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

ICICI Pru Nifty Smallcap 250 Index Fund Direct Growth Plan has a NAV of ₹18.3526 as of 16 Sep 2026 and an AUM of ₹788 Cr. Its 1-year, 3-year and 5-year returns are 2.83%, 13.19% and 0%, and the scheme is tagged High Risk. Our view is that this fund suits investors who can stay patient through sharp swings, because the recent run is uneven even though the 3-year record is better than the benchmark.

The fund is an index strategy with a low 0.3% expense ratio and a portfolio that is spread across 62 holdings. That mix makes it a simple smallcap exposure rather than a concentrated thematic bet, but the benchmark behaviour and the short-term drawdowns show that the ride can remain choppy.

Quick facts

Particular	Details
NAV	₹18.3526 as of 16 Sep 2026
AUM	₹788 Cr
Expense Ratio	0.3%
Launch Date	02 Nov 2021
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 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.43%	-4.41%
3M	2.3%	-3.6%
1Y	2.83%	-7.76%
3Y	13.19%	5.74%
5Y	Data not available	Data not available

The recent pattern is mixed. Over 1 month, the fund was down 2.43%, but that was still better than the benchmark’s 4.41% decline. Over 3 months, it recovered to 2.3% while the benchmark remained negative at -3.6%, which tells us the fund has recently held up better than the broad reference point.

The 1-year picture is also better than the benchmark, with the fund at 2.83% against -7.76% for the benchmark. That gap matters because it shows the scheme has absorbed a weak market backdrop more effectively than the benchmark over the last year, even if absolute returns have been modest.

The longer trend is stronger. The 3-year return of 13.19% is comfortably ahead of the benchmark’s 5.74%, so the fund’s compounding record over that horizon is healthier than the reference index. At the same time, the 1-month dip reminds us that smallcap exposure can still reverse quickly, which is consistent with the High Risk tag.

On a 5-year basis, the return is not available because the fund has not yet built a five-year performance history. That limits long-horizon comparison, so our view leans more on the 3-year record and the recent behaviour when assessing this scheme.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD ICICI Pru Nifty Smallcap 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 Smallcap 250 Index Fund Direct Growth Plan	2.83%	13.19%	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 fund’s 1-year return trails every peer listed here, while its 3-year return is also below the stronger long-term figures shown by the NASDAQ 100 and pharma funds. The gap is especially visible on the recent side, where several peers are far ahead on 1-year performance. Even so, the fund’s 3-year return remains positive and clearly better than its benchmark, so the short-term weakness does not fully override the longer-term improvement.

What this tells us is that the fund’s return profile is more restrained than the faster-moving peer funds in this set. That may appeal to investors who want smallcap exposure through an index framework rather than a more aggressive return chase, but it also means the scheme has not matched the stronger peer numbers on either the recent or the medium-term lens.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Sona BLW Precision Forgings Ltd.	Automobile & Ancillaries	1.65%
Ather Energy Ltd.	Domestic Equities	1.49%
Karur Vysya Bank Ltd.	Bank	1.49%
Navin Fluorine International Ltd.	Chemicals	1.44%
Welspun Corp Ltd.	Iron & Steel	1.42%
Piramal Finance Ltd	Finance	1.25%
Delhivery Ltd.	Logistics	1.16%
HFCL Ltd.	Telecom	1.15%
Central Depository Services (India) Ltd.	Business Services	1.13%
RBL Bank Ltd.	Bank	1.06%

The largest holding is Sona BLW Precision Forgings Ltd. at 1.65%, which is a modest weight for a single stock in a diversified index fund. The fall from the top position to the tenth holding is fairly gradual, from 1.65% to 1.06%, so the visible holdings are clustered in a narrow range rather than being dominated by one very large position.

The top 10 holdings together account for approximately 13.24% of the portfolio, while the fund discloses 62 holdings in total. That combination suggests a broad spread across many names, with the leading positions likely to influence results but not to overpower the whole portfolio on their own.

Because the displayed holdings are only a slice of the full portfolio, the longer tail may still matter. Even so, the available weights point to a portfolio that is not extremely concentrated at the top, which may help limit single-stock dependence while still leaving smallcap market movement as the main driver.

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

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk exposure and stay invested through uneven smallcap swings. The 3-year record is better than the benchmark, but the 1-year return is modest and the 1-month move shows that setbacks can still appear quickly.

We see it as more suitable for a medium- to long-term horizon rather than a short holding period. The trade-off is straightforward: you get a rules-based smallcap index exposure with a broad set of holdings, but you also accept higher volatility and the possibility that short-term returns may lag stronger peer names.

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 anytime.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The NAV is ₹18.3526 as of 16 Sep 2026.

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

The returns are 2.83% over 1 year, 13.19% over 3 years and Data not available over 5 years.

How does the fund compare with its benchmark?

It has outperformed the benchmark over 1 month, 3 months, 1 year and 3 years. The 3-year gap is the clearest sign of stronger medium-term compounding.

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

Its 1-year return is below all five peer funds shown here, and its 3-year return is also lower than the stronger long-term figures among those peers with available data. The recent and medium-term views both look softer than the best peer numbers.

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. No exit load applies if units are sold anytime.

Bottom line

This fund’s short-term record is uneven, but its 3-year return is healthier than the benchmark and shows a better medium-term pattern than the weak 1-year backdrop. On the peer side, the return profile is more restrained than several stronger names, so it does not stand out on recent performance. The portfolio is spread across 62 holdings, with no single position dominating the visible top slice. That makes it a broad smallcap index option for investors who can handle High Risk exposure and stay patient through volatility.

Published on 17 September 2026 at 12:12 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.