ICICI Prudential Equity Minimum Variance Fund

ThematicDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

ICICI Prudential Equity Minimum Variance Fund is a Thematic fund run by ICICI Prudential Mutual Fund. On 30-09-2026, it managed ₹2,451 Cr of investors' money. In the year to 30-10-2026, its Direct plan returned −6.4% and its Regular plan returned −7.5%. Its benchmark, Nifty 50 TRI, returned −10.0% over the same year.

NAV (Direct plan): ₹10.28; ▲ 0.39%30-10-2026
NAV (Regular plan): ₹10.05; ▲ 0.40%30-10-2026
Expense ratio: 1.86%Direct2.89%Regular; 1.86%; A year
Riskometer: Not available; Set by the fund house
1 year return: −6.4%Direct−7.5%Regular; −6.4%; Total

ICICI Prudential Equity Minimum Variance Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹10.28 (up 0.39% that day); Regular Plan Growth ₹10.05 (up 0.40% that day).

This fund (Direct plan)

₹10.28

ICICI Prudential Equity Minimum Variance Fund Returns vs Nifty 50 TRI

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	+0.49%	−4.73%	−2.93%	−6.38%	--	--	--
This fund (Regular)	+0.40%	−5.01%	−3.46%	−7.46%	--	--	--
Nifty 50 TRI	+1.95%	−5.01%	−3.13%	−9.99%	+7.63%	+6.70%	+11.66%
Thematic average	−2.09%	−4.52%	+0.86%	−1.22%	--	--	--
Best in Thematic	+11.54%	+11.27%	+22.16%	+75.71%	--	--	--
Worst in Thematic	−16.05%	−11.74%	−13.97%	−22.44%	--	--	--
Rank in Thematic	27/235	94/232	159/232	139/215	--	--	--

Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.

ICICI Prudential Equity Minimum Variance Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular	Nifty 50 TRI
2026to date	−8.46%	−9.30%	−10.91%
2025	+14.36%	+12.95%	+11.88%

ICICI Prudential Equity Minimum Variance Fund Rolling Returns

The return of every holding period in the fund's history, not only the one that ends today

Rolling returns

Each point is the yearly return of one 1-year holding period, plotted on the day it ended. There are 219 periods, one for each trading day from 09-12-2025 to 30-10-2026.

−15%−10%−5%0%5%10%15%20%

Jan 2025
to
Jan 2026Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 2026

ICICI Prudential Equity Minimum Variance Fund (Direct)Nifty 50 TRI

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	219	2.3%	−8.2%	17.4%	22%	−1.0%	100%

Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty 50 TRI over the same days. Past returns do not promise future returns.

ICICI Prudential Equity Minimum Variance Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	ICICI Prudential Equity Minimum Variance Fund (Direct)This fund	Nifty 50 TRI
Return (CAGR)	−6.38%	−9.99%
Standard deviation	12.60%	13.78%
Sharpe ratio	-0.92	-1.11
Sortino ratio	-1.23	-1.48
Maximum drawdown	−14.0% (30-03-2026)	−15.1% (30-03-2026)
Beta	0.90	1.00
Alpha	+2.11%	0.00%

From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Measure	ICICI Prudential Equity Minimum Variance Fund (Direct)This fund	Nifty 50 TRI
Return (CAGR)	+1.42%	−2.28%
Standard deviation	11.45%	13.14%
Sharpe ratio	-0.36	-0.60
Sortino ratio	-0.51	-0.83
Maximum drawdown	−14.0% (30-03-2026)	−15.1% (30-03-2026)
Beta	0.85	1.00
Alpha	+2.53%	0.00%

From daily NAVs, 09-12-2024 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Drawdowns

How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.

