ICICI Pru Multi-Asset Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Multi-Asset Active FOF Direct Growth Plan is priced at ₹9.9855 as of 16 Sep 2026, and the scheme AUM stands at ₹2,390 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk category.

Our view is that this is a newly launched multi-asset fund-of-funds with a very short public track record, so it is better read as a portfolio construction story than a performance-history story. The current NAV is close to the launch level, while the portfolio mix across equity, debt, gold, silver and commodity-oriented fund holdings suggests diversification, but the lack of a longer history means investors need to be comfortable with a High Risk label and limited evidence on full-cycle behaviour.

Quick facts

Particular	Details
NAV	₹9.9855 as of 16 Sep 2026
AUM	₹2,390 Cr
Expense Ratio	0.0%
Launch Date	17 Jul 2026
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	NIL upto 30% of units and 1% for remaining units on or before 1Y, NIL after 1Y
Fund Managers	Dharmesh Kakkad, Manish Banthia, Akhil Kakkar, Gaurav Chikane

The fund is managed by Dharmesh Kakkad, Manish Banthia, Akhil Kakkar and Gaurav Chikane.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.06%	-4.41%
3M	Data not available	Data not available
1Y	0%	Data not available
3Y	0%	Data not available
5Y	0%	Data not available

The 1-month pattern has been weak but not as weak as the benchmark, which means the fund has held up somewhat better than the Nifty 50 over the latest short window. That said, the history is too short to read much into the 1-year, 3-year and 5-year figures, because the fund launched only in July 2026 and has not yet built a meaningful long-term record.

For now, the main performance takeaway is that this is not a fund with a proven compounding track record. The short-term drawdown in the latest month shows that it can still move with market stress, but the comparison with the benchmark also suggests the portfolio has not been the weakest participant in the recent stretch.

Because the longer-period returns are still effectively unproven in public history, investors should treat the fund as one whose future behaviour will depend heavily on how the underlying multi-asset mix performs across different market conditions. A single month of relative resilience is useful, but it is not enough to substitute for a full cycle.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD ICICI Pru Multi-Asset Active 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 Multi-Asset Active FOF Direct Growth Plan	0%	0%	0%
Kotak Multi Factor Passive FOF Direct Growth Plan	Data not available	Data not available	Data not available
ICICI Pru Multi-Asset Active FOF Direct Growth Plan	Data not available	Data not available	Data not available
Tata Multi Sector Passive FOF Direct Growth Plan	Data not available	Data not available	Data not available
Kotak Diversified Equity All Cap Omni FOF Direct Growth Plan	Data not available	Data not available	Data not available
SBI Nifty Midcap 150 Momentum 50 ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available

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

The current fund’s latest 1-month figure is better than the benchmark’s latest 1-month reading, but the comparison is not yet rich enough to support a long-run conclusion. On the peer set, the available figures do not create a meaningful spread for 1-year, 3-year or 5-year returns, so the only clear read is that the fund’s early short-term behaviour has not lagged the benchmark in the latest period.

That leaves the bigger question unresolved: the fund still lacks a longer public track record, so its peer story is currently more about structure than about demonstrated history. In practical terms, investors are comparing a fresh multi-asset design against other funds that also do not yet offer a complete return picture.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Banking and Financial Services Fund – Direct – Growth	Domestic Mutual Funds Units	11.20%
ICICI Prudential Floating Interest Fund – Direct Plan	Domestic Mutual Funds Units	11.13%
ICICI Prudential Short Term Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	11.13%
ICICI Prudential Energy Opportunities Fund – Direct Plan – Growth	Domestic Mutual Funds Units	6.40%
ICICI Prudential Large Cap Fund – Direct Plan – Growth	Domestic Mutual Funds Units	5.32%
ICICI Prudential Silver ETF	Domestic Mutual Funds Units – Silver	5.18%
ICICI Prudential Commodities Fund – Direct – Growth	Domestic Mutual Funds Units	4.97%
ICICI Prudential Gold ETF	Domestic Mutual Funds Units – Gold	4.65%
ICICI Prudential All Seasons Bond Fund – Direct Plan – Growth	Domestic Mutual Funds Units	4.20%
ICICI Prudential Housing Opportunities Fund – Direct – Growth	Domestic Mutual Funds Units	4.14%

The top 10 holdings account for approximately 68.32% of the portfolio.

To see all holdings, visit the ICICI Pru Multi-Asset Active FOF Direct Growth Plan page

The largest disclosed holding is 11.20%, which is a meaningful single-line position for a fund-of-funds structure. The next two holdings are very close at 11.13% each, so the top of the portfolio is not dominated by one overwhelming position, even though the first three holdings together already make a sizeable block.

After the first three positions, weights step down to 6.40%, 5.32% and then a cluster around the mid-4% range. That pattern suggests the portfolio is fairly layered: the leading positions matter, but the tenth holding still carries a visible weight, so exposure is not confined to only one or two names.

With 68.32% of assets in the top 10 disclosed holdings and 21 holdings in total, the fund appears moderately concentrated at the top while still leaving room for a longer tail. That balance may help diversify the portfolio across asset classes, but the heavier early weights could still mean a few positions have greater influence on results.

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who can handle High Risk positioning and who are comfortable with a new scheme that has only a short return record so far. The portfolio design may appeal to those seeking multi-asset exposure through a fund-of-funds structure rather than a single-asset equity-only approach.

The main trade-off is straightforward: the mix across equity, debt and precious-metal-linked holdings may improve diversification, but the fund still lacks a longer history to judge consistency through different market cycles. Investors with a longer horizon and tolerance for early-stage uncertainty may find that acceptable; those who need a proven track record may prefer to wait for more history.

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: NIL upto 30% of units and 1% for remaining units on or before 1Y, NIL after 1Y.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Multi-Asset Active FOF Direct Growth Plan?

The current NAV is ₹9.9855 as of 16 Sep 2026. It is close to the scheme’s launch-level pricing, which matches the fund’s very short history.

What are the 1-year, 3-year and 5-year returns?

The 1-year, 3-year and 5-year returns are 0%, 0% and 0%. These figures should be read with caution because the fund launched on 17 Jul 2026 and does not yet have a long track record.

How has the fund done against the benchmark recently?

In the latest 1-month period, the fund returned -2.06% while the Nifty 50 returned -4.41%. That means the fund was less weak than the benchmark in the latest short window.

How does it compare with peer funds on available return data?

The peer set does not offer meaningful 1-year, 3-year or 5-year return differentiation in the available figures. On the short-term window, the current fund’s latest reading is better than the benchmark, but the peer comparison still lacks a longer completed history.

What is the minimum SIP amount?

The minimum SIP amount is ₹1000. This makes the fund accessible for small monthly investing plans.

What are the risk level, major portfolio characteristics and exit load?

The fund is in the High Risk category and its top holdings include equity, debt and precious-metal-linked fund investments. Exit load is NIL upto 30% of units and 1% for remaining units on or before 1Y, and NIL after 1Y.

Bottom line

This is a fresh multi-asset fund-of-funds whose recent short-term return is less weak than the benchmark, but whose longer-term record is still not developed enough to judge full-cycle consistency. The peer comparison also offers limited separation on the available return figures. The portfolio is spread across multiple asset types, yet the top holdings still carry meaningful weight, so the fund may suit investors who accept High Risk exposure and are comfortable with early-stage uncertainty in exchange for diversification.

Published on 17 September 2026 at 5:33 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.