ICICI Pru Ultra Short to Short Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

ICICI Pru Ultra Short to Short Term Fund Direct Growth Plan has a NAV of ₹595.5872 as of 04 Sep 2026 and a scheme AUM of ₹21,047 Cr. Its 1-year, 3-year and 5-year returns are 6.65%, 7.53% and 6.69%, and the fund sits in the Balanced Risk category.

Our view is that this is a steady debt fund with moderate return consistency rather than a high-volatility story. The portfolio is built around short-duration credit and money-market style exposures, so it may suit investors who want relatively measured compounding over a meaningful horizon, with returns that have stayed close to the benchmark over time.

Quick facts

Particular	Details
NAV	₹595.5872 as of 04 Sep 2026
AUM	₹21,047 Cr
Expense Ratio	0.42%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Nikhil Kabra, Darshil Dedhia

The fund is managed by Nikhil Kabra and Darshil Dedhia.

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.55%	-2.95%
3M	2.13%	2.27%
1Y	6.65%	-4.43%
3Y	7.53%	5.88%
5Y	6.69%	6.29%

The recent picture is constructive. The fund has stayed positive over 1 month and 3 months, and the 1-year return is materially better than the benchmark’s negative reading. That tells us the scheme has handled the latest stretch more steadily than the index it is compared against.

The longer view is also stable. The 3-year return is higher than the benchmark, while the 5-year return is only modestly ahead. That gap is not dramatic, but it does point to a fund that has added some value over time without looking like a very aggressive outlier.

What stands out is that the short-term pattern is better than the benchmark, but the advantage is not uniformly wide across all horizons. The 3-year and 5-year numbers suggest a reasonably even compounding path rather than a sharp step-up in performance. That is a useful trait for investors who prefer smoother debt-fund behaviour over chasing large swings in returns.

Overall, the return pattern suggests a fund that has been fairly resilient through different market phases, with recent numbers improving on the benchmark and longer-term returns staying close to it.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD ICICI Pru Ultra Short to Short Term?

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.

Already holding ICICI Pru Ultra Short to Short Term? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
ICICI Pru Ultra Short to Short Term Fund Direct Growth Plan	6.65%	7.53%	6.69%
Axis Floating Interest Rates Fund Direct Growth Plan	7.71%	8.42%	7.23%
Bandhan Floating Interest Rates Fund Direct Growth Plan	7.07%	7.92%	6.79%
ICICI Pru Floating Interest Rates Fund Direct Growth Plan	7.01%	7.97%	7.10%
Franklin India Floating Interest Rates Fund Direct Growth Plan	6.96%	8.19%	7.18%
Tata Floating Interest Rates Fund Direct Growth Plan	6.75%	7.51%	6.75%

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

The fund’s 1-year return is below the better-looking peer returns in this set, while its 3-year and 5-year numbers are also generally below the stronger floating-rate peers. That said, the gaps are not extreme, and the fund still shows a stable longer-run profile instead of a sharp break from the group.

Its 3-year return is close to the middle of this peer set, but the 5-year number sits a little behind the stronger peers that have maintained higher compounding over time. The short-term and long-term comparisons therefore tell a mixed story: recent return strength is acceptable, yet several peers have posted firmer numbers across both the medium and longer horizons.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Small Industries Development Bank of India. **	Certificate of Deposit	5.89%
Radhakrishna Securitization Trust **	PTC & Securitized Debt	4.09%
TREPS	Cash & Cash Equivalents and Net Assets	3.95%
7.44% NABARD	Corporate Debt	2.98%
6.64% Government Securities	Government Securities	2.96%
Indusind Bank Ltd. **	Certificate of Deposit	2.77%
Punjab National Bank	Certificate of Deposit	2.70%
7.33% State Government of Karnataka	Government Securities	2.37%
Punjab National Bank **	Certificate of Deposit	2.31%
HDFC Bank Ltd. **	Certificate of Deposit	2.13%

The top 10 holdings account for approximately 32.15% of the portfolio.

To see all holdings, visit the ICICI Pru Ultra Short to Short Term Fund Direct Growth Plan page

The largest holding is Small Industries Development Bank of India. ** at 5.89%, which is meaningful but not dominant on its own. The weight then steps down fairly quickly, with the tenth holding at 2.13%, so the disclosed positions are not tightly clustered around a single idea.

Because the top 10 together account for 32.15% and the scheme has 58 disclosed holdings, the portfolio appears to be spread across a longer tail of smaller positions. That structure may reduce dependence on any one name, while still leaving the larger certificate-of-deposit and debt exposures likely to have greater influence on near-term movement.

From a portfolio-construction angle, the mix suggests a diversified short-duration debt book rather than a concentrated credit bet. The presence of cash equivalents, CDs, government securities and securitised debt also means the fund may balance liquidity and accrual exposure in a way that supports steadier behaviour.

Source data date: as of 04 Sep 2026

Who should invest

This fund may suit investors who can accept debt-fund style fluctuations and want a return profile that is steadier than equity, but not fully static. The Balanced Risk label and the portfolio mix point to a moderate-risk profile, while the 1-year, 3-year and 5-year returns show a pattern of stable compounding rather than sharp jumps.

It can fit an investment horizon of at least a few years, especially for investors who care about consistency versus the benchmark. The trade-off is that the return profile is relatively measured, and the fund does not try to deliver the kind of upside that equity-oriented products can offer.

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 after holding period.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of ICICI Pru Ultra Short to Short Term Fund Direct Growth Plan?
Its NAV is ₹595.5872 as of 04 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.65% over 1 year, 7.53% over 3 years and 6.69% over 5 years.

How does the fund compare with its benchmark?
It has outpaced the benchmark over 1 year, 3 years and 5 years. The 1-year gap is especially clear because the benchmark’s reading is negative.

Which peer fund looks stronger on returns?
Axis Floating Interest Rates Fund Direct Growth Plan shows stronger 1-year, 3-year and 5-year returns among the peer funds listed here. Several other peers also edge ahead on longer horizons.

Who manages the fund?
The fund is managed by Nikhil Kabra and Darshil Dedhia.

What is the exit load and tax treatment?
There is no exit load after the holding period. Tax is shown at 20% for units held less than 1 year and 12.5% for units held more than 1 year.

Bottom line

This fund has a steady long-term profile, with recent performance that stays ahead of the benchmark and a 3-year and 5-year record that remains reasonably close to peers. It does not stand out as the strongest returner in the peer set, but it also avoids the look of an erratic performer. The portfolio is spread across 58 disclosed holdings, and the top positions together account for 32.15%, which suggests a measured and diversified debt structure. That combination may appeal to investors seeking balanced-risk debt exposure with moderate compounding.

Published on 5 September 2026 at 3:56 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.