A straightforward guide to the best equity schemes from one of India's most experienced AMCs. Real numbers, plain language, and honest context to help you decide where your money belongs.
ICICI Prudential AMC is a joint venture between two well-established names: ICICI Bank, one of India's largest private sector banks, and Prudential Plc, a leading financial services group focused across Asia and Africa. The joint venture started in 1998 and, over the years, has grown into one of the country's most trusted asset management companies.
The AMC is well-known for its disciplined, research-driven investment process. Its Chief Investment Officer, Sankaran Naren, is widely respected in Indian fund management circles for a contrarian investment style that looks for value where others are fearful. That philosophy, combined with a large, experienced team, has helped the AMC deliver consistent long-term results across equity, debt and hybrid categories.
Today the AMC operates from over 350 locations and employs more than 3,000 people. It serves close to a crore investors and manages assets across mutual funds, Portfolio Management Services (PMS) and international advisory mandates. For retail investors in India, the equity mutual fund range is the most accessible and popular entry point into ICICI Prudential's investment expertise.
Equity mutual funds invest the majority of their corpus in shares of companies listed on stock exchanges. The objective is to build wealth over the long term by participating in the growth of Indian businesses. ICICI Prudential offers equity funds across every major sub-category recognised by SEBI, from the relatively stable large cap funds to the higher-potential-but-volatile small cap and sectoral themes.
What distinguishes ICICI Prudential's equity range is the consistent application of a value-and-research-driven philosophy. Fund managers do not chase momentum; they look for companies with strong fundamentals trading at reasonable valuations. This style means the funds sometimes underperform in euphoric bull markets but tend to hold up better when sentiment turns.
For Indian investors, equity mutual funds are the most practical way to build a long-term corpus. A monthly SIP as low as ₹100 in an equity fund gets you diversified exposure to 50 to 100 companies at once, without the need to pick individual stocks or monitor daily price movements.
Each scheme listed on this page covers a distinct purpose. A bluechip fund is different from a flexi cap fund, and an ELSS scheme has a three-year lock-in that most others do not. Choosing the right one depends on your goal, how long you can stay invested, and how much price movement you can tolerate without panic-selling.
Ten well-established schemes across different equity categories. Returns shown are historical and refer to the Direct Growth plan. Past performance is not a guarantee of future returns.
This fund invests predominantly in India's top 100 companies by market cap, commonly called bluechip or large cap stocks. It is one of the oldest and most consistent performers in its category and a natural starting point for first-time equity investors looking for relative stability.
The fund manager has freedom to invest across large, mid and small cap stocks based on where value is found at any given time. This makes it a versatile, "one-fund" equity solution for investors who prefer to delegate allocation decisions to the fund management team entirely.
This fund invests primarily in companies ranked 101 to 250 by market cap, commonly termed mid cap companies. These businesses are typically in a growth phase, which gives this category higher return potential over the long term but also noticeably more volatility than large cap funds during market corrections.
The fund targets companies ranked 251 and below by market cap. These are smaller, often lesser-known businesses with significant upside potential if they grow into mid or large cap companies over time. Short-term volatility is considerable, making this purely a long-horizon investment for investors who will not need the money for at least 10 years.
This is ICICI Prudential's ELSS offering, the only mutual fund category that qualifies for a Section 80C deduction of up to ₹1.5 lakh per year. It comes with a mandatory three-year lock-in, which is considerably shorter than PPF or NSC, and invests across a diversified equity portfolio. Many investors use it as both a wealth-building and a tax-planning tool at the same time.
One of India's oldest value-style equity funds. The strategy focuses on identifying companies whose stock prices are trading below their estimated intrinsic value, as determined by fundamental analysis. Because it follows a contrarian approach, this fund can look different from the broader market for extended periods and rewards patient, long-term investors.
SEBI mandates that multi cap funds maintain a minimum 25% allocation in each of the three size categories: large, mid and small cap. This enforces diversification across the market capitalisation spectrum. The fund provides exposure to the growth story of smaller companies while keeping a significant anchor in stable large cap stocks.
This sectoral fund concentrates its portfolio in technology and tech-adjacent companies in India. It covers IT services majors as well as smaller software product companies and technology-enabled businesses. Returns can be exceptional in years when the tech sector outperforms, but the single-sector concentration means drawdowns can also be steep when sentiment turns against the sector.
