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Sectoral / Thematic · ICICI Prudential Mutual Fund · AMFI code 153068ICICI Prudential Equity Minimum Variance Fund
Disclosed for 21 months, Jan 2025 to Sep 2026.
Portfolio value
₹2,451 Cr
down ₹221 Cr vs Aug 2026
- Stocks held
- 30
- up 2 vs Aug 2026
- Top 10 weight
- 59.6%
- of the portfolio in its ten largest
- Cash & debt
- 11.0%
- cash, money market and debt
ICICI Prudential Equity Minimum Variance Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In September 2026 it disclosed 30 stocks worth ₹2,451 Cr, down ₹221 Cr from Aug 2026. Its largest positions were Kotak Mahindra Bank Limited (9.7%), Reliance Industries Limited (9.7%), HDFC Bank Limited (7.2%); the ten largest together made up 59.6% of the portfolio, and Banks was the biggest sector at 35.4% of its equity. Cash and debt stood at 11.0%. Compared with Aug 2026 the fund entered 5 new stocks and exited 3.
Against 226 other Sectoral / Thematic funds
Concentration
83%
Top-10 weight is higher than 83% of peers
Breadth
13%
Holds more stocks than 13% of peers
Cash
97%
Holds more cash than 97% of peers
Holdings in September 2026
Download CSVEvery line the fund disclosed, with the change against Aug 2026. Click a column to sort; click a company to see every fund that owns it.
| Kotak Mahindra Bank Limited | 9.70% | up 0.75 pts | ₹238 Cr | down ₹1.4 Cr | Trimmed |
| Reliance Industries Limited | 9.69% | up 0.13 pts | ₹237 Cr | down ₹18 Cr | Trimmed |
| HDFC Bank Limited | 7.23% | up 0.60 pts | ₹177 Cr | down ₹7 L | Held |
| Axis Bank Limited | 7.00% | down 2.24 pts | ₹172 Cr | down ₹75.4 Cr | Trimmed |
| NTPC Limited | 4.87% | up 1.11 pts | ₹119 Cr | up ₹19 Cr | Added |
| ITC Limited | 4.82% | up 0.52 pts | ₹118 Cr | up ₹3.3 Cr | Added |
| Hindustan Unilever Limited | 4.60% | up 0.44 pts | ₹113 Cr | up ₹1.5 Cr | Added |
| Cash, TREPS & receivables | 4.54% | down 3.73 pts | ₹111 Cr | down ₹110 Cr | Trimmed |
| State Bank of India | 4.31% | down 2.83 pts | ₹106 Cr | down ₹85.3 Cr | Trimmed |
| Asian Paints Limited | 4.12% | down 0.05 pts | ₹101 Cr | down ₹10.5 Cr | Trimmed |
| ICICI Bank Limited | 3.24% | down 0.03 pts | ₹79.3 Cr | down ₹7.9 Cr | Trimmed |
| 91 Day Treasury Bills Debt | 2.86% | up 0.25 pts | ₹70 Cr | up ₹29 L | Held |
| HDFC Life Insurance Company Limited | 2.55% | down 0.48 pts | ₹62.5 Cr | down ₹18.3 Cr | Trimmed |
| Apollo Hospitals Enterprise Limited | 2.50% | up 2.00 pts | ₹61.2 Cr | up ₹47.9 Cr | Added |
| Bajaj Finserv Limited | 2.47% | down 0.18 pts | ₹60.6 Cr | down ₹10.1 Cr | Trimmed |
| Tata Consumer Products Limited | 2.31% | up 0.19 pts | ₹56.6 Cr | down ₹6 L | Held |
| Larsen & Toubro Limited | 2.30% | down 2.78 pts | ₹56.4 Cr | down ₹79.3 Cr | Trimmed |
| Godrej Consumer Products Limited | 1.91% | up 0.17 pts | ₹46.8 Cr | up ₹28 L | Added |
| 91 Days Treasury Bill 17-Dec-2026 Debt | 1.90% | up 1.90 pts | ₹46.5 Cr | up ₹46.5 Cr | New |
| Bajaj Auto Limited | 1.77% | up 1.77 pts | ₹43.5 Cr | up ₹43.5 Cr | New |
| Life Insurance Corporation Of India | 1.61% | up 0.05 pts | ₹39.5 Cr | down ₹2.3 Cr | Trimmed |
| Tata Consultancy Services Limited | 1.46% | up 0.85 pts | ₹35.9 Cr | up ₹19.4 Cr | Added |
| Coal India Limited | 1.26% | up 0.09 pts | ₹30.8 Cr | down ₹32 L | Trimmed |
| Grasim Industries Limited | 1.16% | up 1.16 pts | ₹28.5 Cr | up ₹28.5 Cr | New |
| Power Grid Corporation of India Limited | 1.16% | up 1.16 pts | ₹28.4 Cr | up ₹28.4 Cr | New |
| UltraTech Cement Limited | 1.12% | down 1.24 pts | ₹27.4 Cr | down ₹35.6 Cr | Trimmed |
| Bajaj Holdings & Investment Limited | 1.10% | up 0.01 pts | ₹27 Cr | down ₹2.1 Cr | Trimmed |
