Both schemes are well-established, five-star rated large-cap equity funds that invest at least 80% of assets in large-cap stocks, as mandated by SEBI. Here is a data-backed comparison based on figures from Value Research Online (as of June 2026).
Fund Basics
ICICI Prudential Large Cap Fund was launched on May 23, 2008, and is managed by Sankaran Naren, Vaibhav Dusad, and Sharmila D'Silva. It has an AUM of ₹76,297 crore and an expense ratio of 1.14%. Its latest NAV (Growth, Regular Plan) was ₹107.94 as of June 21, 2026.
Nippon India Large Cap Fund was launched on August 8, 2007, and is managed by Sailesh Raj Bhan and Bhavik Dave. It has an AUM of ₹51,690 crore and an expense ratio of 1.23%. Its latest NAV (Growth, Regular Plan) was ₹86.55 as of June 8, 2026.
Performance
Over the trailing five-year period, ICICI Prudential Large Cap Fund has delivered an annualised return of 13.45%, while Nippon India Large Cap Fund has delivered a slightly higher 14.54% annualised return over the same horizon. Both funds carry a "Very High" risk rating on the SEBI riskometer, and both hold a 5-star Value Research rating, indicating strong risk-adjusted performance within the large-cap category.
Cost Structure
ICICI Prudential Large Cap Fund is marginally cheaper, with an expense ratio of 1.14% versus 1.23% for Nippon India Large Cap Fund. Over long holding periods, this 9-basis-point difference compounds and can meaningfully affect net returns, especially in the regular (non-direct) plans, which is what these expense ratios refer to.
Portfolio Composition
Both funds are dominated by private-sector banking stocks. ICICI Prudential Large Cap Fund's top holdings are ICICI Bank (8.72%), HDFC Bank (8.46%), Reliance Industries (5.41%), Larsen & Toubro (5.38%), and Axis Bank (4.67%). Nippon India Large Cap Fund's top holdings are HDFC Bank (9.24%), ICICI Bank (7.99%), Reliance Industries (4.30%), Axis Bank (3.83%), and Bajaj Finance (3.63%). The overlap in core holdings (HDFC Bank, ICICI Bank, Reliance, Axis Bank) means both funds are exposed to similar macro risks, though ICICI Prudential carries a notable infrastructure tilt via Larsen & Toubro that Nippon India's top-five list does not show.
Investment Terms
Both funds keep entry barriers low and identical: minimum lump sum and minimum SIP investment are both ₹100. Exit load structure differs in duration: ICICI Prudential charges a 1% exit load if redeemed within 30 days, while Nippon India charges 1% if redeemed within just 7 days, making Nippon India more lenient for short-term exits despite the same load percentage.
Which One Should You Pick?
- For marginally lower cost and a slight infrastructure tilt: ICICI Prudential Large Cap Fund, with its 1.14% expense ratio and L&T exposure, suits investors wanting marginally lower fees and some industrial-sector diversification.
- For stronger recent compounding: Nippon India Large Cap Fund's higher 5-year annualised return (14.54% vs 13.45%) gives it a performance edge, though past returns don't guarantee future results.
- For overlap-conscious investors: Since both funds share four of their top five holdings, holding both simultaneously offers limited true diversification; pick one rather than both if building a multi-fund portfolio.
Disclaimer: Mutual fund investments are subject to market risk. NAVs and returns change daily; please verify live figures on AMFI, the fund house websites, or Value Research before investing. This report is for informational purposes only and is not investment advice.
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Written By Samyak Naik
