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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
₹3,685 Cr
down ₹158 Cr vs Dec 2025
- Stocks held
- 35
- down 2 vs Dec 2025
- Top 10 weight
- 45.5%
- of the portfolio in its ten largest
- Cash & debt
- 3.7%
- cash, money market and debt
- Moves this month
- 1 in · 3 out
ICICI Prudential Equity Minimum Variance Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In January 2026 it disclosed 35 stocks worth ₹3,685 Cr, down ₹158 Cr from Dec 2025. Its largest positions were ICICI Bank Limited (8.9%), Reliance Industries Limited (5.5%), HDFC Bank Limited (4.4%); the ten largest together made up 45.5% of the portfolio, and Banks was the biggest sector at 22.6% of its equity. Cash and debt stood at 3.7%. Compared with Dec 2025 the fund entered 1 new stock and exited 3.
Against 229 other Sectoral / Thematic funds
Concentration
47%
Top-10 weight is higher than 47% of peers
Breadth
26%
Holds more stocks than 26% of peers
Cash
53%
Holds more cash than 53% of peers
What these mean: concentration · cash
Holdings in January 2026
Download CSVEvery line the fund disclosed, with the change against Dec 2025. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| ICICI Bank Limited | 8.85% | up 0.44 pts | ₹326 Cr | up ₹2.9 Cr | Added |
| Reliance Industries Limited | 5.47% | up 0.33 pts | ₹202 Cr | up ₹3.9 Cr | Added |
| HDFC Bank Limited | 4.41% | up 0.16 pts | ₹163 Cr | down ₹93 L | Trimmed |
| HDFC Life Insurance Company Limited | 4.24% | up 0.07 pts | ₹156 Cr | down ₹4 Cr | Trimmed |
| Hindustan Unilever Limited | 3.96% | up 0.25 pts | ₹146 Cr | up ₹3.5 Cr | Added |
| Bharti Airtel Limited | 3.90% | down 1.03 pts | ₹144 Cr | down ₹45.7 Cr | Trimmed |
| UltraTech Cement Limited | 3.75% | down 0.54 pts | ₹138 Cr | down ₹26.7 Cr | Trimmed |
| Cash, TREPS & receivables | 3.67% | up 1.42 pts | ₹135 Cr | up ₹48.9 Cr | Added |
| Axis Bank Limited | 3.66% | up 0.41 pts | ₹135 Cr | up ₹9.9 Cr | Added |
| Bajaj Auto Limited | 3.63% | up 0.10 pts | ₹134 Cr | down ₹1.7 Cr | Trimmed |
| Maruti Suzuki India Limited | 3.59% | down 0.58 pts | ₹132 Cr | down ₹27.8 Cr | Trimmed |
| NTPC Limited | 3.55% | up 0.24 pts | ₹131 Cr | up ₹3.6 Cr | Added |
| State Bank of India | 3.34% | down 0.14 pts | ₹123 Cr | down ₹10.8 Cr | Trimmed |
| ITC Limited | 3.33% | up 0.18 pts | ₹123 Cr | up ₹1.6 Cr | Added |
| Sun Pharmaceutical Industries Limited | 3.17% | down 0.11 pts | ₹117 Cr | down ₹9.1 Cr | Trimmed |
| Infosys Limited | 2.92% | down 0.14 pts | ₹108 Cr | down ₹10.2 Cr | Trimmed |
| Power Grid Corporation of India Limited | 2.79% | up 1.80 pts | ₹103 Cr | up ₹64.7 Cr | Added |
| Tata Consultancy Services Limited | 2.54% | down 0.37 pts | ₹93.7 Cr | down ₹18.4 Cr | Trimmed |
| Cipla Limited | 2.49% | down 0.24 pts | ₹91.8 Cr | down ₹13 Cr | Trimmed |
| Bajaj Finserv Limited | 2.42% | down <0.01 pts | ₹89.3 Cr | down ₹4 Cr | Trimmed |
| Wipro Limited | 2.25% | down 0.15 pts | ₹83 Cr | down ₹9.2 Cr | Trimmed |
| Britannia Industries Limited | 2.25% | up 0.03 pts | ₹83 Cr | down ₹2.4 Cr | Trimmed |
| Hero MotoCorp Limited | 2.23% | up <0.01 pts | ₹82.3 Cr | down ₹3.5 Cr | Trimmed |
| Dr. Reddy's Laboratories Limited | 2.22% | down <0.01 pts | ₹82 Cr | down ₹3.6 Cr | Trimmed |
