ICICI Prudential Mutual Fund's latest New Fund Offer (NFO) of ICICI Prudential Diversified Equity All Cap Active FOF opened for subscription on March 2, 2026, and will close on March 16, 2026. It is an open-ended fund of funds scheme that will invest predominantly in units of diversified domestic active equity-oriented schemes across different market capitalisations.
According to the scheme details, the fund aims to generate long-term capital appreciation by dynamically allocating investments across large-cap, mid-cap, and small-cap oriented equity schemes based on an in-house market-cap allocation framework and prevailing market conditions.
During the NFO, units will be offered at Rs 10 each. The scheme will reopen for continuous sale and repurchase within five business days from the date of allotment.
According to the scheme framework, the fund will primarily invest in a portfolio of diversified domestic active equity schemes that follow different market-cap strategies. The allocation across large-cap, mid-cap, and small-cap strategies will be determined based on the fund house’s in-house analytical framework and market outlook.
Commenting on the launch, Sankaran Naren, ED & CIO, ICICI Prudential AMC said: “Over the past few years, we have seen phases of exuberance followed by corrections across market segments. Behavioural biases tends to drive investors toward recent outperformers, which often leads to suboptimal outcomes. Through this FOF, we aim to provide investors access to a structured market-cap allocation framework that remains responsive to changing market dynamics. This approach seeks to combine flexibility with a structured framework, enabling participation across the market-cap spectrum in a measured manner.”
Since the scheme invests in equity-oriented mutual fund schemes, it will follow the tax treatment applicable to equity mutual funds.
ICICI Prudential Diversified Equity All Cap Active FOF Benchmark Index
For performance comparison, the fund will track the Nifty 500 Total Return Index (TRI) as its benchmark.
The scheme will be managed by two fund managers. Dharmesh Kakkad and Sharmila D’silva will oversee the portfolio and allocation decisions.
ICICI Prudential Diversified Equity All Cap Active FOF Offers Both Regular And Direct Plans
Investors can choose between Regular and Direct Plans. Both plans offer growth and Income Distribution cum Capital Withdrawal (IDCW) options.
Investors can also start systematic investment plans (SIPs) under the scheme. Details regarding the minimum investment amount and SIP structure will be available in the scheme documents.
Who Should Invest in ICICI Prudential Diversified Equity All Cap Active FOF
The scheme is suitable for investors who are looking for long-term capital appreciation and want exposure to equity markets across market capitalisations through a diversified portfolio of actively managed schemes.
The fund follows a structured top-down investment framework that evaluates macroeconomic trends, inflation, interest rate cycles, and market conditions to determine allocation across different market-cap segments. Depending on the outlook, the scheme may increase exposure to large caps during uncertain periods or tilt toward mid and small caps when growth opportunities improve.
