Top 4 Best Balanced Funds by ICICI Prudential Mutual Fund 2026

Updated on October 28, 2026 , 7822 views

Balanced Funds, also known as a hybrid scheme aim to bridge the gap between equity and debt funds. These funds are a combination of both debt and Equity Fund. It provides the twin benefits of growth from equity markets and regular income from debt markets.

The Balanced Fund by icici mutual fund typically holds up to 65 – 75% of its Portfolio assets in equities and the balance in fixed income securities. Investors wanting to invest in these funds can choose from the below-listed top 4 best balanced funds by ICICI Mutual Fund. These funds have been shortlisted by undertaking certain parameters like AUM, past performances, NAV, etc.

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Why Invest in ICICI Balanced Funds?

Best of Both

Balanced funds are less volatile. They offer the best of both equity and debt funds ensuring higher return through equity component and stability through the debt component.

Low/Mid Risk, High Return

On the basis of allocation of assets, the returns on balanced funds are risk adjusted. By Investing in small cap and mid-cap stocks, the equity gains are much higher and the associated risk factor is controlled by the debt investment.

Fund Selection Methodology used to find 4 funds

Category: Hybrid
Asset Management Company : ICICI%20Prudential
AUM Range: 200%20TO%2050000 Cr
Sorted On : drat (high to low)
Tags: fcpro
No Of Funds: 4

Best Balanced Mutual Funds by ICICI MF

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2025 (%)
ICICI Prudential MIP 25 Growth	₹77.7779 ↓ -0.04	₹3,270	-1.9	0.4	0.3	7.7	7.1	7.9
ICICI Prudential Equity Arbitrage Fund Growth	₹37.04 ↑ 0.06	₹35,576	1.4	3	6.1	6.7	6.2	6.5
ICICI Prudential Equity Savings Fund Growth	₹23.35 ↑ 0.05	₹14,905	0.1	1.7	1.5	6.4	6.8	8.4
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 30 Oct 26

Research Highlights & Commentary of 3 Funds showcased

Commentary	ICICI Prudential MIP 25	ICICI Prudential Equity Arbitrage Fund	ICICI Prudential Equity Savings Fund
Point 1	Bottom quartile AUM (₹3,270 Cr).	Highest AUM (₹35,576 Cr).	Lower mid AUM (₹14,905 Cr).
Point 2	Oldest track record among peers (22 yrs).	Established history (19+ yrs).	Established history (11+ yrs).
Point 3	Top rated.	Rating: 4★ (lower mid).	Not Rated.
Point 4	Risk profile: Moderately High.	Risk profile: Moderate.	Risk profile: Moderately High.
Point 5	5Y return: 7.10% (upper mid).	5Y return: 6.18% (bottom quartile).	5Y return: 6.84% (lower mid).
Point 6	3Y return: 7.65% (upper mid).	3Y return: 6.69% (lower mid).	3Y return: 6.43% (bottom quartile).
Point 7	1Y return: 0.31% (bottom quartile).	1Y return: 6.07% (upper mid).	1Y return: 1.48% (lower mid).
Point 8	1M return: -0.54% (bottom quartile).	1M return: 0.46% (lower mid).	1M return: 0.69% (upper mid).
Point 9	Alpha: 0.00 (upper mid).	Alpha: 0.00 (lower mid).	Alpha: 0.00 (bottom quartile).
Point 10	Sharpe: -0.76 (lower mid).	Sharpe: 0.76 (upper mid).	Sharpe: -0.91 (bottom quartile).

ICICI Prudential MIP 25

Bottom quartile AUM (₹3,270 Cr).
Oldest track record among peers (22 yrs).
Top rated.
Risk profile: Moderately High.
5Y return: 7.10% (upper mid).
3Y return: 7.65% (upper mid).
1Y return: 0.31% (bottom quartile).
1M return: -0.54% (bottom quartile).
Alpha: 0.00 (upper mid).
Sharpe: -0.76 (lower mid).

