ICICI Pru Income plus Arbitrage Omni FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Income plus Arbitrage Omni FOF Direct Growth Plan has a NAV of ₹72.1498 as of 09 Sep 2026 and a scheme AUM of ₹3,277 Cr. Its 1-year, 3-year and 5-year returns are 6.52%, 9.2% and 9.71%, and the scheme sits in the Balanced Risk category.

Our view is that this is a comparatively steady fund within a balanced-risk wrapper, with returns that have held up better over longer periods than in the recent 1-year window. The portfolio leans heavily on debt-oriented and arbitrage-style underlying funds, which supports a smoother profile than more equity-heavy products, while the benchmark behaviour shows the fund has stayed ahead over the 3-year and 5-year horizons.

Quick facts

Particular	Details
NAV	₹72.1498 as of 09 Sep 2026
AUM	₹3,277 Cr
Expense Ratio	0.03%
Launch Date	05 Apr 2013
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
Fund Managers	Manish Banthia, Ritesh Lunawat

The fund is managed by Manish Banthia and Ritesh Lunawat.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.21%	-4.69%
3M	1.81%	0.93%
1Y	6.52%	-7.16%
3Y	9.2%	6%
5Y	9.71%	5.87%

The recent 1-month and 3-month pattern suggests a mild but stable gain path, with the fund staying positive while the benchmark was weaker over 1 month and only modestly positive over 3 months. That is useful because it shows the scheme has not needed a strong market tailwind to stay in positive territory.

The 1-year picture is more telling: the fund posted a positive return while the benchmark was negative, which points to resilience through a weaker market phase. This is not a high-volatility return profile; the movement looks more measured than aggressive, and that fits the underlying structure of the portfolio.

Over 3 years and 5 years, the fund has continued to stay ahead of the benchmark by a meaningful margin. The gap is not dramatic in absolute terms, but it is consistent, and that matters more than a single short-term stretch. Our reading is that the longer-term trend is steadier than the recent year alone suggests.

In other words, the fund’s short-term behaviour has been less impressive than its medium- and long-term record, but it has still remained constructive. For an investor, that combination usually points to a scheme built for balance rather than fast upside.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD ICICI Pru Income plus Arbitrage Omni FOF?

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 Income plus Arbitrage Omni FOF Direct Growth Plan	6.52%	9.2%	9.71%
SBI Silver ETF FOF Direct Growth Plan	84.9%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	84.03%	46.21%	Data not available
Nippon India Silver ETF FOF Direct Growth Plan	83.29%	46.02%	Data not available
Zerodha Silver ETF FOF Direct Growth Plan	82.53%	Data not available	Data not available
Aditya Birla SL Silver ETF FOF Direct Growth Plan	82.46%	45.91%	Data not available

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

The fund’s 1-year return trails the sharp silver-linked peer figures shown here, so the short-term comparison is clearly different from the fund’s own steady profile. That does not make the fund weak; it simply means the peer set has been dominated by a very different return pattern.

On 3-year results, the fund is well behind the available silver ETF FoF figures, which are materially higher over that period. The same contrast holds for the 5-year numbers where peer data exists: the fund’s longer-term return is more moderate, while the peers with available 3-year or 5-year figures have been far more cyclical and much stronger in the periods shown.

The overall message is that the short-term and long-term peer comparisons tell different stories. This fund looks more measured and defensive, while several peers have captured a very strong commodity-led run.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Equity Arbitrage Fund – Direct Plan – Growth	Domestic Mutual Funds Units	36.88%
ICICI Prudential Corporate Bond Fund- Direct Plan – Growth	Domestic Mutual Funds Units	31.22%
ICICI Prudential Floating Interest Fund – Direct Plan	Domestic Mutual Funds Units	12.2%
ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 Index Fund-Direct-Growth	Domestic Mutual Funds Units	9.97%
ICICI Prudential Gilt Fund – Direct Plan – Growth	Domestic Mutual Funds Units	6.87%
TREPS	Cash & Cash Equivalents and Net Assets	2.94%

The largest holding is ICICI Prudential Equity Arbitrage Fund – Direct Plan – Growth at 36.88%, so it is large enough to have a clear influence on the scheme’s day-to-day behaviour. The next two positions are also sizeable at 31.22% and 12.2%, which means the portfolio is built around a small number of dominant underlying funds rather than many tiny slices.

Weight falls sharply after the first few positions. By the time we reach the last disclosed holding, the weight is 2.94%, so the spread from the largest line item to the smallest disclosed one is wide, but not chaotic; it still follows a structured ladder of exposure.

Since the disclosed holdings add up to 100% across six rows, the visible portfolio is fully concentrated in a short list of underlying funds and cash equivalents. That may support more predictable portfolio construction, while also making the largest positions more likely to shape outcomes than any single small line item.

Source data date: as of 09 Sep 2026

Who should invest

This fund may suit investors who are comfortable with a Balanced Risk profile and want something steadier than an equity-heavy allocation. The 1-year return is more modest than the 3-year and 5-year record, so the fund looks better suited to investors who can look through shorter swings and focus on a fuller cycle.

The benchmark comparison also matters here: the fund has stayed ahead over 3 years and 5 years, while the most recent year has been less impressive. That makes it more appropriate for people who value consistency and diversification through underlying debt and arbitrage-style exposure, rather than those looking for sharp near-term upside.

The main trade-off is simple: you may give up the chance of the very strong bursts seen in some peer funds, but in return you get a more restrained path that has held together better across longer 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: No exit load.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Income plus Arbitrage Omni FOF Direct Growth Plan?
The current NAV is ₹72.1498 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.52% for 1 year, 9.2% for 3 years and 9.71% for 5 years.

How has it done versus the benchmark?
It has outperformed the Nifty 50 benchmark over 1 year, 3 years and 5 years. The gap is especially visible over the 1-year period, where the benchmark was negative.

How does it compare with the peer funds shown here?
Its return profile is much more moderate than the silver ETF FoF peers listed alongside it. Those peers show much stronger 1-year figures where data is available, while this fund has delivered steadier long-term results.

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

Who manages the fund and what is the exit load?
The fund is managed by Manish Banthia and Ritesh Lunawat. It has no exit load.

Bottom line

ICICI Pru Income plus Arbitrage Omni FOF Direct Growth Plan looks steadier over longer stretches than in the most recent year, and that is reflected in its benchmark comparison as well. Against the peer names shown here, its return profile is clearly more measured, but that also matches a more balanced and debt-arbitrage-heavy structure. The disclosed portfolio is concentrated in a short list of underlying funds, so the larger positions are likely to matter more than the smaller ones. Overall, it appears better suited to investors seeking balance and patience than those chasing sharp short-term jumps.

Published on 10 September 2026 at 3:25 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.