ICICI Prudential Bharat Consumption Fund
Direct · GrowthAI Summary
ICICI Prudential Bharat Consumption Fund has delivered strong SIP XIRR across horizons, with 18.95% over 3Y and 19.22% over 5Y, outperforming the category average SIP XIRR of 16.82% and 16.95% respectively. Against the NIFTY 50, the fund has generated consistent alpha, including 7.89% over 5Y and 6.21% over 7Y, with lump-sum CAGRs of 15.31% and 16.72% versus the benchmark's 7.83% and 11.81%. However, recent performance has softened, with calendar year returns of just 3.88% in 2025 and 1.02% in 2026.
The fund exhibits a defensive risk profile with a beta of roughly 0.69-0.75 across longer horizons and downside capture of 62.94% over 5Y, meaning it has fallen considerably less than the NIFTY 50 in down markets. Risk-adjusted returns are solid, with Calmar ratios of 0.63 over both 3Y and 5Y, and only 3 drawdown events exceeding 10%. The maximum drawdown of -0.31% with a 33-day duration appears unusually shallow for an equity fund, so investors should not extrapolate this as a guarantee against typical sectoral/thematic volatility.
The portfolio holds 58 stocks led by Hindustan Unilever (8.96%) and Mahindra & Mahindra (8.74%), with a consumption-oriented spread across FMCG, autos, retail, telecom, and travel. Sector concentration is meaningful, with automobiles at 19.2%, consumer durables at 13.4%, and retailing at 13.2% in the top five sectors. The top 10 holdings account for roughly 50% of NAV, indicating moderate concentration at the stock level alongside reasonable diversification across consumption themes.
The fund beats the category average SIP XIRR at every measured horizon, including 17.53% versus 14.1% over 1Y and 14.06% versus 16.51% over 7Y, though the 7Y gap is narrower and the fund trails its own longer-term pace. Its long-run consistency is supported by positive alpha across all benchmark windows from 1Y through 15Y. The recent two calendar years of muted returns suggest the consumption theme is in a softer phase relative to its 2023 peak of 35.19%.
This fund suits investors with a high risk tolerance seeking targeted exposure to India's consumption theme, and it should be treated as a satellite holding rather than a core portfolio fund. A time horizon of at least 5-7 years is appropriate, as thematic funds can underperform for extended stretches, as seen in 2025-2026. Investors should be comfortable with sector concentration risk and use SIPs to smooth entry points given the theme's cyclicality.
- Consistent alpha versus NIFTY 50 across all measured horizons, including 7.89% over 5Y, with low downside capture of 62.94% over 5Y
- SIP XIRR above category averages at 1Y, 3Y, and 5Y horizons, with 19.22% over 5Y versus the category's 16.95%
- Defensive beta of 0.69-0.75 with strong risk-adjusted returns, evidenced by Calmar ratios of 0.63 over 3Y and 5Y
- Recent momentum has faded sharply, with calendar year returns of only 3.88% in 2025 and 1.02% in 2026 after a 35.19% surge in 2023
- Significant sector concentration in automobiles (19.2%), consumer durables (13.4%), and retailing (13.2%) exposes investors to consumption-cycle downturns
- The 7Y SIP XIRR of 14.06% trails the category average of 16.51%, indicating weaker relative performance over longer holding periods
Generated on 06-09-2026, 7:48 PM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.84 L | 17.5% | -44.5% | 62.3% |
| 3 Years | ₹36.00 L | ₹47.15 L | 19.0% | -1.5% | 35.9% |
| 5 Years | ₹60.00 L | ₹95.34 L | 19.2% | 7.7% | 30.0% |
| 7 Years | ₹84.00 L | ₹1.38 Cr | 14.1% | 11.8% | 15.4% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 17.5% | 14.4% | 14.1% | +3.2% |
| 3 Years | 19.0% | 11.1% | 16.8% | +7.9% |
| 5 Years | 19.2% | 10.4% | 16.9% | +8.8% |
| 7 Years | 14.1% | 10.6% | 16.5% | +3.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 17.7% | 15.5% | -14.0% | 61.7% | 0.71 | 2.70 | 88% | — | — |
| 3 Years | 19.9% | 19.6% | 11.3% | 28.4% | 3.31 | — | 100% | — | — |
| 5 Years | 19.8% | 20.4% | 13.4% | 25.6% | 4.13 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +3.26 | 0.94 | 92.7% | 86.2% | 0.9% | -2.9% |
| 3 Years | +5.18 | 0.75 | 80.3% | 71.7% | 12.6% | 7.8% |
| 5 Years | +7.89 | 0.69 | 74.7% | 62.9% | 15.3% | 7.8% |
| 7 Years | +6.21 | 0.75 | 75.0% | 66.6% | 16.7% | 11.8% |
| 10 Years | +3.50 | 0.75 | 74.8% | 67.1% | 10.7% | 7.4% |
| 12 Years | +2.61 | 0.75 | 74.8% | 67.1% | 8.8% | 6.2% |
| 15 Years | +1.73 | 0.75 | 74.8% | 67.1% | 7.0% | 4.9% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Hindustan Unilever Ltd. | 8.96% |
| 2 | Mahindra & Mahindra Ltd. | 8.74% |
| 3 | Bharti Airtel Ltd. | 5.56% |
| 4 | Eternal Ltd. | 5.38% |
| 5 | Maruti Suzuki India Ltd. | 5.03% |
| 6 | Trent Ltd. | 4.95% |
| 7 | Interglobe Aviation Ltd. | 3.35% |
| 8 | The Indian Hotels Company Ltd. | 2.92% |
| 9 | TVS Motor Company Ltd. | 2.81% |
| 10 | Britannia Industries Ltd. | 2.70% |