−20%−15%−10%−5%0%

20252026

ICICI Prudential Equity Minimum Variance Fund (Direct)Nifty 50 TRI

	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
ICICI Prudential Equity Minimum Variance Fund (Direct)	−14.0%	06-01-2026	30-03-2026	Not yet	--	−9.4%
Nifty 50 TRI	−15.1%	02-01-2026	30-03-2026	Not yet	--	−11.6%

From the Direct plan's daily NAV since 09-12-2024, adjusted for unit splits, and Nifty 50 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

ICICI Prudential Equity Minimum Variance Fund vs Other Thematic Funds

The five Thematic funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Nippon India Taiwan Equity Fund	1/133	1,147	1.08%	+75.71%	+54.78%	--	--	1.38	2.03	Compare
HDFC Defence Fund	2/133	11,493	0.90%	+13.79%	+34.76%	−0.18%	0.83	1.12	1.54	Compare
HDFC Pharma and Healthcare Fund	3/133	3,501	1.05%	+23.12%	+30.53%	+8.23%	0.96	1.74	2.49	Compare
SBI Healthcare Opportunities Fund	4/133	5,870	1.01%	+17.12%	+24.60%	+3.61%	0.88	1.42	2.03	Compare
Aditya Birla Sun Life International Equity Fund	5/133	352	2.00%	+13.97%	+24.46%	--	--	1.49	2.16	Compare
ICICI Prudential Equity Minimum Variance Fund	139/215	2,451	1.86%	−6.38%	--	--	--	--	--

AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

ICICI Prudential Equity Minimum Variance Fund Expense Ratio and Costs

What each plan charges a year, in force from 20-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Thematic median	Cost rank (1 = cheapest)
Direct	0.82%	0.20%	0.02%	0.82%	1.86%	1.18%	215/235
Regular	1.72%	0.20%	0.02%	0.95%	2.89%	2.41%	205/235

The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

Direct vs Regular: what the gap cost

Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

Over the last	Regular	Direct	Direct earned more by	₹1 lakh became (Regular)	₹1 lakh became (Direct)
1 year	−7.46%	−6.38%	1.08%	₹92,540	₹93,620

Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

ICICI Prudential Equity Minimum Variance Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 09-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planICICI Prudential Equity Minimum Variance Fund (Direct)	₹2,30,000	₹2,26,740	−₹3,260	−1.4%
Regular planICICI Prudential Equity Minimum Variance Fund (Regular)	₹2,30,000	₹2,24,100	−₹5,900	−2.6%
Nifty 50 TRI	₹2,30,000	₹2,21,182	−₹8,818	−3.9%
Category averageCategory average, 235 Thematic funds	₹2,30,000	₹2,36,889	₹6,889	3.0%

₹0₹50,000₹1.0 L₹1.5 L₹2.0 L₹2.5 L

20252026

Direct planICICI Prudential Equity Minimum Variance Fund (Direct)Regular planICICI Prudential Equity Minimum Variance Fund (Regular)Nifty 50 TRICategory averageCategory average, 235 Thematic fundsAmount invested

From each plan's published NAV (Growth option), the benchmark's TRI and the category average, over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

ICICI Prudential Equity Minimum Variance Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

89.0%Equity

Asset	Fund	Category
Equity	89.0%	94.5%
Debt	6.5%	1.5%
Cash and others	4.5%	4.0%

Market cap of stocks

Market cap	Fund	Category
Large Cap	89.0%	45.7%
Mid Cap	0.0%	19.6%
Small Cap	0.0%	24.1%

Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.

ICICI Prudential Equity Minimum Variance Fund Sector Allocation

Sector allocation of the fund's stocks as on 30-09-2026

Largest sectors

Banks31.5%
Petroleum Products9.7%
Diversified Fmcg9.4%
Power6.0%
Insurance4.2%
Consumer Durables4.1%
Finance3.6%
Healthcare Services2.5%
Agricultural Food & Other Products2.3%
Construction2.3%

The ten largest of 18 sectors. The other 8 add up to 13.4%.

Sector changes

Sector	July 2026	August 2026	September 2026	Change
Banks	31.6%	35.2%	31.5%	−0.1%
Petroleum Products	9.9%	9.6%	9.7%	−0.2%
Diversified Fmcg	7.4%	8.5%	9.4%	+2.0%
Power	2.5%	3.8%	6.0%	+3.5%
Insurance	1.3%	4.6%	4.2%	+2.9%

Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.

