ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 Index Fund Direct Growth Plan has a NAV of ₹13.4066 as of 16 September 2026 and scheme AUM of ₹7,968 Cr. Its 1-year, 3-year and 5-year returns are 6.03%, 7.45% and 0% respectively, and the scheme sits in the Balanced Risk category.

Our view is that this is best read as a relatively steady debt-oriented index fund rather than a high-growth product. The return pattern has been positive over 1 year and 3 years, but the 5-year figure is not meaningful as a performance guide here, so investors are likely to focus more on how the portfolio is built and whether the risk profile fits a moderate-return, lower-volatility objective.

Quick facts

Particular	Details
NAV	₹13.4066 as of 16 Sep 2026
AUM	₹7,968 Cr
Expense Ratio	0.2%
Launch Date	28 Sep 2021
Min SIP	₹500
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Darshil Dedhia, Rohit Lakhotia

The fund is managed by Darshil Dedhia and Rohit Lakhotia.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.31%	-4.41%
3M	1.68%	-3.6%
1Y	6.03%	-7.76%
3Y	7.45%	5.74%
5Y	Data not available	Data not available

The recent pattern is noticeably steadier than the benchmark. Over 1 month and 3 months, the fund stayed in positive territory while the benchmark was negative, which tells us the portfolio has been holding up better through short-term weakness in the comparison index.

The 1-year result continues that same theme. The fund’s 6.03% return is positive while the benchmark is still negative over the same horizon, so the gap has come from resilience rather than from a dramatic upside surge. That matters for investors who care more about consistency than about chasing sharp spikes.

The 3-year picture is different from the very short term, because both the fund and the benchmark are positive there. Even so, the fund has stayed ahead on the same duration, which suggests the portfolio has delivered a somewhat smoother compounding path. The 3-year profile looks more like controlled progress than aggressive upside.

The 5-year figure is not available in a way that can be used meaningfully for comparison, so our reading leans more on the shorter and medium-term data. Taken together, the pattern points to a fund that has been better behaved than the benchmark in the recent period and still positive over the 3-year window.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 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 PSU Bond Plus SDL Sep 2027 40:60 Index Fund Direct Growth Plan	6.03%	7.45%	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

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 stronger equity-oriented peer figures shown here, but that is not surprising given the different portfolio style. On the available 3-year numbers, it trails the faster-growing peer funds with equity exposure, yet it remains positive and ahead of the benchmark on the same horizon.

The peer set tells two different stories. In the short term, the current fund looks much more subdued than the peers that have delivered materially higher 1-year returns. Over a longer window, however, the current fund’s return profile is more stable and more consistent with a debt-oriented structure, while several peers either do not have longer-history figures or are driven by a very different return engine.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.7% NABARD **	Corporate Debt	8.36%
7.45% State Government of Rajasthan	Government Securities	7.58%
7.33% Indian Railway Finance Corporation Ltd. **	Corporate Debt	6.26%
7.46% State Government of Madhya Pradesh	Government Securities	4.54%
7.44% Power Finance Corporation Ltd. **	Corporate Debt	4.38%
6.57% NABARD **	Corporate Debt	3.93%
7.2% State Government of Maharashtra	Government Securities	3.62%
8.61% State Government of Tamil Nadu	Government Securities	3.4%
7.22% Export-Import Bank of India **	Corporate Debt	3.14%
7.37% State Government of Uttar Pradesh	Government Securities	3.12%

The top 10 holdings account for approximately 48.33% of the portfolio.

To see all holdings, visit the ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 Index Fund Direct Growth Plan page

At 8.36%, the largest holding is sizeable enough to matter, but it is not so large that it dominates the table on its own. The drop from the first holding to the tenth is fairly noticeable, which tells us the portfolio is not evenly spread across the top positions.

The top 10 list also shows a mix of corporate debt and government securities, which may help distribute exposure across different issuers and structures. Even so, the combined weight of 48.33% across 10 holdings, alongside 43 disclosed holdings in total, suggests the fund still keeps a meaningful share of assets in its larger positions.

Our reading is that the portfolio is moderately concentrated rather than tightly packed into just a few names. The largest positions are likely to have greater influence on the fund’s behaviour, but the longer tail of holdings means the portfolio is not entirely dependent on the very top entries.

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with a Balanced Risk profile and want a steadier return pattern than a more volatile growth-oriented strategy. The 1-year result is positive, the 3-year return is also positive, and the benchmark comparison has been supportive over the recent periods, which makes the scheme more relevant for investors who value consistency.

The main trade-off is that the fund’s upside may be modest compared with equity-heavy alternatives, as the peer comparison makes clear. It may suit a medium-term to longer-term investor who can accept a debt-oriented return pattern and a portfolio that is shaped more by yield and stability than by rapid capital appreciation.

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

No exit load applies if units are sold at any time.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Nifty PSU Bond Plus SDL Sep 2027 40:60 Index Fund Direct Growth Plan?
The NAV is ₹13.4066 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.03%, the 3-year return is 7.45%, and the 5-year return is 0%.

How has the fund done versus its benchmark?
It has been ahead of the benchmark over 1 month, 3 months and 1 year, and it remains ahead over 3 years as well.

How does it compare with the peer funds shown here?
Its recent return is much lower than the equity-oriented peers listed here, but its 3-year result is still positive and more stable in character.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Darshil Dedhia and Rohit Lakhotia. No exit load applies if units are sold at any time.

Bottom line

This fund’s recent numbers are steadier than its longer-window peer comparison might suggest, because it has stayed positive over 1 year and 3 years while the benchmark was weaker over the shorter periods. The portfolio is not overly concentrated, but the larger holdings still matter, and the scheme’s Balanced Risk profile points to a more measured return path. It is better suited to investors who want a controlled, debt-oriented allocation with moderate return expectations rather than a fast-growth story.

Published on 17 September 2026 at 11:45 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.