ICICI Prudential Equity Arbitrage Fund

Highest AUM (₹35,576 Cr).
Established history (19+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
5Y return: 6.18% (bottom quartile).
3Y return: 6.69% (lower mid).
1Y return: 6.07% (upper mid).
1M return: 0.46% (lower mid).
Alpha: 0.00 (lower mid).
Sharpe: 0.76 (upper mid).

ICICI Prudential Equity Savings Fund

Lower mid AUM (₹14,905 Cr).
Established history (11+ yrs).
Not Rated.
Risk profile: Moderately High.
5Y return: 6.84% (lower mid).
3Y return: 6.43% (bottom quartile).
1Y return: 1.48% (lower mid).
1M return: 0.69% (upper mid).
Alpha: 0.00 (bottom quartile).
Sharpe: -0.91 (bottom quartile).

About the Fincash Research Team

At Fincash, our mission is to help investors make informed, confident decisions. With over 10 years in Mutual Fund distribution, our team blends deep industry expertise with a commitment to transparency, accuracy, and investor education.

Who We Are

AMFI Registration No.: 112358
MCA CIN: U74999MH2016PTC282153
Location: Thane, Maharashtra, India
Experience: 10+ years in Mutual Fund distribution

Our Expertise

Certified Mutual Fund Distributors with hands-on advisory experience.
Market analysts tracking performance, macro trends, and sectors.
Data specialists processing NAVs, allocations, and risk metrics from Morning Star.

Our Research Process

Data sourcing: SEBI-registered fund houses & verified third-party provider Morning Star
Screening: Returns, manager track record, expenses, sector mix, risk-adjusted metrics.
Expert review: Senior team members review every article and list for accuracy.
Updates: Regular refreshes so performance data reflects current market conditions.

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Disclaimer

Content is for educational and informational purposes only and is not investment advice. Please consider your risk profile and consult a financial advisor before investing.

1. ICICI Prudential MIP 25

The Scheme seeks to generate regular income through investments primarily in debt and money market instruments. As a secondary objective, the Scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme. However, there can be no assurance that the investment objectives of the Scheme will be realized.

Research Highlights for ICICI Prudential MIP 25

Bottom quartile AUM (₹3,270 Cr).
Oldest track record among peers (22 yrs).
Top rated.
Risk profile: Moderately High.
5Y return: 7.10% (upper mid).
3Y return: 7.65% (upper mid).
1Y return: 0.31% (bottom quartile).
1M return: -0.54% (bottom quartile).
Alpha: 0.00 (upper mid).
Sharpe: -0.76 (lower mid).
Information ratio: 0.00 (upper mid).

Below is the key information for ICICI Prudential MIP 25

ICICI Prudential MIP 25 Growth
Launch Date	30 Mar 04
NAV (30 Oct 26)	₹77.7779 ↓ -0.04 (-0.05 %)
Net Assets (Cr)	₹3,270 on 30 Sep 26
Category	Hybrid - Hybrid Debt
AMC	ICICI Prudential Asset Management Company Limited
Rating	☆☆☆☆☆
Risk	Moderately High
Expense Ratio	1.72
Sharpe Ratio	-0.76
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)

Growth of 10,000 investment over the years.

Date	Value
30 Sep 21	₹10,000
30 Sep 22	₹10,388
30 Sep 23	₹11,356
30 Sep 24	₹13,138
30 Sep 25	₹13,913
30 Sep 26	₹14,214

ICICI Prudential MIP 25 SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹367,070.
Net Profit of ₹67,070 Invest Now

Returns for ICICI Prudential MIP 25

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Oct 26

Duration	Returns
1 Month	-0.5%
3 Month	-1.9%
6 Month	0.4%
1 Year	0.3%
3 Year	7.7%
5 Year	7.1%
10 Year
15 Year
Since launch	9.5%

Historical performance (Yearly) on absolute basis

Year	Returns
2025	7.9%
2024	11.4%
2023	11.4%
2022	5.1%
2021	9.9%
2020	10.9%
2019	9.6%
2018	5.1%
2017	12.9%
2016	10.9%

Fund Manager information for ICICI Prudential MIP 25

Name	Since	Tenure
Manish Banthia	19 Sep 13	13.04 Yr.
Akhil Kakkar	22 Jan 24	2.69 Yr.
Roshan Chutkey	2 May 22	4.42 Yr.
Sharmila D'Silva	31 Jul 22	4.17 Yr.