ICICI Prudential Equity Minimum Variance Fund Portfolio Holdings

As on 30-09-2026 · 35 holdings · from the fund house's monthly portfolio

Holdings	Sector / Rating	Weight%	1M change
Kotak Mahindra Bank Ltd.	Banks	9.70%	0.0%
Reliance Industries Ltd.	Petroleum Products	9.69%	0.0%
HDFC Bank Ltd.	Banks	7.23%	0.0%
Axis Bank Ltd.	Banks	7.00%	−26.3%
NTPC Ltd.	Power	4.87%	+20.6%
ITC Ltd.	Diversified Fmcg	4.82%	0.0%
Hindustan Unilever Ltd.	Diversified Fmcg	4.60%	+6.1%
State Bank Of India	Banks	4.31%	−38.9%
Asian Paints Ltd.	Consumer Durables	4.12%	0.0%
ICICI Bank Ltd.	Banks	3.24%	0.0%
91 Days Treasury Bills · Government security	SOV	2.86%
HDFC Life Insurance Company Ltd.	Insurance	2.55%	−19.4%
Apollo Hospitals Enterprise Ltd.	Healthcare Services	2.50%	+400.0%
Bajaj Finserv Ltd.	Finance	2.47%	0.0%
Tata Consumer Products Ltd.	Agricultural Food & Other Products	2.31%	+9.2%
Larsen & Toubro Ltd.	Construction	2.30%	−55.3%
Godrej Consumer Products Ltd.	Personal Products	1.91%	+6.7%
91 Days Treasury Bills · Government security	SOV	1.90%
Bajaj Auto Ltd.	Automobiles	1.77%	New
Life Insurance Corporation of India	Insurance	1.61%	0.0%
Tata Consultancy Services Ltd.	It - Software	1.46%	+154.0%
Coal India Ltd.	Consumable Fuels	1.26%	−6.5%
Grasim Industries Ltd.	Cement & Cement Products	1.16%	New
Power Grid Corporation Of India Ltd.	Power	1.16%	New
Ultratech Cement Ltd.	Cement & Cement Products	1.12%	−54.5%
Bajaj Holdings & Investment Ltd.	Finance	1.10%	0.0%
Trent Ltd.	Retailing	1.07%	0.0%
Nestle India Ltd.	Food Products	1.07%	New
364 Days Treasury Bills · Government security	SOV	0.81%
Infosys Ltd.	It - Software	0.81%	0.0%
Britannia Industries Ltd.	Food Products	0.79%	0.0%
Bharti Airtel Ltd.	Telecom - Services	0.72%	New
364 Days Treasury Bills · Government security	SOV	0.48%
91 Days Treasury Bills · Government security	SOV	0.44%
Maruti Suzuki India Ltd.	Automobiles	0.24%	0.0%

ICICI Prudential Equity Minimum Variance Fund Stocks Bought and Sold

All changes are between August 2026 and September 2026

Stocks bought and sold in September 2026

Axis Bank Ltd.	Reduced	−26.3%	7.00%
State Bank Of India	Reduced	−38.9%	4.31%
Larsen & Toubro Ltd.	Reduced	−55.3%	2.30%
NTPC Ltd.	Added	+20.6%	4.87%
Hindustan Unilever Ltd.	Added	+6.1%	4.60%
HDFC Life Insurance Company Ltd.	Reduced	−19.4%	2.55%
Apollo Hospitals Enterprise Ltd.	Added	+400.0%	2.50%
Ultratech Cement Ltd.	Reduced	−54.5%	1.12%
Tata Consumer Products Ltd.	Added	+9.2%	2.31%
Godrej Consumer Products Ltd.	Added	+6.7%	1.91%
Bajaj Auto Ltd.	New	New	1.77%
Tata Consultancy Services Ltd.	Added	+154.0%	1.46%
Coal India Ltd.	Reduced	−6.5%	1.26%
Dr. Reddy's Laboratories Ltd.	Sold out	−100%	was 1.17%
Grasim Industries Ltd.	New	New	1.16%
Power Grid Corporation Of India Ltd.	New	New	1.16%
Nestle India Ltd.	New	New	1.07%
Bharti Airtel Ltd.	New	New	0.72%
Eicher Motors Ltd.	Sold out	−100%	was 0.60%
Tata Motors Passenger Vehicles Ltd.	Sold out	−100%	was 0.58%

A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.

