ICICI Pru Nifty LargeMidcap 250 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Nifty LargeMidcap 250 Index Fund Direct Growth Plan has a NAV of ₹12.2074 as of 17 Sep 2026 and scheme AUM of ₹301 Cr. Its 1-year, 3-year and 5-year returns are -1.33%, 0% and 0%, and the fund sits in the High Risk category. Our view is that this is an index strategy for investors who can handle sharp swings and want broad large-and-mid-cap exposure, but the recent return pattern shows it has not yet built a long enough performance record for a strong long-term read.

The fund’s behaviour has been mixed over the shorter windows, while its benchmark comparison and portfolio structure suggest a passively managed approach with meaningful exposure to financials, oil, telecom, infrastructure and IT. That makes it more suitable for patient investors who understand that index-style funds can still move unevenly in the short run.

Quick facts

Particular	Details
NAV	₹12.2074 as of 17 Sep 2026
AUM	₹301 Cr
Expense Ratio	0.25%
Launch Date	13 Mar 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Nishit Patel, Ashwini Shinde, Venus Ahuja

The fund is managed by Nishit Patel, Ashwini Shinde, and Venus Ahuja.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.57%	-3.66%
3M	-2.11%	-3.71%
1Y	-1.33%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The shorter-window pattern is uneven, but the fund has been somewhat steadier than the benchmark over the 3-month and 1-year periods. That matters because the benchmark’s own recent weakness is more pronounced, while the fund has fallen less over the same windows.

Even so, the return line does not suggest a strong momentum setup. The 1-month slide is still negative, and the 3-month figure shows that the fund had not fully escaped short-term pressure by the latest date.

Longer-term comparison is more limited because the fund has not completed a 3-year or 5-year track record yet. For that reason, the more meaningful read is that this is still a young index fund, and the current return history is better judged through its behaviour against the benchmark rather than through a long compounding record.

On that basis, our view is that the fund has handled the recent period better than the benchmark, but not in a way that changes the broader picture of a volatile equity product. Investors are looking at a low-cost index tracker here, not an actively managed fund that is trying to beat the market.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD ICICI Pru Nifty LargeMidcap 250 Index?

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 Nifty LargeMidcap 250 Index Fund Direct Growth Plan	-1.33%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

Among the available peer return figures, this fund’s 1-year number is much weaker than the peer set shown here, which is the main short-term takeaway. The gap is especially visible against the stronger one-year outcomes from sector-led index funds, even though those funds are not the same benchmark style.

The 3-year and 5-year columns do not help this fund much because its own longer-history returns are not available yet. By contrast, some peers do show multi-year data, which makes the limited track record here an important part of the comparison rather than a weakness in a ranking sense.

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

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	3.94%
ICICI Bank Ltd.	Bank	3.78%
Reliance Industries Ltd.	Crude Oil	3.13%
Bharti Airtel Ltd.	Telecom	2%
Larsen & Toubro Ltd.	Infrastructure	1.72%
BSE Ltd.	Finance	1.59%
State Bank of India	Bank	1.59%
Infosys Ltd.	IT	1.44%
Axis Bank Ltd.	Bank	1.35%
Kotak Mahindra Bank Ltd.	Bank	1.12%

The largest holding, HDFC Bank Ltd., is 3.94%, so no single stock dominates the portfolio on its own. The top ten holdings together account for approximately 21.66% of the portfolio, which suggests that the disclosed sleeve is spread across several positions rather than being dominated by one or two names.

The weight drop from the first holding to the tenth is moderate rather than steep, moving from 3.94% to 1.12%. That pattern may point to a relatively balanced set of leading positions, with the biggest weights still important but not overwhelming the rest of the top ten.

Because the fund discloses 52 holdings, the visible holdings list likely sits within a broader and more diversified tail. That broader spread may reduce the influence of any one position while still leaving banks, alongside financials and large industrial and consumer-facing names, as the most visible contributors to the fund’s shape.

To see all holdings, visit the ICICI Pru Nifty LargeMidcap 250 Index Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through uneven stretches. The return pattern shows short-term weakness, while the benchmark comparison suggests the fund has recently fallen less than the benchmark in some periods, which can appeal to investors who prefer index-style participation without expecting immediate consistency.

The main trade-off is that the fund may not deliver smooth outcomes over shorter horizons, and its track record is still relatively short. A longer investment horizon is more appropriate here, especially for investors who want large-and-mid-cap market exposure and can tolerate the swings that come with that mix.

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 17 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Nifty LargeMidcap 250 Index Fund Direct Growth Plan?

The current NAV is ₹12.2074 as of 17 Sep 2026.

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

The 1-year return is -1.33%, while the 3-year and 5-year returns are both 0% in the available figures.

How does the fund compare with its benchmark?

It has held up better than the benchmark over the 3-month and 1-year periods, where the benchmark decline has been deeper. The recent pattern still remains negative for both.

How does the fund compare with the peer funds listed here?

Its 1-year return is much weaker than the peer funds shown here with available one-year figures. Some peers also have stronger multi-year numbers, but this fund’s own longer-history return figures are not available yet.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What are the risk profile, portfolio shape and exit load?

The fund is marked High Risk and its top holdings are led by banks, with HDFC Bank Ltd. at 3.94% and the top ten holdings together at 21.66% of the portfolio. There is no exit load.

Bottom line

This is a High Risk index fund whose short-term returns have been weak, even though the recent decline has been less severe than the benchmark in the periods shown. Peer comparisons also leave it looking subdued on the available one-year figures, while its own longer-term record is still too short to build a strong compounding story. The portfolio is led by financials and other large names, but the top holdings are not overly concentrated, which may appeal to investors seeking broad market exposure with a patient horizon.

Published on 18 September 2026 at 1:02 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.