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

ICICI Pru Multi Cap Fund Direct Growth Plan closed at ₹974.6 as of 04 Sep 2026, with a scheme AUM of ₹18,769 Cr. Its 1-year, 3-year and 5-year returns are 11.14%, 16.89% and 15.66% respectively. The fund sits in the High Risk category, so our view is that it suits investors who can stay patient through short-term swings.

The return pattern looks steady over longer periods, while the recent 1-year number has been softer than the 3-year and 5-year figures. That combination, along with a diversified multi-cap portfolio and a large scheme size, points to a fund that may fit long-horizon equity investors who want broad market participation rather than a short-term defensive allocation.

Quick facts

Particular	Details
NAV	₹974.6 as of 04 Sep 2026
AUM	₹18,769 Cr
Expense Ratio	0.93%
Launch Date	01 Jan 2013
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	Lalit Kumar

The fund is managed by Lalit Kumar.

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.07%	-2.95%
3M	4.76%	2.27%
1Y	11.14%	-4.43%
3Y	16.89%	5.88%
5Y	15.66%	6.29%

The near-term picture is mixed, but not weak. Over 1 month, the fund declined less than the benchmark, and over 3 months it stayed ahead, which suggests the recent phase has been choppy but manageable.

The stronger signal comes from the 1-year number. The fund has been comfortably ahead of the benchmark over that period, while the benchmark itself is negative. That gap tells us the fund has handled the past year better than the market bar it is measured against.

The 3-year and 5-year figures show the same broad story, with the fund ahead of the benchmark in both cases. The 3-year return is also higher than the 5-year number, which suggests the stronger compounding phase has been more recent than the full five-year average. We would read that as a fund that has delivered better-than-benchmark long-term compounding, even if the shorter-term path has not been perfectly smooth.

For investors, the important point is that the recent return reset does not overturn the longer pattern. The fund has still stayed ahead of the benchmark across the medium and longer horizons, so the recent softness looks more like normal equity variation than a structural break in trend.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD ICICI Pru Multi 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 Multi Cap Fund Direct Growth Plan	11.14%	16.89%	15.66%
Groww Multicap Fund Direct Growth Plan	20.88%	Data not available	Data not available
TRUSTMF Multi Cap Fund Direct Growth Plan	20.36%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	16.72%	17.98%	16.82%
Bank of India Multi Cap Fund Direct Growth Plan	15.66%	18.19%	Data not available
ITI Multi Cap Fund Direct Growth Plan	15.01%	17.79%	14.85%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year performance, the fund trails the stronger peer numbers shown here, especially the 20% plus returns in the top two peer rows. That said, the current fund remains competitive against the rest of the list and does not look out of place on a medium-term basis.

The longer-term picture is more balanced. Its 3-year return is below the stronger peer figures available for Mahindra Manulife, Bank of India and ITI, but it is still ahead of the benchmark and not far from that cluster. On 5 years, the fund is again ahead of the benchmark, though Mahindra Manulife and ITI have higher numbers where data is available. In our view, the short-term peer comparison is weaker than the longer-term one, which makes the fund look steadier than standout over the latest year.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Vedanta Aluminium Metal Ltd.	Non – Ferrous Metals	3.11%
BSE Ltd.	Finance	3%
Ultratech Cement Ltd.	Construction Materials	2.65%
Jindal Steel Ltd.	Iron & Steel	2.32%
Apar Industries Ltd.	Capital Goods	2.3%
Interglobe Aviation Ltd.	Aviation	2.28%
TREPS	Cash & Cash Equivalents and Net Assets	2.25%
ABB India Ltd.	Capital Goods	2.08%
K.P.R. Mill Ltd.	Textile	2.04%
Samvardhana Motherson International Ltd.	Automobile & Ancillaries	2%

The top 10 holdings account for approximately 24.03% of the portfolio.

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

The largest position, Vedanta Aluminium Metal Ltd., carries a 3.11% weight, so it is meaningful but not dominant on its own. The gap from the largest holding to the tenth holding is modest, with the tenth position at 2%, which suggests that individual positions are kept within a fairly tight range rather than being allowed to become oversized.

That pattern points to a portfolio that is spread across a longer tail of names. The disclosed top 10 add up to 24.03% of the portfolio, while the total number of disclosed holdings is 67, so the visible concentration is limited even though the fund still has a clear set of core positions.

For investors, that kind of spread may reduce dependence on any single holding, but it can also mean the fund’s outcome is more likely to reflect how a broad collection of positions behaves together. In a multi-cap strategy, that balance can be useful if the goal is diversified equity exposure with active stock selection rather than a narrow thematic bet.

Source data date: as of 04 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk and can stay invested for at least a few years. The 1-year return has been weaker than the 3-year and 5-year numbers, but the longer record still stays ahead of the benchmark, which matters for investors who can ride through shorter periods of uneven performance.

The portfolio style also points to a diversified equity allocation rather than a concentrated bet. That makes it a better fit for investors who want multi-cap exposure and can accept equity volatility in exchange for a stronger chance of participating across different market segments over time.

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

The exit load is 1% if units are sold within 12 months, and nil after 12 months.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Multi Cap Fund Direct Growth Plan?
The current NAV is ₹974.6 as of 04 Sep 2026.

How have the 1-year, 3-year and 5-year returns looked?
The fund’s 1-year return is 11.14%, the 3-year return is 16.89% and the 5-year return is 15.66%.

How does the fund compare with its benchmark?
It has outpaced the benchmark across 1 year, 3 years and 5 years. The benchmark’s 1-year return is -4.43%, while the fund is positive at 11.14%.

How does it compare with peer multi-cap funds on recent returns?
Its 1-year return is lower than several peers in the comparison list, including Groww Multicap Fund Direct Growth Plan and TRUSTMF Multi Cap Fund Direct Growth Plan. Over 3 years and 5 years, it remains ahead of the benchmark but below some peers where those longer numbers are available.

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

Who manages the fund and what is the exit load?
Lalit Kumar manages the fund. The exit load is 1% if units are sold within 12 months and nil after 12 months.

Bottom line

ICICI Pru Multi Cap Fund Direct Growth Plan has a mixed short-term and steadier long-term profile. The latest 1-year number is softer than its 3-year and 5-year figures, but the fund still stays ahead of the benchmark across all the main periods we reviewed. Against peers, its recent return looks less striking, while its longer record is more in line with a steady multi-cap equity allocation. The portfolio is spread across many holdings, which may help limit dependence on one or two positions.

Published on 5 September 2026 at 5:03 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.