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

ICICI Pru Healthcare Fund- Direct Growth Plan has a NAV of ₹46 as of 15 Sep 2026 and a scheme AUM of ₹6,995 Cr. Its 1-year, 3-year and 5-year returns are 6.34%, 21.91% and 15.77%, and the scheme carries a High Risk profile. Our view is that the fund has combined a strong medium-term track record with a weaker one-year phase, so it is best understood as a thematic healthcare fund rather than a steady all-weather equity option.

The portfolio is heavily tilted toward healthcare names, led by large positions in Sun Pharmaceutical Industries Ltd. and Dr. Reddy's Laboratories Ltd. That concentration can help the fund reflect the healthcare theme clearly, but it also means returns may move differently from the broader market.

Quick facts

Particular	Details
NAV	₹46 as of 15 Sep 2026
AUM	₹6,995 Cr
Expense Ratio	1.03%
Launch Date	13 Jul 2018
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Dharmesh Kakkad

The fund is managed by Dharmesh Kakkad.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.27%	-4.81%
3M	2.22%	-3.63%
1Y	6.34%	-8.27%
3Y	21.91%	5.59%
5Y	15.77%	5.58%

The fund has held up better than the benchmark across every period shown. The recent 1-month and 3-month figures are mixed, which tells us the short-term path has been uneven rather than one-directional. Even so, the fund still finished ahead of the benchmark over both periods, which points to relative resilience while broader market returns stayed soft.

The 1-year figure is modest in absolute terms, but the benchmark was negative over the same stretch. That means the fund protected capital better than the index in a difficult year, though it did not produce a high absolute return. This kind of pattern is typical of a sector fund that can move through sharp upswings and pauses.

The 3-year and 5-year figures are where the story improves materially. Both periods show the fund well ahead of the benchmark, which suggests the longer compounding pattern has been stronger than the market backdrop. The recent monthly softness does not erase that longer record, but it does remind us that the path can be choppy even when the multi-year outcome is favourable.

Our view is that the fund’s return profile is more compelling over longer holding periods than over short ones. Investors looking only at the latest month may see volatility; investors looking across several years will see a stronger multi-year outcome relative to the benchmark.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ICICI Pru Healthcare Fund-?

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 Healthcare Fund Direct Growth Plan	6.34%	21.91%	15.77%
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 1-year returns, the fund trails the strongest peer figures in the list, but that gap is less important than the fact that the peer set contains several much faster recent movers. The more useful comparison is on the longer horizon: the fund’s 3-year return is visibly stronger than the benchmark and also stronger than the one peer with a 3-year figure available. Its 5-year return sits in a similar constructive range, which suggests the medium-term record has been steadier than the short-term snapshot.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Sun Pharmaceutical Industries Ltd.	Healthcare	12.31%
DR. Reddy'S Laboratories Ltd.	Healthcare	8.26%
Cipla Ltd.	Healthcare	5.76%
Mankind Pharma Ltd.	Healthcare	5.21%
Alkem Laboratories Ltd.	Healthcare	4.87%
Divi'S Laboratories Ltd.	Healthcare	4.83%
TREPS	Cash & Cash Equivalents and Net Assets	4.78%
Biocon Ltd.	Healthcare	4.68%
Medplus Health Services Ltd	Retailing	4.15%
Cohance Lifesciences Ltd.	Healthcare	4.08%

The top holding is Sun Pharmaceutical Industries Ltd. at 12.31%, which is large enough to matter on its own. After that, the weights step down fairly gradually, from 8.26% in the second holding to 4.08% in the tenth. That kind of spread suggests the fund is not driven by just one or two stocks, but the biggest positions can still have a noticeable influence on outcomes.

The top 10 holdings account for approximately 58.93% of the portfolio, and the fund discloses 36 holdings in total. That means the visible core is meaningful, but there is still a longer tail beyond the largest positions. In our view, this structure may allow the fund to stay strongly tied to the healthcare theme while reducing dependence on a single name.

The presence of cash-equivalent exposure through TREPS also adds a small stabilising element, though the portfolio remains clearly centred on healthcare companies. For investors, that means performance may be shaped more by sector-specific sentiment and stock selection than by broad market diversification.

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

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and are comfortable with a healthcare-heavy equity allocation. The return pattern points to a fund that can lag or pause over short stretches, even though its 3-year and 5-year outcomes have been stronger than the benchmark.

We think the fund fits a longer investment horizon, where investors can absorb volatility and give the thematic exposure time to work. The main trade-off is clear: you get focused healthcare exposure and the possibility of stronger multi-year compounding, but you also accept sharper swings and less diversification than a broad market fund.

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 applies as 1% on or before 15D, and nil after 15D. After the holding period, there is no exit load.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Healthcare Fund- Direct Growth Plan?
Its NAV is ₹46 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.34% over 1 year, 21.91% over 3 years and 15.77% over 5 years.

How has the fund performed against the benchmark?
It has outperformed the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The 3-year and 5-year gaps are especially meaningful because they show stronger longer-term compounding.

How does the fund compare with the peer funds shown here?
Its 1-year return is lower than the faster-moving peer examples shown, but its 3-year return is stronger than the one peer in the table with a 3-year figure available. The shorter and longer horizons tell different stories.

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

Who manages the fund and what is its exit load?
Dharmesh Kakkad manages the fund. The exit load is 1% on or before 15D and nil after 15D.

Bottom line

ICICI Pru Healthcare Fund- Direct Growth Plan has a mixed short-term and stronger multi-year profile. Its recent return trend has been uneven, but the 3-year and 5-year figures remain ahead of the benchmark, which makes the longer record more relevant than the latest patch. The portfolio is clearly healthcare-focused, with a sizable lead position and a meaningful weight in the top holdings, so the fund may appeal to investors seeking thematic exposure and willing to accept High Risk and sharper volatility.

Published on 16 September 2026 at 7:59 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.