ICL Balanced Fund

Confirmed with Impress Capital Limited (ICL) through official channels and shared records. ReturnKoto? and the AMC share an understanding of the figures on this page.
Balanced✓ AMC-Verified+ dividends

ICL Balanced Fund returned 8.48% a year over the last 3 years, with cash dividends reinvested, based on NAV history through 2 Sep 2026.

Open-end balanced mutual fund in Bangladesh, managed by Impress Capital Limited (ICL). Tracked since Aug 2016, with dividends reinvested by default or taken as cash.

৳11.63NAV per unit
৳16 crFund size
10.2 yrsSince Aug 2016
+6.36%Per year, max (10.2 yrs)
Start 100Now 186

Total-return path since Aug 2016, dividends reinvested.

Index, not taka.

See the numbers behind this chart
Month-by-month total-return index for ICL Balanced Fund, dividends reinvested
MonthTotal-return index
Aug 2016100.00
Sep 2016100.30
Oct 2016100.20
Nov 2016101.30
Dec 2016103.20
Jan 2017108.10
Feb 2017108.40
Mar 2017112.50
Apr 2017113.60
May 2017112.90
Jun 2017115.90
Jul 2017117.60
Aug 2017123.50
Sep 2017124.40
Oct 2017127.80
Nov 2017135.80
Dec 2017135.80
Jan 2018136.40
Feb 2018129.70
Mar 2018127.70
Apr 2018128.70
May 2018123.50
Jun 2018123.00
Jul 2018114.80
Aug 2018119.50
Sep 2018117.90
Oct 2018123.40
Nov 2018123.50
Dec 2018122.50
Jan 2019127.30
Feb 2019125.00
Mar 2019120.70
Apr 2019117.80
May 2019119.50
Jun 2019119.40
Jul 2019116.10
Aug 2019114.10
Sep 2019112.70
Oct 2019106.30
Nov 2019105.90
Dec 201998.30
Jan 202099.20
Feb 202098.00
Mar 202088.40
Apr 202088.40
May 202088.40
Jun 202088.50
Jul 202096.60
Aug 2020112.70
Sep 2020114.60
Oct 2020114.20
Nov 2020114.90
Dec 2020125.50
Jan 2021140.80
Feb 2021133.30
Mar 2021132.80
Apr 2021134.70
May 2021144.00
Jun 2021142.70
Jul 2021151.10
Aug 2021154.10
Sep 2021162.90
Oct 2021155.90
Nov 2021156.50
Dec 2021158.80
Jan 2022160.60
Feb 2022158.20
Mar 2022154.70
Apr 2022155.60
May 2022147.00
Jun 2022148.20
Jul 2022158.90
Aug 2022145.00
Sep 2022144.80
Oct 2022144.60
Nov 2022145.60
Dec 2022146.10
Jan 2023145.60
Feb 2023145.60
Mar 2023145.80
Apr 2023146.10
May 2023145.90
Jun 2023145.90
Jul 2023145.50
Aug 2023146.70
Sep 2023145.90
Oct 2023146.20
Nov 2023146.10
Dec 2023146.70
Jan 2024149.20
Feb 2024147.10
Mar 2024136.90
Apr 2024133.90
May 2024129.50
Jun 2024135.50
Jul 2024135.50
Aug 2024161.20
Sep 2024153.90
Oct 2024145.50
Nov 2024147.10
Dec 2024146.90
Jan 2025145.50
Feb 2025147.90
Mar 2025149.60
Apr 2025147.00
May 2025143.90
Jun 2025151.00
Jul 2025165.90
Aug 2025176.40
Sep 2025173.90
Oct 2025168.40
Nov 2025165.50
Dec 2025162.50
Jan 2026173.80
Feb 2026185.00
Mar 2026169.50
Apr 2026173.80
May 2026176.40
Jun 2026184.30
Jul 2026199.10
Aug 2026185.00
Sep 2026186.30

Latest NAV date: 3 Sep 2026.Source: Impress Capital Limited (ICL)'s website.Figures as of 2 Sep 2026.

Two sides of the coin

Same fund. Two honest answers.

Both are right; they answer different questions. On the left, ICL’s holding-period method: NAV change versus the ৳10 face value, plus every cash dividend stacked as a percentage of face (not compounded), shown here as their annual average. On the right, every dividend is reinvested to buy more units, the total return of the fund itself.

