EquitySectoral/ ThematicRegularGrowthVery High

ICICI Prudential Innovation Fund

Q: What is the NAV of ICICI Prudential Innovation Fund?

As of 01 Oct 2026, the NAV of ICICI Prudential Innovation Fund is ₹18.48 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has ICICI Prudential Innovation Fund delivered?

ICICI Prudential Innovation Fund has returned 0.00% over 1 year, +16.03% per year over 3 years and +19.55% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund charges an expense ratio of 2.18% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund's largest holdings are ICICI Bank Ltd. (5.0%), Eternal Ltd. (3.8%), Maruti Suzuki India Ltd. (3.6%), Axis Bank Ltd. (2.9%) and Sagility India Ltd (2.8%). Holdings are disclosed monthly and change over time.

Q: How risky is ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 12.6% and its worst peak-to-trough fall in our sample was -16.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.76 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. ICICI Prudential Innovation Fund's 0.76 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund is managed by Vaibhav Dusad at ICICI Prudential.

Q: How is ICICI Prudential Innovation Fund taxed?

ICICI Prudential Innovation Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

ICICI Prudential Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹18.48

-0.96% 1D

as of 01 Oct 2026

This is the Regular plan of ICICI Prudential Innovation Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+0.76%CAGR

52-week rangePrev NAV ₹18.66

Latest ₹18.48

Low ₹16.5259th percentile of its 52-week rangeHigh ₹19.86

Scorecard

★★★★★5/5 vs 142 of 255 Sectoral/ Thematic peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Sectoral/ Thematic (same plan and option). 142 of the 255 Sectoral/ Thematic funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceStrong

3Y CAGR +16.03% · ranks 36 of 142 Sectoral/ Thematic funds

RiskLow

Volatility 12.6% vs 15.6% category avg

CostLow

2.2% expense vs 2.5% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

3-year return (+16.03%) beats the Sectoral/ Thematic average (+12.13%)
Stronger risk-adjusted returns — Sharpe 0.76 vs 0.34 Sectoral/ Thematic average
Less volatile than its Sectoral/ Thematic peers (12.6% vs 15.6%)
Low expense ratio (2.18%) vs the Sectoral/ Thematic average of 2.47%
Consistent — positive in 100% of rolling 3-year windows

Concerns

1-year return (0.00%) trails the Sectoral/ Thematic average (+2.27%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.18%

Category 2.47%▼0.29%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

30.16

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.76

Category 0.34▲0.41

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

• 1% of applicable Net Asset Value - If the amount sought to be redeemed or switched out within one month from allotment. • Nil - If the amount sought to be redeemed or switched out more than one month from allotment.

1.00%

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹5,000

Nifty 500 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

02 May 2023

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.95%

Absolute return over the last 3 months (not annualized)

-2.33%

Absolute return over the last 6 months (not annualized)

+10.46%

Absolute return since 1 Jan of this year (not annualized)

-4.10%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

0.00%

3-year annualized return (CAGR)

+16.03%

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+19.55%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

12.61%

Excess return per unit of total volatility (rf = 6.5%)

0.76

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

1.04

Largest peak-to-trough decline over full history

-16.91%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

6.20%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

0.95

How much of the fund's movement Nifty 500 TRI explains

92.2%

Excess return per unit of beta (market risk)

10.49

Active return over the benchmark per unit of tracking error

1.52

Annualized std dev of fund-minus-benchmark returns

4.43%

Fund's share of benchmark gains in up months (100 = matches index)

112.3%

Fund's share of benchmark losses in down months (lower is better)

82.4%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Sectoral/ Thematic)

Period	Fund	Category avg.	Diff
1M abs	-5.95%	-5.14%	-0.81%
3M abs	-2.33%	-2.35%	+0.02%
6M abs	+10.46%	+10.81%	-0.35%
1Y CAGR	0.00%	+2.27%	-2.27%
3Y CAGR	+16.03%	+12.13%	+3.90%
5Y CAGR	—	+11.03%	—

Category average across peers in Sectoral/ Thematic (254 of 255 carry a figure for at least one period), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 255 peers in Sectoral/ Thematic

1Y return

0.00%

Beats 49.6% · rank #116

3Y return

+16.03%

Beats 75.2% · rank #36

5Y return

—

Sharpe

0.76

Beats 85.1% · rank #22

Sortino

1.04

Beats 85.1% · rank #22

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹3.60L

Current value

₹3.92L

Absolute

+8.93%

XIRR

+5.95%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into ICICI Prudential Innovation Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-4.10%	-7.18%	+3.08%
2025	+10.81%	+7.94%	+2.87%
2024	+28.53%	+16.43%	+12.10%
2023part	+34.76%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

843

Expense ratio

2.18%

AUM

₹7,385Cr

Portfolio turnover

192%

Exit load

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

30.2

P/B ratio

5.8

Avg market cap

₹1,76,256Cr

P/E & P/B are portfolio-weighted harmonic means across 60 of 76 equity holdings (79% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Sectoral/ Thematic

