April 1, 2026
RA Jainee
ICICI Prudential PSU Equity Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 21.39 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 18.14 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | BSE PSU TRI |
| AUM Rs. | 2,022 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.85% |
| 1 Year Return (%) | 5.63 |
| 3 Year Return (%) | 26.81 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 23.90% |
⚖️ Sahifund Review – ICICI Prudential PSU Equity Fund ✔
PLUS: Theme strength, category leadership, valuation comfort
✓ ICICI Prudential PSU Equity Fund has delivered a strong 3-year return of 26.81%, showing that the PSU theme has created meaningful wealth in the current cycle.
✓ The fund has also ranked among the top performers within the PSU category across multiple periods, which gives it category relevance for tactical investors.
✓ Portfolio valuation looks relatively attractive with P/E of 11.65 and P/B of 1.73, which means the fund is not sitting in an overly expensive pocket of the market.
✓ The portfolio of 42 stocks offers decent diversification within the PSU universe, while ICICI Prudential AMC adds strong fund house credibility and process comfort.
✓ For investors wanting targeted PSU exposure through SIP, this fund remains one of the more visible and established options in the space.
MINUS: Benchmark lag, thematic risk, momentum not dominant
⚖️ Despite good returns, the fund has underperformed its benchmark BSE PSU TRI over both 1-year and 3-year periods, which is a meaningful concern.
⚖️ This is still a thematic PSU fund, not a core diversified equity fund — so performance can remain highly cyclical and sentiment-driven.
⚖️ The portfolio is heavily tilted, with top 3 sectors at 82.90% and large-cap exposure at 67.69%, which limits flexibility outside the PSU theme.
⚖️ Turnover at 62% is on the higher side, suggesting active repositioning, while recent momentum has been decent but not category-best versus peers like SBI PSU and ABSL PSU.
Sahifund View (Decisive Line):
ICICI Prudential PSU Equity Fund is a strong tactical theme play, but it should be treated as a satellite allocation only — not as the core of a long-term equity portfolio.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
Nobody should invest in PSU funds in our opinion, because:
• They have a narrow focus on only government-owned companies
• Instead, diversified equity funds which invest across sectors/themes are better
If you still choose to invest:
1. Invest only through SIP
2. Have a 7+ year investment horizon
3. Be prepared to withstand interim sharp declines in investment value
Fund’s Investment Strategy:
The scheme seeks to generate long term capital appreciation by investing predominantly in equity and equity related securities of Public Sector Undertakings (PSUs).
Fund Manager:
1) Antariksha Banerjee
Education: PGDM (MBA) S. P. Jain Institute of Management & Research, Mumbai
Experience: He joined ICICI Prudential AMC, he has been part of the Research team of the AMC.
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | — |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 1% for redemption within 30 days |
Basic Details of ICICI Prudential PSU Equity Fund
| Fund House | ICICI Prudential Mutual Fund |
| Launch Date | 12-Sep-22 |
| Return Since Launch | 23.90% |
| Benchmark | BSE PSU TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets (Rs) | 2,022 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.85% |
| (As on 28-Feb-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 62.00% |
ICICI Prudential PSU Equity Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| ICICI Pru PSU Equity Dir | -4.08 | -1.97 | -10.73 | -4.08 | -1.06 | 5.63 | 26.81 | — | — | — |
| BSE PSU TRI | -4.01 | -2.27 | -12.19 | -4.01 | 0.61 | 10.89 | 31.07 | — | — | — |
| Equity: Thematic-PSU | -8.63 | -2.17 | -11.44 | -8.63 | -5.10 | 1.84 | 28.20 | — | — | — |
| Rank within category | 2 | 3 | 2 | 2 | 4 | 4 | 4 | — | — | — |
| Number of funds in category | 7 | 8 | 8 | 7 | 7 | 7 | 4 | 3 | 2 | 2 |
Peer Comparison of ICICI Prudential PSU Equity Fund
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) | |
| ICICI Pru PSU Equity Dir | Unrated | 5.63 | 26.81 | — | 0.85 | 2,022 | 23.90 | 1.00 (30) | 3Y 6M | 62.00 |
| SBI PSU Dir | Unrated | 10.46 | 30.80 | 26.70 | 0.80 | 6,545 | 11.62 | 0.50 (30) | 13Y 2M | 13.00 |
| ABSL PSU Equity Dir | Unrated | 7.96 | 27.59 | 25.96 | 0.59 | 6,086 | 22.92 | 1.00 (30) | 6Y 3M | 32.00 |
| Invesco India PSU Equity Dir | Unrated | 5.50 | 27.60 | 24.38 | 0.89 | 1,511 | 15.69 | 1.00 (365) | 13Y 2M | 30.00 |
| Quant PSU Dir | Unrated | -7.79 | — | — | 1.13 | 485 | -4.33 | 1.00 (15) | 2Y 1M | — |
ICICI Prudential PSU Equity Fund Portfolio
| No. of Stocks | 42 |
| Top 10 Stocks | 49.39% |
| Top 5 Stocks | 30.33% |
| Top 3 Sectors | 82.90% |
| Portfolio P/B Ratio | 1.73 |
| Portfolio P/E Ratio | 11.65 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 1,61,644 | 1,80,731 |
| Giant (%) | — | — |
| Large (%) | 67.69 | 68.76 |
| Mid (%) | 20.64 | 24.94 |
| Small (%) | 11.67 | 9.10 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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