7 schemes, ₹3 lakh crore AUM: How have Sankaran Naren's funds performed?

Sankaran Naren, the veteran fund manager at ICICI Prudential Mutual Fund, is currently managing seven schemes (including an SIF since February 2026). These seven schemes had a combined assets under management of nearly ₹3.2 lakh crore as of July 31, 2026, according to ACE MF.

The seven schemes managed by Naren span the full spectrum: a multi-asset allocation fund, an equity and debt hybrid scheme, a large-cap fund, a value fund, a multi-sector passive fund of funds, and a long-short equity SIF launched earlier this year. This article looks at how these seven schemes have performed since launch.

Before reading further, please note this exercise is intended solely for educational and informational purposes, based on data from ACE MF. It should not be construed as a recommendation to invest in any of the schemes mentioned.

ICICI Pru Multi-Asset Fund

Till August 17, 2026, the direct plan of this scheme has delivered 16.24% annualised returns since inception, ranking 2 out of 38 schemes in its category. Over five years, it has returned 17.47% (rank 2 out of 8), and over three years, 16.22% (rank 7 out of 12). A ₹5,000 monthly SIP in this scheme over 10 years would have grown to ₹14.5 lakh.

As of July 31, the scheme held 122 stocks across 34 sectors, with a P/E ratio of 29.56 and an average market cap of ₹446,408 crore. Its Sharpe ratio of 0.05 and standard deviation of 0.62 are the lowest among Naren's schemes, indicating relatively muted volatility.

ICICI Pru Large Cap Fund

The direct plan of the fund has delivered 14.75% annual returns since inception on January 1, 2014 till August 17, 2026 (ranking 11 out of 35), 12.91% over five years (ranking 2 out of 28), and 13.14% over three years (ranking 7 out of 30).

A 10-year SIP of ₹5,000 per month in this scheme would have grown to ₹12.6 lakh.

The large-cap fund's portfolio is compact relative to the multi-asset fund: 84 stocks across 28 sectors, with a P/E of 30.00 and an average market cap of ₹572,331 crore, the highest among Naren's schemes. Its beta of 0.92 and standard deviation of 0.80 indicate higher market sensitivity.

ICICI Pru Value Fund

The direct plan of this fund has the best since-inception return in Naren's portfolio at 17.32%, ranking 1 out of 23 schemes in its category. Over five years, it has returned 16.02% (rank 2 out of 17). A 10-year monthly SIP of ₹5000 in this scheme would have grown to ₹14.28 against an investment of Rs 6,00,000.

The value fund's portfolio is the most concentrated among Naren's equity schemes: 64 stocks across 20 sectors, with the lowest P/E ratio of 26.42, reflecting the value bias. Its beta of 0.77 suggests lower sensitivity to market movements.

ICICI Pru Equity & Debt Fund

The direct plan of the fund has returned 16.63% since inception (rank 5 out of 30), 16.31% over five years (rank 1 out of 29), and 15.35% over three years (rank 2 out of 29). A 10-year monthly SIP of ₹5000 in this scheme would have grown to ₹14.25 lakh.

As of July 31, the hybrid fund held 119 stocks across 31 sectors with a P/E of 30.59. Its Sharpe ratio of 0.02 and beta of 1.05 indicate returns closely tracking the market.

ICICI Pru India Opportunities Fund

The direct plan of the fund has delivered an annualised return of 20.14% since inception (rank 7 out of 34), 19.92% over five years (rank 7 out of 34), and 17.04% over three years (rank 27 out of 54). A 5-year monthly SIP of ₹5000 in this scheme would have grown to ₹4.49 lakh.

As of July 31, the thematic fund held 74 stocks across 23 sectors with a P/E of 29.93.

The smaller schemes

Near-term challenge

While the long-term record of Naren's funds is strong, the past year has tested his approach. Two of his seven schemes have underperformed their benchmarks over one year.

The Value Fund returned 0.06% against its benchmark's 4.82%, while the Large Cap Fund returned just 0.57% against the benchmark's 1.98%. Whether this is a temporary divergence or a deeper test of his investment approach remains to be seen. What the data does show is that over a decade, Naren's approach has compounded wealth at a rate that only a few peers have matched.