Compare all


ICICI Prudential Innovation FundThis fund ICICI Prudential · Regular · Growth	★★★★★	0.00%	+16.03%	—	—	2.18%	₹7,385Cr
Nippon India Taiwan Equity Fund Nippon India · Regular · Growth	★★★★☆	+118.60%	+60.45%	—	—	2.34%	₹1,110Cr
HDFC Defence Fund HDFC · Regular · Growth	★★★★☆	+21.45%	+34.62%	—	—	1.79%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Regular · Growth	★★★★★	+25.19%	+28.72%	—	—	2.11%	₹2,282Cr
Franklin Asian Equity Fund Franklin Templeton · Regular · Growth	★★★☆☆	+32.21%	+22.88%	+8.49%	—	2.47%	₹720.84Cr
Aditya Birla Sun Life International Equity Fund Aditya Birla Sun Life · Regular · Growth	★★★★☆	+17.38%	+21.97%	+12.58%	—	2.54%	₹320.62Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap37.6%
Mid cap30.5%
Small cap31.9%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity95.54%
Cash & Equivalents3.84%
Debt0.62%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
HSBC Aggressive Hybrid Fund HSBC · Aggressive Hybrid Fund	32.5% of 75% equity	★★★☆☆	0.97%	+12.36%
Kotak Business Cycle Fund Kotak Mahindra · Sectoral/ Thematic	32.4%	★★★★☆	0.77%	+15.01%
Canara Robeco ELSS - Tax Saver Fund Canara Robeco · ELSS	31.5%	★★★☆☆	0.70%	+10.17%
Canara Robeco Flexi Cap Fund Canara Robeco · Flexi Cap Fund	31.4%	★★★☆☆	0.69%	+10.26%
Kotak Pioneer Fund Kotak Mahindra · Sectoral/ Thematic	31.0% of 80% equity	★★★★★	0.63%	+19.75%
Nippon India Vision Large & Mid Cap Fund Nippon India · Large & Mid Cap Fund	30.9%	★★☆☆☆	1.50%	+12.78%
Axis Large & Mid Cap Fund Axis · Large & Mid Cap Fund	30.8%	★★★★★	0.83%	+13.98%
ICICI Prudential Active Momentum Fund ICICI Prudential · Sectoral/ Thematic	30.7%	★★★★☆	1.81%	—

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

3 holdings — 2.45% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Capillary Technologies India LimitedShort-term · Stage I1.75%
PB Fintech LimitedShort-term · Stage I0.35%
Aequs LimitedLong-term · Stage I0.35%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-16.9%27 Sep 2024 → 28 Feb 2025
Fell over 5 months, back to the old high on 12 Sep 2025 — 6 months under water after the low.
-15.7%07 Jan 2026 → 30 Mar 2026
Fell over 3 months, back to the old high on 03 Aug 2026 — 4 months under water after the low.
-7.0%26 Aug 2026 → 01 Oct 2026
Still below that high — 36 days down, and no recovery yet.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹7,385Cr

April - June 2026

since January - March 2026

+₹107.48Cr

est. net flow, last quarter

At or near its largest, ₹7,412Cr in January - March 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

ICICI Prudential Mutual Fund is a joint venture between ICICI Bank and Prudential plc of the UK, in business since 1993. It is among India's largest houses by assets and runs one of the industry's widest scheme line-ups across equity, debt and hybrid.

Launched

11 Oct 1993

Total AUM

₹11,14,544Cr+1.0% QoQ

Avg AUM · April - June 2026

Website

icicipruamc.com

Fund Managers

VDVaibhav DusadManaging since 28 Apr 2023

Role

Senior Fund Manager – MF Equity

Education

MBA, ISB Hyderabad, B.Tech, M.Tech, IIT Chennai, Indian and FRM (GARP), US

Experience

Mr. Vaibhav Dusad has over 13 years of experience in Stock Market. Currently, he is designated as a Senior Fund Manager. Past Experience: ~ Morgan Stanley Research Analyst - June 2014 to December 2017. ~ HSBC - Research Analyst - November 2011 to April 2013. ~ Crisil Irevna - Research Analyst- October 2010 to October 2011. ~ Zinnov - Research Analyst - October 2009 to September 2010.

Funds managed (3)

All schemes Vaibhav Dusad runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Vaibhav Dusad

Top holdings

ICICI Bank Ltd.Eternal Ltd.Maruti Suzuki India Ltd.Axis Bank Ltd.Sagility India Ltd Bharti Hexacom Ltd.Swiggy Ltd Cummins India Ltd.TVS Motor Company Ltd.360 One Wam Ltd.Vijaya Diagnostic Centre Ltd.Dr. Reddy's Laboratories Ltd.

ICICI Prudential in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Sectoral & Thematic funds

Sectoral and thematic funds must keep at least 80% in the equity of one sector (banking, pharma, technology) or one theme (consumption, manufacturing, ESG). That concentration is the point and the risk: with no mandate to diversify away from the sector, the fund rises and falls with it.

Frequently asked questions

What is the NAV of ICICI Prudential Innovation Fund?

As of 01 Oct 2026, the NAV of ICICI Prudential Innovation Fund is ₹18.48 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has ICICI Prudential Innovation Fund delivered?

ICICI Prudential Innovation Fund has returned 0.00% over 1 year, +16.03% per year over 3 years and +19.55% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund charges an expense ratio of 2.18% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund's largest holdings are ICICI Bank Ltd. (5.0%), Eternal Ltd. (3.8%), Maruti Suzuki India Ltd. (3.6%), Axis Bank Ltd. (2.9%) and Sagility India Ltd (2.8%). Holdings are disclosed monthly and change over time.

How risky is ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 12.6% and its worst peak-to-trough fall in our sample was -16.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.76 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. ICICI Prudential Innovation Fund's 0.76 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Who manages ICICI Prudential Innovation Fund?

ICICI Prudential Innovation Fund is managed by Vaibhav Dusad at ICICI Prudential.

How is ICICI Prudential Innovation Fund taxed?

ICICI Prudential Innovation Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.