| Trent Limited | 1.07% | down 0.01 pts | ₹26.2 Cr | down ₹2.6 Cr | Trimmed |
| Nestle India Limited | 1.07% | up 1.07 pts | ₹26.2 Cr | up ₹26.2 Cr | New |
| 364 Days Tbill (MD Debt | 0.81% | up 0.07 pts | ₹19.9 Cr | up ₹8 L | Held |
| Infosys Limited | 0.81% | down 0.04 pts | ₹19.9 Cr | down ₹2.8 Cr | Trimmed |
| Britannia Industries Limited | 0.79% | up <0.01 pts | ₹19.3 Cr | down ₹1.7 Cr | Trimmed |
| Bharti Airtel Limited | 0.72% | up 0.72 pts | ₹17.6 Cr | up ₹17.6 Cr | New |
| 364 Days Tbill (MD Debt | 0.48% | up 0.48 pts | ₹11.9 Cr | up ₹11.9 Cr | New |
| 91 Day Treasury Bills Debt | 0.44% | up 0.44 pts | ₹10.9 Cr | up ₹10.9 Cr | New |
| Maruti Suzuki India Limited | 0.24% | down 0.01 pts | ₹5.9 Cr | down ₹78 L | Trimmed |
What changed, Aug 2026 to Sep 2026
New New positions (5)
- Bajaj Auto Limited1.8% · ₹43.5 Cr
- Grasim Industries Limited1.2% · ₹28.5 Cr
- Power Grid Corporation of India Limited1.2% · ₹28.4 Cr
- Nestle India Limited1.1% · ₹26.2 Cr
- Bharti Airtel Limited0.7% · ₹17.6 Cr
Exited Exited (3)
- Dr. Reddy's Laboratories Limitedwas 1.2% · ₹31.2 Cr
- Eicher Motors Limitedwas 0.6% · ₹15.9 Cr
- Tata Motors Limitedwas 0.6% · ₹15.4 Cr
Sectors
Which sectors the fund is moving towards and away from, and where its money sits now. Shares are of the fund’s classified equity holdings, so they add up to 100%.
Where the weight moved
Compared with
Since Aug 2026, the weight rose most in Power (+2.5 pts) and Healthcare Services (+2.2 pts), and fell most in Banks (−4.5 pts) and Construction (−3.2 pts).
- Power4.3% → 6.8%+2.5 pts
- Healthcare Services0.6% → 2.8%+2.2 pts
- Food Products0.9% → 2.1%+1.2 pts
- Diversified FMCG9.6% → 10.6%+1.0 pts
- IT - Software1.7% → 2.6%+0.9 pts
- Telecom - Services0.0% → 0.8%new+0.8 pts
- Banks39.9% → 35.4%−4.5 pts
- Construction5.7% → 2.6%−3.2 pts
- Pharmaceuticals & Biotechnology1.3% → 0.0%exited−1.3 pts
- Insurance5.2% → 4.7%−0.5 pts
- Finance4.2% → 4.0%−0.2 pts
- Cement & Cement Products2.7% → 2.6%−0.1 pts
A sector’s weight changes when the fund buys or sells, and also when its shares rise or fall in price, so a change is not by itself a sign of buying or selling.
Main sectors’ weights over time
| Sector | Sep 2025 | Mar 2026 | Jun 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|---|---|
| Banks | 19.8% | 25.4% | 28.8% | 39.9% | 35.4% |
| Petroleum Products | 6.2% | 3.6% | 10.8% | 10.8% | 10.9% |
| Diversified FMCG | 7.2% | 8.3% | 8.6% | 9.6% | 10.6% |
| Power | 5.1% | 3.6% | 3.7% | 4.3% | 6.8% |
| Insurance | 7.1% | 6.8% | 1.5% | 5.2% | 4.7% |
| Consumer Durables | 3.6% | 1.3% | 0.1% | 4.7% | 4.6% |
| Finance | 3.4% | 4.2% | 5.5% | 4.2% | 4.0% |
| Healthcare Services | — | 1.0% | — | 0.6% | 2.8% |
| Agricultural Food & Other Products | — | — | 1.3% | 2.4% | 2.6% |
| Construction | 2.4% | 2.5% | 1.4% | 5.7% | 2.6% |
Allocation in Sep 2026change vs Aug 2026
- Banks (5)35.4%▼ 4.5 pts
- Petroleum Products (1)10.9%▲ 0.1 pts
Cash and debt
The share of the portfolio not in shares: cash and net receivables, money-market instruments and bonds, as disclosed each month. Cash can dip below zero when payables, often on derivative positions, exceed it. A change here describes what the fund did; it is not a signal.
Cash & debt, Sep 2026
11.0%
▼ 0.6 pts vs Aug 2026
- Cash alone
- 4.5%
- cash and net receivables
- A year earlier
- 6.1%
- Sep 2025 · now ▲ 5.0 pts
- Last 12 months
- 2.6% – 11.6%
- lowest to highest · record 15.9% in Apr 2025
History
Disclosed portfolio value by month, with the stocks the fund entered and exited against its previous disclosure. Every month is a link to that portfolio.