ICICI Pru Nifty Next 50 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Nifty Next 50 Index Fund Direct Growth Plan is at ₹67.8462 as of 04 Sep 2026, with scheme AUM of ₹9,934 Cr. Its 1-year, 3-year and 5-year returns are 8.95%, 17.61% and 11.79%, and the fund sits in the High Risk category.

Our view is that this is a fit for investors who want index-based exposure with a meaningful growth tilt and can stay patient through short-term swings. The long-term return pattern is steadier than the recent one-month weakness, but the fund still carries high volatility risk, so the best match is a longer holding horizon rather than a short tactical allocation.

Quick facts

Particular	Details
NAV	₹67.8462 as of 04 Sep 2026
AUM	₹9,934 Cr
Expense Ratio	0.31%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Nishit Patel, Ajaykumar Solanki, Ashwini Shinde, Venus Ahuja

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

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.06%	-2.95%
3M	4.04%	2.27%
1Y	8.95%	-4.43%
3Y	17.61%	5.88%
5Y	11.79%	6.29%

The fund has stayed ahead of the benchmark across every period shown, which matters because the benchmark itself has been uneven over the last year. The strongest gap is visible over 1 year and 3 years, while the 5-year figure still shows a clear lead without looking overstretched.

The short-term profile is less smooth. The 1-month return is negative, and the 3-month period has recovered from weakness into a modest gain, so recent behaviour is choppier than the longer trend. That pattern suggests the fund can participate in recoveries, but it does not move in a straight line.

Over 3 years, the return profile improves materially and points to a stronger compounding phase than the benchmark. The 5-year number is lower than the 3-year pace, which tells us the path has included drawdowns and rebounds rather than a single uninterrupted climb. For an index fund, that is consistent with the higher-risk nature of the underlying universe.

Against NIFTY 50, our view is that the fund has delivered better medium- and long-term participation, but the recent 1-month dip reminds investors that the ride can still be uneven. The return pattern is constructive, yet it is better read as a volatility-adjusted growth exposure than as a defensive holding.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD ICICI Pru Nifty Next 50 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 Next 50 Index Fund Direct Growth Plan	8.95%	17.61%	11.79%
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.85%	29.56%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	28.73%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	28.73%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	28.44%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	28.16%	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 1-year return is well below the faster-moving peer themes shown here, especially the sector and thematic index funds. That does not make the comparison unhelpful; it shows that this fund is built for a different role, where broad market participation matters more than chasing sharp short-term spikes.

Over 3 years and 5 years, the current fund still looks more complete than several peers that do not yet have longer histories. The only peer in this set with both 1-year and 3-year numbers is the NASDAQ 100 fund, and that scheme has higher recent returns. Even so, the current fund’s longer-term record is better supported by a full 5-year stretch, which gives a clearer picture of how it has compounded through different market phases.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Divi'S Laboratories Ltd.	Healthcare	4.04%
TVS Motor Company Ltd.	Automobile & Ancillaries	3.99%
Tata Motors Ltd.	Domestic Equities	3.60%
Hindustan Aeronautics Ltd.	Capital Goods	3.48%
Adani Power Ltd.	Power	3.46%
Cholamandalam Investment and Finance Company Ltd.	Finance	3.16%
Torrent Pharmaceuticals Ltd.	Healthcare	2.96%
Cummins India Ltd.	Automobile & Ancillaries	2.94%
Samvardhana Motherson International Ltd.	Automobile & Ancillaries	2.63%
Bharat Petroleum Corporation Ltd.	Crude Oil	2.56%

The largest holding is Divi'S Laboratories Ltd. at 4.04%, which is not dominant by itself, but it is still large enough to matter in day-to-day fund movements. The tenth holding stands at 2.56%, so the fall from the top position to the tenth is present but not steep, which points to a fairly even spread among the leading names.

The top 10 holdings account for approximately 32.82% of the portfolio, and that suggests the remainder is spread across a longer tail of positions. Since the fund holds 50 disclosed holdings in total, the visible names represent only part of the whole, so individual holdings may matter without any single one overwhelming the portfolio.

That structure can reduce dependence on one stock, but it does not remove concentration risk completely because the fund is still built around a limited set of leading holdings. Our view is that the mix may give investors broad index exposure while still allowing the largest positions to influence returns when those names move sharply.

To see all holdings, visit the ICICI Pru Nifty Next 50 Index Fund Direct Growth Plan page

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk exposure and are comfortable with temporary swings in value. The return pattern shows stronger medium- and long-term results than the benchmark, but the recent one-month weakness shows that the path is not smooth.

A longer investment horizon is important here because the 3-year and 5-year outcomes are more informative than the short-term month-to-month moves. The main trade-off is that investors may get broader participation in market growth, but they must accept periods of underperformance and volatility along the way.

The portfolio mix also suggests that returns may be influenced by a small group of leading holdings, even though the overall scheme is diversified across 50 disclosed holdings. That makes the fund better suited to investors who want systematic equity exposure and can stay invested through uneven stretches rather than reacting to every short-term dip.

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 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Nifty Next 50 Index Fund Direct Growth Plan?

The current NAV is ₹67.8462 as of 04 Sep 2026. It was down 0.23% on the day.

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

The fund’s returns are 8.95% for 1 year, 17.61% for 3 years and 11.79% for 5 years. The 3-year figure is the strongest of the three.

How does it compare with NIFTY 50?

It has stayed ahead of NIFTY 50 across 1 year, 3 years and 5 years. The benchmark returns for those periods are -4.43%, 5.88% and 6.29%.

How does it compare with the peer funds listed here?

The fund’s 1-year return is lower than the faster-moving thematic peers shown here, while its 3-year and 5-year record provides a fuller longer-term picture. The peer set mixes schemes with very strong recent gains and some with missing longer-term histories.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Nishit Patel, Ajaykumar Solanki, Ashwini Shinde and Venus Ahuja. The exit load is nil, so there is no exit load on redemption.

Bottom line

The fund’s recent performance is softer than its longer-term record, but the 3-year and 5-year numbers still point to better compounding than the benchmark. Compared with the peer set shown here, it looks less flashy in the short term yet more grounded as a broad-market index option.

Its High Risk label, combined with a portfolio that is spread across 50 disclosed holdings but still led by a small set of larger positions, means it can suit investors who can tolerate volatility and stay invested for years rather than months. Our view is that the fund is best read as a steady equity allocation with uneven short-term behaviour, not as a low-fluctuation holding.

Published on 5 September 2026 at 4:32 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.