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

ICICI Pru Flexi Cap Fund Direct Growth Plan currently has a NAV of ₹21.53 as of 18 Sep 2026 and an AUM of ₹25,894 Cr. Its 1-year, 3-year and 5-year returns are 3.26%, 15.49% and 14.99%, and the scheme sits in the High Risk category. Our view is that it fits investors who can handle equity volatility and want a flexi-cap fund whose longer-term numbers are stronger than its most recent one-year phase.

The benchmark comparison is more uneven: the fund has stayed ahead over 3 years and 5 years, but it has lagged over 1 year. That mix suggests a portfolio that has still compounded well over time, while also showing enough short-term movement to demand patience from investors.

Quick facts

Particular	Details
NAV	₹21.53 as of 18 Sep 2026
AUM	₹25,894 Cr
Expense Ratio	0.77%
Launch Date	19 Jul 2021
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	Rajat Chandak

The fund is managed by Rajat Chandak.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.93%	-3.73%
3M	3.76%	-3.14%
1Y	3.26%	-5.31%
3Y	15.49%	6.3%
5Y	14.99%	5.79%

The short-term picture is softer than the longer view. The fund was negative over one month and roughly flat to slightly weaker than the benchmark in that window, so recent pressure has been visible. At the same time, the three-month return improved sharply relative to the benchmark, which tells us the fund recovered faster than the index over that stretch.

Over one year, the fund is still positive while the benchmark remains negative. That matters because it shows resilience through a difficult market phase, even if the absolute one-year return is modest. The portfolio therefore does not look like a steady defensive cushion; it has moved around, but it has also preserved a positive return where the benchmark did not.

The longer record is stronger. Both the 3-year and 5-year returns stay comfortably ahead of the benchmark, which supports the case that the fund has compounded better over a full cycle than the index itself. For investors, the key takeaway is that recent weakness does not erase the longer trend, but it does mean the path has not been smooth.

That combination can suit an investor who is comfortable with interim drawdowns and wants the possibility of better medium-term compounding than a plain benchmark-style holding. It is less suitable for someone who wants low-volatility monthly outcomes.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD ICICI Pru Flexi Cap?

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 Flexi Cap Fund Direct Growth Plan	3.26%	15.49%	14.99%
ITI Flexi Cap Fund Direct Growth Plan	10.83%	18.53%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	10.17%	18.94%	16.55%
Navi Flexi Cap Fund Direct Growth Plan	9.06%	11.04%	11.44%
LIC MF Multi Cap Fund Direct Growth Plan	8.53%	18.18%	Data not available
360 ONE Flexicap Fund Direct Growth Plan	8.08%	17.18%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent one-year measure, this fund trails the stronger peer figures in the group, even though its benchmark-adjusted one-year result is still better than the index. That means the fund has not matched the strongest short-term peer outcomes.

The longer record is more balanced. Its 3-year and 5-year numbers are below the better peer figures with available data, but they are still solid and remain above the benchmark. So the peer picture tells two different stories: the recent year looks restrained, while the multi-year record still supports the fund as a workable long-term flexi-cap option.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TVS Motor Company Ltd.	Automobile & Ancillaries	9.34%
ICICI Bank Ltd.	Bank	7.37%
Maruti Suzuki India Ltd.	Automobile & Ancillaries	4.92%
Avenue Supermarts Ltd.	Retailing	4.16%
Eternal Ltd.	Retailing	3.71%
Mahindra & Mahindra Ltd.	Automobile & Ancillaries	3.23%
Axis Bank Ltd.	Bank	3.17%
TREPS	Cash & Cash Equivalents and Net Assets	3.17%
HDFC Bank Ltd.	Bank	3.03%
RR Kabel Ltd.	Electricals	2.53%

The top 10 holdings account for approximately 44.63% of the portfolio.

To see all holdings, visit the ICICI Pru Flexi Cap Fund Direct Growth Plan page

The largest holding, TVS Motor Company Ltd., is 9.34%, so it is meaningful but not overwhelming on its own. After that, weights step down fairly quickly into the 7% range, then the 4% and 3% bands, which suggests no single position dominates the visible list.

The spread between the first and tenth holding is broad enough to show active conviction, but not so wide that the portfolio depends on one or two names alone. The presence of banks, automobile names, retailing and electricals means the visible sleeve is spread across several business areas rather than concentrated in a single theme.

Because the top 10 positions together make up 44.63% of the portfolio and the scheme discloses 49 holdings, the rest of the book likely forms a longer tail of smaller positions. That structure may reduce dependence on any one holding, while still allowing the larger positions to have greater influence on returns.

Source data date: as of 18 Sep 2026

Who should invest

This fund suits investors who can tolerate a High Risk profile and remain invested through periods when short-term returns are uneven. The 1-year return is modest, but the 3-year and 5-year numbers are stronger and sit above the benchmark, which makes a medium-to-long horizon more appropriate than a short holding period.

It may appeal to investors who want active flexi-cap exposure and are comfortable with a portfolio that leans meaningfully into large individual positions without becoming overly concentrated. The main trade-off is clear: you may accept short-term fluctuation and an occasional weak year in exchange for a better chance of medium-term compounding than the benchmark.

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 18 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹21.53 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 3.26%, the 3-year return is 15.49% and the 5-year return is 14.99%.

How does the fund compare with Nifty 50?
It is ahead of Nifty 50 over 3 years and 5 years, while it trails the benchmark over 1 year. The one-month move is also slightly weaker than the benchmark.

How does it compare with peer funds on recent performance?
Its 1-year return is below the stronger peer figures shown here, but its longer-term returns remain solid and still beat the benchmark. The peer picture is stronger on the recent year than on the fund’s longer record.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

What are the risk level, portfolio style and fund manager details?
The fund is in the High Risk category and is managed by Rajat Chandak. The top holdings are led by TVS Motor Company Ltd. at 9.34%, and the top 10 holdings together account for 44.63% of the portfolio.

Bottom line

ICICI Pru Flexi Cap Fund Direct Growth Plan has a mixed short-term record but a stronger longer-term profile. It trails the benchmark over 1 year, yet remains ahead over 3 and 5 years, so the main story is uneven recent movement rather than a broken compounding trend. Against peers, the recent-year figure is softer, but the multi-year record remains respectable. The portfolio is led by a few meaningful positions, but the visible holdings are spread across several sectors, which may help balance company-specific risk.

Published on 21 September 2026 at 9:34 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.