ICICI Prudential Large Cap Fund outperforms Nifty 100 with consistent long-term returns; should you invest in 2026?

The ICICI Prudential Large Cap Fund has emerged as one of India’s most consistent large-cap equity performers, combining scale, disciplined portfolio construction and a strong focus on quality stocks. The fund manages assets of about ₹782 billion, making it one of the largest actively managed large-cap funds in the country.

Launched in January 2013, the fund operates within the India Large-Cap category and has earned a five-star Morningstar rating along with a Gold Analyst Rating, reflecting strong analyst conviction in its investment process, people and long-term return potential. The fund carries a net expense ratio of 0.89% and a low minimum investment requirement of Rs 100, keeping it accessible for retail investors.

At the core of the fund’s strategy is a benchmark-conscious approach, with sector weights closely aligned to the Nifty 100 Index. Instead of making aggressive top-down sector bets, the fund focuses on identifying the strongest businesses within each sector. Stock selection is driven by detailed fundamental research and valuation measures such as free cash flow to enterprise value, price-to-book value and return on equity. While the portfolio has a clear quality bias, the fund retains flexibility to invest in companies that may not meet all qualitative filters if valuations offer an attractive risk-reward trade-off.

The fund has been managed by Anish Tawakley since September 2018, with Vaibhav Dusad as co-manager. Tawakley brings nearly three decades of investment experience and is supported by a large and collaborative research team at ICICI Prudential Mutual Fund. This stability in fund management has helped maintain consistency in strategy execution across market cycles.

Portfolio construction reflects a conservative yet diversified approach. Around 80–90% of the fund’s assets are invested in large-cap stocks, typically spread across 75–85 holdings. The top 10 stocks account for roughly 55% of the portfolio, led by names such as HDFC Bank, ICICI Bank, Reliance Industries, Larsen & Toubro and Bharti Airtel. Financial services form the largest sector exposure at just over 31%, followed by consumer cyclicals, industrials and energy, resulting in a balanced sector mix.

In terms of performance, the fund has delivered first- and second-quartile returns across one-, three- and five-year periods. Over longer horizons, it has outperformed the Nifty 100 Total Return Index, supported by its risk-conscious investment style and emphasis on financially strong, scalable businesses. Calendar-year return data shows the fund has generally matched or exceeded benchmark performance during both market rallies and periods of volatility.

Overall, the ICICI Prudential Large Cap Fund stands out as a core large-cap equity option for investors seeking steady long-term growth, benchmark-relative discipline and exposure to India’s leading companies, backed by a seasoned management team and a clearly defined investment philosophy.