This fund targets companies that participate in India's infrastructure development story: construction, engineering, power, utilities, cement and related industries. It benefits directly from government capital expenditure programmes and the broader theme of India building its roads, ports, power grid and urban infrastructure over the coming decade.
A passive index fund that simply replicates the Nifty 50 index, covering India's 50 largest companies. It does not attempt to beat the market; it aims to match it, at a very low cost. The expense ratio is a fraction of that of an actively managed fund, which compounds into a meaningful advantage over a 15 to 20 year period.
All return figures are approximate historical data for the Direct Growth plan. Data is for informational purposes only. Verify current NAV and returns from the official AMC website or AMFI before investing.
| Fund Name | Category | 1 Yr | 3 Yr CAGR | 5 Yr CAGR | AUM (Approx) | Exp Ratio | Min SIP | Risk Level |
|---|---|---|---|---|---|---|---|---|
| Bluechip Fund | Large Cap | 14.2% | 19.8% | 21.6% | ₹67,000 Cr | 0.78% | ₹100 | Mod. High |
| Flexicap Fund | Flexi Cap | 15.8% | 20.9% | 23.3% | ₹21,500 Cr | 0.82% | ₹100 | Mod. High |
| Midcap Fund | Mid Cap | 17.2% | 24.1% | 27.4% | ₹7,100 Cr | 0.91% | ₹100 | High |
| Smallcap Fund | Small Cap | 14.8% | 21.4% | 27.1% | ₹9,800 Cr | 0.88% | ₹100 | Very High |
| Long Term Equity (ELSS) | ELSS | 13.5% | 20.2% | 22.7% | ₹14,200 Cr | 0.98% | ₹500 | Mod. High |
| Value Discovery Fund | Value | 16.3% | 24.5% | 27.8% | ₹45,000 Cr | 0.75% | ₹100 | Mod. High |
| Multicap Fund | Multi Cap | 14.9% | 20.8% | 24.6% | ₹13,400 Cr | 0.85% | ₹100 | Mod. High |
| Technology Fund | Sectoral | 22.9% | 28.4% | 25.5% | ₹14,800 Cr | 0.88% | ₹100 | Very High |
| Infrastructure Fund | Sectoral | 13.1% | 27.2% | 29.1% | ₹7,300 Cr | 1.02% | ₹100 | Very High |
| Nifty 50 Index Fund | Index | 12.9% | 18.4% | 20.7% | ₹10,200 Cr | 0.17% | ₹100 | Mod. High |
All returns are approximate historical CAGR figures for the Direct Growth plan. Data sourced from publicly available AMFI and AMC disclosures. Verify before investing.
No fund is universally great. The right fund is the one that matches your specific goal, timeline and risk comfort. Here are the six things that actually matter.
A 3-year goal needs a different fund than a 15-year goal. Large cap and debt hybrid funds suit shorter horizons. Mid cap and small cap funds need at least 7 to 10 years to smooth out volatility.
It is easy to say you are comfortable with volatility when markets are rising. Ask yourself: if my portfolio falls 35% in six months, will I sell or hold? The honest answer should guide your fund choice.
A fund's 1-year return tells you very little. Rolling returns over 5 to 10 year periods across different market cycles give a much more reliable picture of consistency and risk-adjusted performance.
Every rupee paid in fund expenses reduces your final corpus. A 1% difference in expense ratio over 20 years can erode roughly 15 to 20% of your final wealth. Favour Direct plans over Regular plans.
Past performance belongs to the team that created it. Check how long the current fund manager has been on the scheme. A recent change means the historical data may not be representative of future decisions.
Holding two large cap funds rarely adds diversification; it adds duplication. Check portfolio overlap before adding a second fund in any category. Four to six well-chosen funds are better than twelve randomly selected ones.
Taxation rules for equity funds changed materially in the Union Budget 2024. Here is the simplified picture as it currently stands.
Applies when you redeem equity fund units held for less than 12 months. The gain is taxed at a flat rate of 20%, regardless of your income tax slab. Increased from 15% in Budget 2024.
Applies when you redeem equity fund units held for 12 months or more. Gains above ₹1.25 lakh per year are taxed at 12.5%. Gains up to the exemption limit are completely tax-free. Increased from 10% in Budget 2024.
Tax rules are subject to change. Always confirm the current applicable rates with a qualified tax professional or chartered accountant before making redemption decisions.
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