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

Updated: 10 Sept 2026 • 9:22 am

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

ICICI Pru Gilt Fund Direct Growth Plan has a NAV of ₹117.0904 as of 09 Sep 2026 and a scheme AUM of ₹7,950 Cr. Its 1-year, 3-year and 5-year returns are 5.23%, 7.3% and 6.65%, and the scheme sits in the Medium Risk category.

Our view is that this is a steady gilt fund for conservative debt allocation rather than a short-horizon return play. The portfolio is dominated by government securities, which supports credit quality, while the recent return profile has been softer than the stronger 3-year stretch.

Table of Contents

Quick facts

Particular	Details
NAV	₹117.0904 as of 09 Sep 2026
AUM	₹7,950 Cr
Expense Ratio	0.57%
Launch Date	01 Jan 2013
Min SIP	₹1,000
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Manish Banthia, Raunak Surana

The fund is managed by Manish Banthia and Raunak Surana.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.74%	-4.69%
3M	2.13%	0.93%
1Y	5.23%	-7.16%
3Y	7.3%	6%
5Y	6.65%	5.87%

The recent return pattern is mixed. Over one month, the fund declined less than the benchmark, which shows better resilience in a weak stretch. Over three months, the fund moved ahead of the benchmark, and the daily pattern through the period suggests a mild but uneven recovery rather than a straight line up.

The one-year return is the clearest gap in the fund’s favour, because the benchmark was negative over the same period while the fund stayed positive. That tells us the scheme has handled the recent interest-rate backdrop better than the benchmark it is measured against.

Longer-term performance is more measured. The 3-year return of 7.3% is ahead of the benchmark’s 6%, and the 5-year return of 6.65% also edges past 5.87%. The fund has therefore stayed slightly ahead over medium and longer holding periods, but the margin is not large.

Our read-through is that the fund has been more stable than the benchmark over the latest year, while the longer-term numbers still point to a modest compounding edge rather than a dramatic outperformance story. For a gilt fund, that combination matters more than a single strong quarter.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD ICICI Pru Gilt?

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.

Already holding ICICI Pru Gilt? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru Gilt Fund Direct Growth Plan	5.23%	7.3%	6.65%
Bandhan Gilt Fund Direct Growth Plan	7.94%	8%	6.38%
Franklin India Gilt Fund Direct Growth Plan	6.38%	6.62%	5.47%
Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan	5.44%	7.85%	5.92%
UTI Gilt Fund Direct Growth Plan	5.17%	6.73%	5.77%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The current fund trails the strongest 1-year peer in this set, but it is close to the middle of the group rather than far behind. On 3-year returns, it sits above Franklin India Gilt Fund Direct Growth Plan and UTI Gilt Fund Direct Growth Plan, while it is behind Bandhan Gilt Fund Direct Growth Plan and Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan.

On 5-year returns, the picture is similarly balanced. The fund is ahead of Franklin India Gilt Fund Direct Growth Plan and UTI Gilt Fund Direct Growth Plan, but below Bandhan Gilt Fund Direct Growth Plan and Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan. That makes the longer-term comparison more nuanced than the latest one-year figure alone.

The short-term and longer-term views do not fully match. Recent returns show the fund lagging the better peer results, while the 3-year and 5-year figures still place it in a reasonable place among the available return numbers. For investors, that means the scheme has to be judged as a steady gilt allocation rather than a standout recent performer.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.9% Government Securities	Government Securities	16.38%
7.34% Government Securities	Government Securities	9.55%
6.94% Government Securities	Government Securities	8.8%
7.24% Government Securities	Government Securities	7.37%
7.57% State Government of Madhya Pradesh	Government Securities	4.5%
7.15% State Government of Maharashtra	Government Securities	3.54%
7.13% State Government of Maharashtra	Government Securities	3.44%
7.12% State Government of Maharashtra	Government Securities	3.25%
7.12% State Government of Uttar Pradesh	Government Securities	3.09%
7.16% State Government of Maharashtra	Government Securities	2.95%

The largest holding is 6.9% Government Securities at 16.38%, so one security could have a noticeable influence on day-to-day movement. The next holdings are still meaningful, but the weights fall away fairly quickly from the first line to the tenth, where the allocation is 2.95%.

That pattern suggests a portfolio built around a limited set of government securities rather than a widely dispersed mix. The top 10 holdings together account for approximately 62.87% of the portfolio, and there are 36 disclosed holding rows overall, so the visible core is concentrated while the longer tail still matters.

Because the entire visible list is made up of government securities, the scheme may behave more like a duration-led debt portfolio than a credit-spread story. That can support consistency, but it also means changes in government bond prices and yields are likely to have greater influence on returns than they would in a more diversified debt fund.

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

Source data date: as of 09 Sep 2026

Who should invest

This fund fits investors who can accept moderate debt-fund volatility and want sovereign-bond exposure with a long enough horizon to let rates and bond prices cycle through different phases. The Medium Risk label and the return pattern both point to a scheme that is steadier than equity-oriented options, but still sensitive enough to shifts in yields that short holding periods can look uneven.

Our view is that it is more suitable for an investor looking at multi-year holding periods than for someone seeking a quick parking place. The main trade-off is that the portfolio’s government-securities focus may improve credit quality, but it also ties outcomes closely to interest-rate movements and duration behaviour.

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 Gilt Fund Direct Growth Plan?
It is ₹117.0904 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.23% over 1 year, 7.3% over 3 years and 6.65% over 5 years.

How does it compare with the benchmark?
It has outpaced the benchmark across the available 1-year, 3-year and 5-year figures. The gap is widest over 1 year, where the benchmark return is negative.

How does it compare with the peer funds listed here?
Its latest 1-year return is below Bandhan Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan, but its 3-year and 5-year numbers remain competitive versus the peer set shown here.

What is the minimum SIP amount?
It is ₹1,000.

Who manages the fund and what is the exit load?
The fund is managed by Manish Banthia and Raunak Surana. There is no exit load after the holding period.

Bottom line

ICICI Pru Gilt Fund Direct Growth Plan has a steadier longer-term record than its softer latest-year reading suggests, and it has stayed ahead of the benchmark across the available periods. In the peer set shown here, the fund looks balanced rather than dominant: recent returns are mixed, while the 3-year and 5-year figures remain competitive. The portfolio is heavily tilted toward government securities, which supports credit quality and makes rate movements especially important. That mix suits investors who want sovereign debt exposure and can stay invested through yield cycles.

Published on 10 September 2026 at 9:21 AM IST

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.