Data below for ICICI Prudential MIP 25 as on 30 Sep 26

Asset Allocation

Asset Class	Value
Cash	6.35%
Equity	23.1%
Debt	70.24%
Other	0.31%

Equity Sector Allocation

Sector	Value
Financial Services	8.23%
Consumer Cyclical	3.05%
Health Care	2.95%
Consumer Defensive	2.12%
Basic Materials	1.41%
Communication Services	1.25%
Industrials	1%
Technology	0.98%
Utility	0.92%
Energy	0.72%
Real Estate	0.47%

Debt Sector Allocation

Sector	Value
Corporate	46.56%
Government	24.43%
Cash Equivalent	5.6%

Credit Quality

Rating	Value
A	2.99%
AA	57.8%
AAA	39.21%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
6.94% Govt Stock 2036 Sovereign Bonds \| -	5%	₹147 Cr	14,964,700 ↑ 5,000,000
6.9% Govt Stock 2065 Sovereign Bonds \| -	4%	₹135 Cr	15,000,000
Adani Enterprises Limited Debentures \| -	3%	₹100 Cr	10,000
Manappuram Finance Limited Debentures \| -	3%	₹99 Cr	10,000
Godrej Properties Limited Debentures \| -	2%	₹75 Cr	7,500
National Bank For Agriculture And Rural Development Debentures \| -	2%	₹75 Cr	7,500
6.45% Govt Stock 2034 Sovereign Bonds \| -	2%	₹55 Cr	5,369,910
Vedanta Limited Debentures \| -	2%	₹50 Cr	5,000
360 One Prime Limited Debentures \| -	2%	₹50 Cr	5,000
Indostar Capital Finance Limited Debentures \| -	2%	₹50 Cr	5,000

2. ICICI Prudential Equity Arbitrage Fund

The investment objective of Income Optimiser Plan under the scheme is to seek to generate low volatility returns by using arbitrage and other derivative strategies in equity markets and investments in short-term debt portfolio.

Research Highlights for ICICI Prudential Equity Arbitrage Fund

Highest AUM (₹35,576 Cr).
Established history (19+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
5Y return: 6.18% (bottom quartile).
3Y return: 6.69% (lower mid).
1Y return: 6.07% (upper mid).
1M return: 0.46% (lower mid).
Alpha: 0.00 (lower mid).
Sharpe: 0.76 (upper mid).
Information ratio: 0.00 (lower mid).

Below is the key information for ICICI Prudential Equity Arbitrage Fund

ICICI Prudential Equity Arbitrage Fund Growth
Launch Date	30 Dec 06
NAV (30 Oct 26)	₹37.04 ↑ 0.06 (0.16 %)
Net Assets (Cr)	₹35,576 on 30 Sep 26
Category	Hybrid - Arbitrage
AMC	ICICI Prudential Asset Management Company Limited
Rating	☆☆☆☆
Risk	Moderate
Expense Ratio	0.93
Sharpe Ratio	0.76
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	1,000
Exit Load	0-1 Months (0.25%),1 Months and above(NIL)

Growth of 10,000 investment over the years.

