. and Axis Bank Ltd. The top 10 disclosed holdings together account for approximately 47.41% of the portfolio.

Who manages the fund?

The fund is managed by Mittul Kalawadia and Ayush Shah.

What are the tax and exit-load rules?

Units held for less than 1 year attract short-term capital gains tax at 20%, while units held for more than 1 year attract long-term capital gains tax at 12.5%. The exit load is 1% if units are sold within 12 months and nil after 12 months.

Bottom line

The fund’s recent performance has been weaker than its longer-term record, so the latest stretch does not fully match the three-year and five-year picture. Against peers in the available comparison set, the one-year return is far behind the strongest recent numbers, but the medium-term record is more resilient where those figures are available. The portfolio is built around large, familiar names and is not excessively concentrated in a single holding, which supports a more diversified equity profile. Overall, it looks better suited to patient investors who can handle High Risk volatility.

Published on 16 September 2026 at 4:27 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.