What ICICI Prudential Equity Minimum Variance Fund bought and sold

ICICI Prudential Equity Minimum Variance Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Tata NIFTY 50 Exchange Traded FundIndex · Tata	50.7%	26	Compare
360 ONE ELSS Tax Saver Nifty 50 Index FundIndex · 360 ONE	50.6%	26	Compare
Bandhan Nifty 50 Index FundIndex · Bandhan	50.6%	26	Compare
Zerodha Nifty 50 Index FundIndex · Zerodha	50.4%	26	Compare
Nippon India Index Fund - Nifty 50 PlanIndex · Nippon India	50.4%	26	Compare
SBI NIFTY Index FundIndex · SBI	50.3%	26	Compare
JioBlackRock Nifty 50 Index FundIndex · Jio BlackRock	50.3%	26	Compare
Edelweiss Nifty 50 Index FundIndex · Edelweiss	50.3%	26	Compare

Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

ICICI Prudential Equity Minimum Variance Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 1.86%
Expense ratio (Regular): 2.89%
Category: Thematic
Risk: Not available
Benchmark: Nifty 50 TRI
Launch date: 06-12-2024
Minimum investment: ₹5,000
Minimum additional investment: ₹1,000
AUM: ₹2,450.58 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 153070
ISIN (Direct): INF109KC10Y6
Scheme code (Regular): 153069
ISIN (Regular): INF109KC17X3
NAV history: From 09-12-2024, 1.9 years

Exit load: Exit load of 1% if redeemed within 1 month.

Tax on ICICI Prudential Equity Minimum Variance Fund returns

ICICI Prudential Equity Minimum Variance Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	Option	NAV	As on
direct	Growth	₹10.28	30-10-2026
direct	IDCW	₹10.27	30-10-2026
regular	Growth	₹10.05	30-10-2026
regular	IDCW	₹10.05	30-10-2026

About ICICI Prudential Equity Minimum Variance Fund

ICICI Prudential Equity Minimum Variance Fund is a mutual fund from ICICI Prudential Mutual Fund. Its category is Thematic. It was launched on 06-12-2024. Its benchmark is Nifty 50 TRI. At the end of September 2026 it held 35 securities.

Fund Manager

Aatur Shah
Fund manager of ICICI Prudential Equity Minimum Variance Fund, since 05-02-2026
Nitya Mishra
Fund manager of ICICI Prudential Equity Minimum Variance Fund, since 06-12-2024

See all funds of ICICI Prudential Mutual Fund

AUM change

September 2026: ₹2,450.58 Cr; −8.28% from August 2026
August 2026: ₹2,671.86 Cr; −5.79% from July 2026
July 2026: ₹2,836.15 Cr; −1.58% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare ICICI Prudential Equity Minimum Variance Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

Compare with any other fund

Frequently Asked Questions for ICICI Prudential Equity Minimum Variance Fund

What is the current NAV of ICICI Prudential Equity Minimum Variance Fund?

The Direct plan NAV is ₹10.28. The Regular plan NAV is ₹10.05, as on 30-10-2026.

What are the returns of ICICI Prudential Equity Minimum Variance Fund?

The Direct plan returned −6.38% in 1 year. The Regular plan returned −7.46% in 1 year. These figures are as on 30-10-2026.

What is the expense ratio of ICICI Prudential Equity Minimum Variance Fund?

The Direct plan charges 1.86% a year. The Regular plan charges 2.89% a year. This is the figure the fund house reported to AMFI, in force from 20-10-2026.

What is the AUM of ICICI Prudential Equity Minimum Variance Fund?

ICICI Prudential Equity Minimum Variance Fund managed ₹2,450.58 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of ICICI Prudential Equity Minimum Variance Fund?

At the end of September 2026 the largest holdings were KOTAKBANK (9.70%), RELIANCE (9.69%), HDFCBANK (7.23%), AXISBANK (7.00%), NTPC (4.87%). The fund held 35 securities in all.

What did ICICI Prudential Equity Minimum Variance Fund buy and sell in September 2026?

It bought 5 new stocks: Grasim Industries Ltd, Nestle India Ltd, Bharti Airtel Ltd, Power Grid Corporation Of India Ltd, Bajaj Auto Ltd. It sold out of 3: Eicher Motors Ltd, Dr. Reddy's Laboratories Ltd, Tata Motors Passenger Vehicles Ltd. It added shares in 6. It reduced 6.

How do I invest in ICICI Prudential Equity Minimum Variance Fund?

Through ICICI Prudential Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹5,000. You can invest once or through a monthly SIP.

Who is the fund manager of ICICI Prudential Equity Minimum Variance Fund?

Aatur Shah (since 05-02-2026), Nitya Mishra (since 06-12-2024).

Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.