Date	Value
30 Sep 21	₹10,000
30 Sep 22	₹10,368
30 Sep 23	₹11,087
30 Sep 24	₹11,903
30 Sep 25	₹12,696
30 Sep 26	₹13,475

ICICI Prudential Equity Arbitrage Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹357,992.
Net Profit of ₹57,992 Invest Now

Returns for ICICI Prudential Equity Arbitrage Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Oct 26

Duration	Returns
1 Month	0.5%
3 Month	1.4%
6 Month	3%
1 Year	6.1%
3 Year	6.7%
5 Year	6.2%
10 Year
15 Year
Since launch	6.8%

Historical performance (Yearly) on absolute basis

Year	Returns
2025	6.5%
2024	7.6%
2023	7.1%
2022	4.2%
2021	3.9%
2020	4.3%
2019	5.9%
2018	6.2%
2017	5.5%
2016	6.8%

Fund Manager information for ICICI Prudential Equity Arbitrage Fund

Name	Since	Tenure
Nikhil Kabra	29 Dec 20	5.76 Yr.
Sharmila D'Silva	31 Jul 22	4.17 Yr.
Darshil Dedhia	13 Sep 24	2.05 Yr.
Ajaykumar Solanki	23 Aug 24	2.11 Yr.
Archana Nair	1 Feb 24	2.67 Yr.

Data below for ICICI Prudential Equity Arbitrage Fund as on 30 Sep 26

Asset Allocation

Asset Class	Value
Cash	95.89%
Debt	4.39%
Other	0.04%

Equity Sector Allocation

Sector	Value
Basic Materials	1.46%
Consumer Cyclical	0.96%
Consumer Defensive	0.75%
Communication Services	0.31%
Real Estate	0.08%

Debt Sector Allocation

Sector	Value
Cash Equivalent	78.91%
Corporate	16.27%
Government	5.11%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
ICICI Pru Money Market Dir Gr Investment Fund \| -	15%	₹5,327 Cr	127,933,512
Future on Reliance Industries Ltd Derivatives \| -	4%	-₹1,588 Cr	13,316,500 ↑ 2,347,000
Reliance Industries Ltd (Energy) Equity, Since 31 Aug 18 \| RELIANCE	4%	₹1,581 Cr	13,316,500 ↑ 2,347,000
Future on HDFC Bank Ltd Derivatives \| -	3%	-₹1,208 Cr	16,875,950 ↑ 824,200
HDFC Bank Ltd (Financial Services) Equity, Since 30 Nov 21 \| HDFCBANK	3%	₹1,196 Cr	16,875,950 ↑ 824,200
Future on Vodafone Idea Ltd Derivatives \| -	3%	-₹1,066 Cr	821,104,800 ↓ -27,803,775
Vodafone Idea Ltd (Communication Services) Equity, Since 30 Sep 23 \| 532822	3%	₹1,063 Cr	821,104,800 ↓ -27,803,775
Future on Axis Bank Ltd Derivatives \| -	3%	-₹1,049 Cr	8,541,250 ↓ -1,046,250
Axis Bank Ltd (Financial Services) Equity, Since 31 Jul 23 \| 532215	3%	₹1,047 Cr	8,541,250 ↓ -1,046,250
Future on State Bank of India Derivatives \| -	2%	-₹841 Cr	8,696,250 ↑ 2,265,000

3. ICICI Prudential Equity Savings Fund

(Erstwhile ICICI Prudential Equity Income Fund)

The Scheme seeks to generate regular income through investments in fixed income securities and using arbitrage and other derivative strategies. The Scheme also intends to generate long-term capital appreciation by investing a portion of the Scheme?s assets in equity and equity related instruments

Research Highlights for ICICI Prudential Equity Savings Fund

Lower mid AUM (₹14,905 Cr).
Established history (11+ yrs).
Not Rated.
Risk profile: Moderately High.
5Y return: 6.84% (lower mid).
3Y return: 6.43% (bottom quartile).
1Y return: 1.48% (lower mid).
1M return: 0.69% (upper mid).
Alpha: 0.00 (bottom quartile).
Sharpe: -0.91 (bottom quartile).
Information ratio: 0.00 (bottom quartile).

