ICICI Prudential Equity Minimum Variance Fund
ICICI Prudential Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The fund is tilted toward large-cap stability with a heavy banking concentration, positioning for defensive equity exposure in a volatile market. The manager's decision to exit quality names like ITC and L&T via covered calls while doubling down on Reliance signals a tactical shift toward energy and financial sectors, though adding eight smaller positions hints at selective value hunting beyond mega-caps. The elevated cash buffer and concentrated top-10 weighting suggest cautious conviction rather than aggressive conviction.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹10.4000 | — | — | — | — | — | — |
| Regular Growth | ₹10.2200 | -0.68% | -5.98% | -6.41% | -1.16% | — | — |
| Direct IDCW | ₹10.4000 | — | — | — | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
33
Top 5 Weight
32.74%
Top 10 Weight
52.81%
Active Share
—
Large Cap
87.19%
Gini
0.394
What Changed2026-03-31 → 2026-04-30
Holdings: 42 → 38+8 added−12 removed24 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| Dr. Reddy's Laboratories Ltd. | 1.96% |
| Cummins India Ltd. | 1.32% |
| Lupin Ltd. | 0.96% |
| TVS Motor Company Ltd. | 0.59% |
| Marico Ltd. | 0.30% |
| GAIL (India) Ltd. | 0.17% |
| HDFC Life Insurance Company Ltd $$ | -0.01% |
| Bharti Airtel Ltd. $$ | -0.02% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Reliance Industries Ltd. INE002A01018 | 10.12% |
| 2 | HDFC Bank Ltd. INE040A01034 | 7.50% |
| 3 | TREPS | 6.82% |
| 4 | Bajaj Auto Ltd. INE917I01010 | 5.53% |
| 5 | Infosys Ltd. INE009A01021 | 4.95% |
| 6 | ICICI Bank Ltd. INE090A01021 | 4.66% |
| 7 | Bharti Airtel Ltd. INE397D01024 | 4.54% |
| 8 | Bajaj Finserv Ltd. INE918I01026 | 4.29% |
| 9 | HDFC Life Insurance Company Ltd. INE795G01014 | 4.27% |
| 10 | Grasim Industries Ltd. INE047A01021 | 3.75% |
| 11 | Cash Margin - Derivatives | 3.52% |
| 12 | Kotak Mahindra Bank Ltd. INE237A01036 | 3.22% |
| 13 | Axis Bank Ltd. INE238A01034 | 3.19% |
| 14 | Cipla Ltd. INE059A01026 | 3.07% |
| 15 | Britannia Industries Ltd. INE216A01030 | 2.89% |
| 16 | Hindustan Unilever Ltd. INE030A01027 | 2.48% |
| 17 | Apollo Hospitals Enterprise Ltd. INE437A01024 | 2.43% |
| 18 | Maruti Suzuki India Ltd. INE585B01010 | 2.39% |
| 19 | Ultratech Cement Ltd. INE481G01011 | 2.33% |
| 20 | Larsen & Toubro Ltd. INE018A01030 | 2.15% |
Sector Allocation
Banks18.6%
Petroleum Products10.1%
It - Software8.6%
Automobiles8.5%
Cement & Cement Products6.1%
Pharmaceuticals & Biotechnology6.0%
Insurance6.0%
Telecom - Services4.5%
Diversified Fmcg4.4%
Finance4.3%
Top 10 sectors by % to NAV. Excludes derivatives.