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

ICICI Pru Multi Cap Fund Direct Growth Plan has a NAV of ₹967.15 as of 09 Sep 2026 and a scheme AUM of ₹19,537 Cr. Its 1-year, 3-year and 5-year returns are 9.96%, 15.85% and 15.34% respectively, and the fund sits in the High Risk category.

Our view is that this is a diversified equity option for investors who can live with sharp swings in the short run and want a fund that has held up better over longer periods than in the latest year. The portfolio is spread across 65 holdings, with a meaningful but not extreme tilt toward the largest positions.

Quick facts

Particular	Details
NAV	₹967.15 as of 09 Sep 2026
AUM	₹19,537 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 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.18%	-4.69%
3M	5.98%	0.93%
1Y	9.96%	-7.16%
3Y	15.85%	6%
5Y	15.34%	5.87%

The recent pattern is better than the benchmark, even though the last month was negative. The fund fell less than the benchmark over 1 month and turned in a stronger 3-month recovery, which suggests the latest drawdown has been milder than the index move.

Over 1 year, the gap is wide in favour of the fund: 9.96% against -7.16% for the benchmark. That difference tells us the strategy has navigated the recent cycle far better than the index, although the month-to-month path has still been uneven.

The longer record is more important for this scheme, and it remains constructive. The 3-year return of 15.85% is slightly ahead of the 5-year return of 15.34%, which points to steady compounding rather than a one-off spike. Against the benchmark, both the 3-year and 5-year numbers are clearly stronger.

For investors, the main message is that the fund has added value over medium and longer periods, but it can still go through short-term softness. That makes the recent negative month worth noting, not alarming, because the broader trend remains ahead of the benchmark.

Source data date: as of 09 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	9.96%	15.85%	15.34%
TRUSTMF Multi Cap Fund Direct Growth Plan	20.08%	Data not available	Data not available
Groww Multicap Fund Direct Growth Plan	19.52%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	16.01%	17.38%	16.79%
ITI Multi Cap Fund Direct Growth Plan	14.26%	17.17%	14.52%
Bank of India Multi Cap Fund Direct Growth Plan	14.17%	17.58%	Data not available

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

On the latest 1-year period, the fund trails the strongest peer returns shown here, while still staying above some of the other available multicap outcomes. That tells us the recent stretch has not been its strongest phase, even though it remains positive.

The 3-year and 5-year picture is sturdier. Its 15.85% and 15.34% returns are below Mahindra Manulife Multi Cap Fund Direct Growth Plan on both measures, but they remain ahead of ITI Multi Cap Fund Direct Growth Plan and Bank of India Multi Cap Fund Direct Growth Plan where figures are available. The short-term and longer-term comparisons therefore send different signals: the latest year looks softer, but the multi-year record is still competitive.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Vedanta Aluminium Metal Ltd.	Non – Ferrous Metals	2.86%
Apar Industries Ltd.	Capital Goods	2.72%
BSE Ltd.	Finance	2.59%
Ultratech Cement Ltd.	Construction Materials	2.45%
Jindal Steel Ltd.	Iron & Steel	2.41%
Interglobe Aviation Ltd.	Aviation	2.21%
K.P.R. Mill Ltd.	Textile	2.20%
PB Fintech Ltd.	IT	2.20%
Samvardhana Motherson International Ltd.	Automobile & Ancillaries	2.17%
Multi Commodity Exchange of India Ltd.	Finance	2.10%

The top 10 holdings account for approximately 23.91% of the portfolio.

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

The largest holding, Vedanta Aluminium Metal Ltd., carries a weight of 2.86%, so no single position dominates the fund. The drop from the first holding to the tenth is modest rather than steep, which suggests the disclosed core is fairly even.

That said, the top 10 together account for 23.91% of the portfolio, and the fund holds 65 securities in total. Our view is that this points to a spread-out equity book with a longer tail of smaller positions, which may reduce dependence on any one name while still leaving the fund meaningfully active in its highest-conviction ideas.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can accept High Risk and stay invested through periods when short-term returns soften. The 1-year record has been weaker than the longer-term numbers, but the 3-year and 5-year figures show a more stable compounding pattern and a clear edge over the benchmark.

We think the fund is better aligned with a medium-to-long investment horizon rather than a short holding period. The main trade-off is that investors get diversified equity exposure with stronger multi-year behaviour, but they must also tolerate month-to-month volatility and periods when the latest return trend looks uneven.

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: 1% on or before 12M, Nil after 12M.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Multi Cap Fund Direct Growth Plan?

The current NAV is ₹967.15 as of 09 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is 9.96%, the 3-year return is 15.85% and the 5-year return is 15.34%.

How does it compare with the benchmark?

It has been ahead of the benchmark across 1 year, 3 years and 5 years. The benchmark return is -7.16% for 1 year, 6% for 3 years and 5.87% for 5 years.

Which peer fund has the strongest 1-year return in the comparison?

TRUSTMF Multi Cap Fund Direct Growth Plan has the strongest 1-year return among the listed peers at 20.08%. Groww Multicap Fund Direct Growth Plan follows at 19.52%.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what exit load applies?

The fund is managed by Lalit Kumar. The exit load is 1% on or before 12 months and nil after 12 months.

Bottom line

This fund’s recent return pattern is softer than its multi-year record, but the longer view remains more supportive, with 3-year and 5-year returns that stay comfortably ahead of the benchmark. In the peer set shown here, the latest 1-year figure is not the strongest, while the medium-term numbers remain competitive. The High Risk label matters, but the portfolio is not concentrated in a single holding; the top 10 account for 23.91% across 65 holdings. It may suit investors who want diversified equity exposure and can stay patient through short-term swings.

Published on 10 September 2026 at 9:47 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.