Below is the key information for ICICI Prudential Equity Savings Fund

ICICI Prudential Equity Savings Fund Growth
Launch Date	5 Dec 14
NAV (30 Oct 26)	₹23.35 ↑ 0.05 (0.21 %)
Net Assets (Cr)	₹14,905 on 30 Sep 26
Category	Hybrid - Equity Savings
AMC	ICICI Prudential Asset Management Company Limited
Rating	Not Rated
Risk	Moderately High
Expense Ratio	0.97
Sharpe Ratio	-0.92
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	100
Exit Load	0-1 Years (1%),1 Years and above(NIL)

Growth of 10,000 investment over the years.

Date	Value
30 Sep 21	₹10,000
30 Sep 22	₹10,471
30 Sep 23	₹11,556
30 Sep 24	₹12,838
30 Sep 25	₹13,542
30 Sep 26	₹13,828

ICICI Prudential Equity Savings Fund SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹357,992.
Net Profit of ₹57,992 Invest Now

Returns for ICICI Prudential Equity Savings Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 30 Oct 26

Duration	Returns
1 Month	0.7%
3 Month	0.1%
6 Month	1.7%
1 Year	1.5%
3 Year	6.4%
5 Year	6.8%
10 Year
15 Year
Since launch	7.4%

Historical performance (Yearly) on absolute basis

Year	Returns
2025	8.4%
2024	8.5%
2023	9.9%
2022	7.1%
2021	9.5%
2020	4.8%
2019	10.4%
2018	3.4%
2017	10.9%
2016	11.4%

Fund Manager information for ICICI Prudential Equity Savings Fund

Name	Since	Tenure
Manish Banthia	5 Dec 14	11.83 Yr.
Ritesh Lunawat	29 Dec 20	5.76 Yr.
Dharmesh Kakkad	23 Feb 21	5.6 Yr.
Sri Sharma	30 Apr 21	5.42 Yr.
Sharmila D'Silva	31 Jul 22	4.17 Yr.
Ajaykumar Solanki	23 Aug 24	2.11 Yr.
Archana Nair	1 Feb 24	2.67 Yr.

Data below for ICICI Prudential Equity Savings Fund as on 30 Sep 26

Asset Allocation

Asset Class	Value
Cash	66.96%
Equity	21.54%
Debt	11.47%
Other	0.03%

Equity Sector Allocation

Sector	Value
Financial Services	6.03%
Consumer Defensive	4.88%
Technology	2.79%
Basic Materials	2.66%
Energy	2.11%
Health Care	1.95%
Communication Services	1.33%
Consumer Cyclical	1.26%
Utility	1.15%
Industrials	0.36%
Real Estate	0%

Debt Sector Allocation

Sector	Value
Cash Equivalent	59.78%
Corporate	9.96%
Government	8.7%

Credit Quality

Rating	Value
AA	11.55%
AAA	88.45%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
ICICI Pru Money Market Dir Gr Investment Fund \| -	9%	₹1,369 Cr	32,887,593
HDFC Bank Ltd (Financial Services) Equity, Since 31 Jan 21 \| HDFCBANK	9%	₹1,287 Cr	18,157,865
Future on HDFC Bank Ltd Derivatives \| -	6%	-₹845 Cr	11,807,900 ↓ -1,142,700
Sun Pharmaceuticals Industries Ltd (Healthcare) Equity, Since 30 Apr 15 \| SUNPHARMA	5%	₹817 Cr	4,496,379
Reliance Industries Ltd (Energy) Equity, Since 30 Apr 16 \| RELIANCE	5%	₹736 Cr	6,202,929
Future on Sun Pharmaceuticals Industries Ltd Derivatives \| -	4%	-₹660 Cr	3,600,800
Kotak Mahindra Bank Ltd (Financial Services) Equity, Since 31 May 24 \| KOTAKBANK	4%	₹621 Cr	14,886,000
Future on Kotak Mahindra Bank Ltd Derivatives \| -	4%	-₹621 Cr	14,886,000
Future on Reliance Industries Ltd Derivatives \| -	3%	-₹518 Cr	4,349,000 ↓ -315,000
Mahindra & Mahindra Ltd (Consumer Cyclical) Equity, Since 31 Aug 23 \| M&M	3%	₹505 Cr	1,710,800

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.