ICICI Pru Multi Sector Passive FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Multi Sector Passive FOF Direct Growth Plan has a NAV of ₹176.075 as of 09 Sep 2026 and scheme AUM of ₹263 Cr. Its 1-year, 3-year and 5-year returns are 4.28%, 12.19% and 11.62% respectively, and the fund sits in the High Risk category.

Our view is that this fund suits investors who are comfortable with sharper swings in pursuit of multi-sector equity exposure through a fund-of-funds structure. The 5-year trend is reasonable, but the recent 1-year result has been softer, so the fund looks more appropriate for a longer holding period than for short-term expectations.

Quick facts

Particular	Details
NAV	₹176.075 as of 09 Sep 2026
AUM	₹263 Cr
Expense Ratio	0.15%
Launch Date	01 Jan 2013
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Sankaran Naren, Dharmesh Kakkad, Sharmila Dsilva, Masoomi Jhurmarvala

The fund is managed by Sankaran Naren, Dharmesh Kakkad, Sharmila Dsilva and Masoomi Jhurmarvala.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.48%	-4.69%
3M	2.97%	0.93%
1Y	4.28%	-7.16%
3Y	12.19%	6.00%
5Y	11.62%	5.87%

The recent pattern has been uneven, but not weak across the board. Over one month, the fund was down 2.48%, yet that was still better than the benchmark’s 4.69% decline. Over three months, it recovered to 2.97%, ahead of the benchmark’s 0.93%.

The one-year figure looks modest at 4.28%, especially when set against the stronger 3-year and 5-year numbers. That tells us the fund has had a slower recent phase even though the longer arc remains positive. The 3-year return of 12.19% and 5-year return of 11.62% both remain ahead of the benchmark, which points to better compounding over full market cycles than in the latest stretch.

The return path also suggests some swinginess rather than a straight line. The fund improved meaningfully over the medium term, then gave back some momentum more recently. For investors, that means the fund’s job is not to behave like a steady income product; it is to capture equity-market and sector rotation opportunities with enough patience for the longer trend to matter.

Relative to the benchmark, the longer-term edge is clearer than the short-term one. The fund is still ahead on every trailing period shown here, but the gap is much more convincing over 3 years and 5 years than over 1 year. That difference matters because it suggests the current phase has been less supportive even though the broader strategy has worked better over time.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD ICICI Pru Multi Sector Passive 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 Sector Passive FOF Direct Growth Plan	4.28%	12.19%	11.62%
SBI Silver ETF FOF Direct Growth Plan	84.90%	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. On the available trailing numbers, the fund looks much less explosive over 1 year than the silver-themed peers listed here, but that is not the only lens that matters. Its 3-year and 5-year returns are steadier and materially better than the benchmark, which gives the longer-term picture more weight than the latest one-year comparison.

That said, the peer set has several funds with far stronger 1-year figures, so the fund does not stand out on recent momentum. The clearer strength is in the longer horizon, where its 3-year record is competitive and its 5-year return remains solid. For investors comparing short-term heat versus longer-term compounding, the two stories are different.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Nifty Private Bank ETF	Domestic Mutual Funds Units	26.27%
ICICI Prudential Nifty Oil & Gas ETF	Domestic Mutual Funds Units	9.96%
Groww BSE Power ETF	Domestic Mutual Funds Units	8.76%
ICICI Prudential Nifty IT ETF	Domestic Mutual Funds Units	8.39%
ICICI Prudential Nifty Metal ETF	Domestic Mutual Funds Units	8.00%
Nippon India Nifty Pharma ETF	Domestic Mutual Funds Units	7.99%
ICICI Prudential Nifty FMCG ETF	Domestic Mutual Funds Units	7.95%
ICICI Prudential Nifty Auto ETF	Domestic Mutual Funds Units	7.37%
ICICI Prudential Nifty Bank ETF	Domestic Mutual Funds Units	5.17%
TREPS	Cash & Cash Equivalents and Net Assets	3.05%

The largest holding is ICICI Prudential Nifty Private Bank ETF at 26.27%, which is large enough to matter on its own. That single position is likely to have greater influence on near-term portfolio behaviour than any other line item in the table.

The weight then falls fairly quickly into the single digits, with the tenth holding at 3.05%. That drop from the top holding to the tenth is steep, so the portfolio is not evenly spread across the listed positions. The middle of the book still matters, but the first few holdings clearly carry more of the visible weight.

The top 10 holdings account for approximately 92.91% of the portfolio, and the scheme discloses 14 holdings in total. That combination suggests a fairly concentrated structure across the disclosed core positions, even though the tail is not empty. In our view, this setup may amplify the impact of sector rotation and ETF-level moves on the fund’s short-term profile.

To see all holdings, visit the ICICI Pru Multi Sector Passive FOF Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk and who are comfortable with equity-style volatility. The 1-year return has been softer than the 3-year and 5-year numbers, so it is better suited to people who can wait through weaker stretches rather than those looking for a smooth short-run pattern.

The benchmark comparison is helpful here: the fund has stayed ahead over 1 year, 3 years and 5 years, which supports a longer holding period. The trade-off is that the portfolio is built around concentrated ETF exposures, so performance may move sharply when a few sectors are out of favour. Investors who want the possibility of stronger multi-year compounding, and can accept uneven shorter-term outcomes, are the better fit.

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% if units are sold on or before 15 days; nil after 15 days.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Multi Sector Passive FOF Direct Growth Plan?
The NAV is ₹176.075 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 4.28%, the 3-year return is 12.19% and the 5-year return is 11.62%.

How does it compare with the benchmark?
It is ahead of the NIFTY 50 across 1 month, 3 months, 1 year, 3 years and 5 years in the periods shown here. The longer-term gap is wider than the recent one-year gap.

Which peer funds show stronger recent returns?
The silver ETF FoF peers listed here have much higher 1-year returns, with several above 82%. Their longer-term figures are mixed, and some 3-year data is not available.

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 Sankaran Naren, Dharmesh Kakkad, Sharmila Dsilva and Masoomi Jhurmarvala. The exit load is 1% if units are sold on or before 15 days, and nil after 15 days.

Bottom line

ICICI Pru Multi Sector Passive FOF Direct Growth Plan has a mixed recent pattern but a more convincing longer-term record. Its 1-year return is modest, while the 3-year and 5-year numbers are stronger and remain ahead of the benchmark. Compared with the peer set shown here, it is far less flashy on the latest one-year figures, but that comparison is not as flattering to the peers over longer horizons. The portfolio is also fairly concentrated in a small set of ETF holdings, so the fund may suit investors who can accept uneven stretches for the chance of multi-sector participation over time.

Published on 10 September 2026 at 9:27 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.