| Larsen & Toubro Limited | 2.13% | up 0.01 pts | ₹78.5 Cr | down ₹3 Cr | Trimmed |
| JK Cement Limited | 2.06% | up 0.30 pts | ₹75.8 Cr | up ₹8.2 Cr | Added |
| Life Insurance Corporation Of India | 1.57% | up 0.01 pts | ₹58 Cr | down ₹2.1 Cr | Trimmed |
| Trent Limited | 1.51% | down 0.13 pts | ₹55.8 Cr | down ₹7.3 Cr | Trimmed |
| Kotak Mahindra Bank Limited | 1.47% | down 0.05 pts | ₹54 Cr | down ₹4.3 Cr | Trimmed |
| InterGlobe Aviation Limited | 1.42% | down 0.08 pts | ₹52.3 Cr | down ₹5.3 Cr | Trimmed |
| Brookfield India Real Estate Trust REIT / InvIT | 1.12% | up 0.11 pts | ₹41.4 Cr | up ₹2.5 Cr | Added |
| Titan Company Limited | 1.08% | up 0.03 pts | ₹39.6 Cr | down ₹74 L | Trimmed |
| Tech Mahindra Limited | 1.05% | down 0.26 pts | ₹38.8 Cr | down ₹11.6 Cr | Trimmed |
| Apollo Hospitals Enterprise Limited | 0.94% | up 0.94 pts | ₹34.8 Cr | up ₹34.8 Cr | New |
| SBI Life Insurance Company Limited | 0.76% | down 1.59 pts | ₹28.2 Cr | down ₹62.3 Cr | Trimmed |
| Asian Paints Limited | 0.17% | down 0.02 pts | ₹6.1 Cr | down ₹86 L | Trimmed |
| Kwality Walls (India) Limited | 0.05% | up <0.01 pts | ₹1.8 Cr | — | Held |
What changed, Dec 2025 to Jan 2026
New New positions (1)
- Apollo Hospitals Enterprise Limited0.9% · ₹34.8 Cr
Exited Exited (3)
- Nestle India Limitedwas 0.7% · ₹26.6 Cr
- Oil & Natural Gas Corporation Limitedwas 0.3% · ₹12.1 Cr
- HCL Technologies Limitedwas <0.1% · ₹23 L
Added Biggest additions
- Power Grid Corporation of India Limitedup ₹64.7 Cr (+1.80% pts)
- Axis Bank Limited ₹9.9 Cr (+0.41% pts)
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 Dec 2025, the weight rose most in Power (+2.2 pts) and Banks (+1.1 pts), and fell most in Insurance (−1.5 pts) and Telecom - Services (−1.0 pts).
- Power4.4% → 6.6%+2.2 pts
- Banks21.5% → 22.6%+1.1 pts
- Healthcare Services0.0% → 1.0%new+1.0 pts
- Diversified FMCG7.0% → 7.6%+0.5 pts
- Petroleum Products5.3% → 5.7%+0.4 pts
- Realty1.0% → 1.2%+0.1 pts
- Insurance8.3% → 6.8%−1.5 pts
- Telecom - Services5.1% → 4.1%−1.0 pts
- IT - Software10.0% → 9.1%−0.9 pts
- Food Products3.0% → 2.4%−0.7 pts
- Automobiles10.2% → 9.8%−0.4 pts
- Oil0.3% → 0.0%exited−0.3 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 | Jan 2025 | Jul 2025 | Oct 2025 | Dec 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Banks | 27.8% | 17.5% | 21.9% | 21.5% | 22.6% |
| Automobiles | 6.1% | 8.3% | 9.9% | 10.2% | 9.8% |
| IT - Software | 14.9% | 16.1% | 15.7% | 10.0% | 9.1% |
| Pharmaceuticals & Biotechnology | 7.9% | 8.9% | 8.0% | 8.4% | 8.2% |
| Diversified FMCG | 8.2% | 9.0% | 7.6% | 7.0% | 7.6% |
| Insurance | 4.8% | 6.4% | 7.1% | 8.3% | 6.8% |
| Power | 6.0% | 5.8% | 3.6% | 4.4% | 6.6% |
| Cement & Cement Products | 3.6% | 3.5% | 2.1% | 6.2% | 6.0% |
| Petroleum Products | 5.1% | 5.8% | 6.3% | 5.3% | 5.7% |
| Telecom - Services | 4.4% | 3.4% | 5.0% | 5.1% | 4.1% |
Allocation in Jan 2026change vs Dec 2025
- Banks (5)22.6%▲ 1.1 pts
- Automobiles (3)9.8%▼ 0.4 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. More on reading cash.
Cash & debt, Jan 2026
3.7%
▲ 1.0 pts vs Dec 2025
- Cash alone
- 3.7%
- cash and net receivables
- A year earlier
- 11.6%
- Jan 2025 · now ▼ 7.9 pts
- Last 12 months
- 2.6% – 15.9%
- 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.