Contents
Key details of the ICICI Prudential Contra Fund NFO
| Fund house | ICICI Prudential Mutual Fund |
|---|---|
| Category (AMFI) | Equity Schemes - Contra Fund |
| Scheme type | Open Ended |
| NFO opens | 28 September 2026 |
| NFO closes | 12 October 2026 |
| After the NFO | Reopens for continuous sale and repurchase within 5 business days of allotment. |
| Offer price | ₹10 a unit |
| Minimum investment | ₹1,000 |
| Exit load | 1% of the applicable NAV if the amount sought to be redeemed or switched out within 1 month from allotment; NIL - If the amount sought to be redeemed after 1 month |
| Benchmark | Nifty 500 TRI |
| Fund managers | Sankaran Naren, Dharmesh Kakkad, Sakshat Goel and Gaurav Chikane |
| Maximum expense ratio | Up to 2.10% a year, before taxes and levies |
| Scheme information document | Read on AMFI (PDF) |
What ICICI Prudential Contra Fund will invest in
The scheme information document states the objective as: “To generate long-term capital appreciation by investing in Equity & Equity related instruments following contrarian investment strategy.”
How it compares with existing contra funds
- It joins 4 existing contra funds, according to AMFI's NAV list.
- Over the past one year to 9 October 2026, the 3 with that long a record returned a median of −5.1%, from −6.3% for the weakest to −4.3% for the strongest.
- Over the past three years to 9 October 2026, the 3 with that long a record returned a median of 13.1% a year, from 9.8% for the weakest to 13.9% for the strongest.
| Period | Funds | Lowest | Median | Highest |
|---|---|---|---|---|
| 1 year | 3 | −6.3% | −5.1% | −4.3% |
| 3 years (per year) | 3 | 9.8% | 13.1% | 13.9% |
Direct-Growth plans. Returns are from AMFI daily NAVs, annualised for three years, and leave out figures distorted by unit splits.
Other funds’ returns do not tell you how this fund will do. They show what the category or index has delivered and how far results have varied between funds.
What to check before investing in this NFO
- The ₹10 price is not a discount. Units start at ₹10 only to set the unit count. Returns depend on how the fund's investments move, in percentage terms, exactly as for an existing fund.
- There is no track record yet. A new fund has no returns of its own to judge. The fund manager's other schemes, and how existing contra funds have done over several years, are the closest guide.
- Overlap with what you already own. If you already hold contra funds, or a flexi cap or large cap fund, check how much this fund's likely holdings would repeat them.
- Direct plan and costs. The direct plan pays no distributor commission, so its expense ratio is lower than the regular plan’s. Over many years the difference compounds.
- Exit load. 1% of the applicable NAV if the amount sought to be redeemed or switched out within 1 month from allotment; NIL - If the amount sought to be redeemed after 1 month.
After the NFO closes
Units are allotted after the offer closes. The fund then publishes a daily NAV and reopens for regular purchases, SIPs and redemptions. Reopens for continuous sale and repurchase within 5 business days of allotment.
Once a fund has a record, Genvest Research shows its returns against its benchmark, volatility and drawdowns.
Questions people ask
The NFO closes on 12 October 2026. Fund houses can extend or close an NFO early, so check the fund house's notices close to the date.
The minimum is ₹1,000 during the NFO, according to AMFI's listing. Units are offered at ₹10 each.
No. The ₹10 starting price only sets the unit count. What you earn depends on the percentage change in the fund's investments, which is the same whether a unit costs ₹10 or ₹500.
1% of the applicable NAV if the amount sought to be redeemed or switched out within 1 month from allotment; NIL - If the amount sought to be redeemed after 1 month.
The scheme information document names Nifty 500 TRI as the benchmark.
The scheme information document names Sankaran Naren, Dharmesh Kakkad, Sakshat Goel and Gaurav Chikane as the fund managers.
That depends on what you already own and why you would add this fund. A new fund has no record of its own, so compare it with existing contra funds: their costs, their returns over several years and how much they overlap with funds you hold. This page explains the facts; it is not a recommendation.
Other NFOs open now
| Fund | Type | Closes | Minimum | Existing funds |
|---|---|---|---|---|
| Mirae Asset Life Cycle Fund 2056Mirae Asset | Life cycle | 12 OctCloses today | ₹5,000 | 3 in the category |
| Nippon India CRISIL-IBX FAR Gilt ETFNippon India | ETF · CRISIL-IBX FAR Gilt | 12 OctCloses today | ₹1,000 | First on this index |
| WhiteOak Capital Diversified Equity Small Cap Active FOFWhiteOak Capital | Fund of funds | 12 OctCloses today | ₹500 | – |
| Aditya Birla Sun Life BSE Total Market ETFAditya Birla Sun Life | ETF · BSE Total Market | 14 OctCloses in 2 days | ₹500 | First on this index |
| Aditya Birla Sun Life BSE Total Market Index FundAditya Birla Sun Life | Index fund · BSE Total Market | 14 OctCloses in 2 days | ₹500 | First on this index |
| Aditya Birla Sun Life Financial Services Sectoral Debt FundAditya Birla Sun Life | Sectoral debt | 14 OctCloses in 2 days | ₹100 | 1 in the category |
| Carnelian Liquid FundCarnelian | Liquid | 14 OctCloses in 2 days | ₹500 | 46 in the category |
| HDFC Nifty LargeMidcap250 Plus 8-13 yr G-sec 70:30 Index FundHDFC | Index fund · Nifty LargeMidcap250 Plus 8-13 yr G-sec 70:30 | 19 OctCloses in 7 days | ₹100 | 2 on the same index |
Sources
- AMFI new fund offer list, checked 12 Oct.
- ICICI Prudential Contra Fund scheme information document.
- AMFI daily NAVs to 9 Oct, for existing funds.
This page is educational research based on AMFI data and scheme information documents. It is not a recommendation to invest in any scheme, or personalised investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past performance of other funds does not indicate how a new fund will perform. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.