ICL method+7.25%ICL’s published holding-period method: take the latest market NAV, subtract the ৳10 face value, divide by face, then add every cash dividend as a percentage of face (not reinvested). Holding period return here is +72.65% over about 10 years. The large figure is that total divided by years (ICL’s “Annual Average Return”), rebuilt from ICL’s own NAV and dividend record as of 3 Sep 2026./yr · ICL annual average · HPR +72.65% over 10 yrs · since launch · to 3 Sep 2026
ReturnKoto? METHOD+6.36%/yr · dividends reinvested · max (10.2 yrs) · dated pay dates

A ৳1,00,000 investment held over max (10.2 yrs) would be worth about ৳1,86,290 with dividends reinvested, or ৳1,73,520 taking every dividend as cash. Reinvesting compounds, so it ends higher; the gap (about ৳12,770) is the cost of not reinvesting.

Why can both numbers be right? Seeing two different percentages for the same fund is normal, not a mistake. ICL’s figure adds the NAV gain versus face to the sum of cash dividends as face percentages, then divides by years (their Holding Period Return and Annual Average on impresscapital.com/performance). ReturnKoto? METHOD compounds those same dividends back into units. Both use ICL’s published market NAV and dividend record; the difference is compounding versus simple addition, plus the exact start date. The Taken as cash toggle elsewhere on ReturnKoto? is our own time-weighted cash path for whatever period you pick; it is not the same rate as ICL’s additive since-launch holding-period figure on the left. ICL has reviewed the fund data on this page, and neither figure is an error.

Read the full explanation · Methodology

Historical returns

Total return reinvests every dividend. “Per year” is the annualized compound rate. The last column is the return on a fixed amount invested every month (SIP).

Return period Total return Per year Monthly SIP /yr
6 months+9.94%+20.86%+15.33%
Year to date+14.65%+20.00%+13.23%
1 year+7.12%+7.12%+12.30%
2 years+21.06%+10.03%+14.35%
3 years+27.67%+8.48%+12.49%
5 years+14.35%+2.72%+7.90%
Max (10.2 yrs)+86.29%+6.36%+6.66%

Bars in each column are relative to the largest figure in that column, not a 0 to 100% scale.

Figures as of 3 Sep 2026 Dividends reinvested at the fund manager’s published payment dates (not the October convention).

Rolling returns & path risk

A single look-back can flatter or punish a start date. These figures walk the whole history.

Rolling window Latest Median Best Worst Windows
1 year+7.13%+2.08%+62.90%-26.76%110
3 years+8.49%+5.15%+18.23%-8.60%86

Each window is annualized total return (dividends reinvested). Latest is the most recent closed window; median / best / worst summarize every overlapping window of that length. Tap ? on a column header for a short tip.

Path risk over the same fixed 3-year window as the rating:

8.4%Downside deviation
-13%Worst drop
88%Positive 12-mo windows
17.4%Volatility (ann.)

Downside deviation only counts losing months. Worst drop is the deepest peak-to-trough fall inside the window. These are measured facts from the NAV series; the star composite that uses them stays experimental.

Calculate your return

Just this fund. Set an amount, pick one-time or monthly, and choose a period.

৳
Dividends
See the numbers behind this chart
Month-by-month value of a ৳1,000 lump sum in ICL Balanced Fund, dividends reinvested
MonthValue of ৳1,000
Aug 2016৳1,000
Sep 2016৳1,003
Oct 2016৳1,002
Nov 2016৳1,013
Dec 2016৳1,032
Jan 2017৳1,081
Feb 2017৳1,084
Mar 2017৳1,125
Apr 2017৳1,136
May 2017৳1,129
Jun 2017৳1,159
Jul 2017৳1,176
Aug 2017৳1,235
Sep 2017৳1,244
Oct 2017৳1,278
Nov 2017৳1,358
Dec 2017৳1,358
Jan 2018৳1,364
Feb 2018৳1,297
Mar 2018৳1,277
Apr 2018৳1,287
May 2018৳1,235
Jun 2018৳1,230
Jul 2018৳1,148
Aug 2018৳1,195
Sep 2018৳1,179
Oct 2018৳1,234
Nov 2018৳1,235
Dec 2018৳1,225
Jan 2019৳1,273
Feb 2019৳1,250
Mar 2019৳1,207
Apr 2019৳1,178
May 2019৳1,195
Jun 2019৳1,194
Jul 2019৳1,161
Aug 2019৳1,141
Sep 2019৳1,127
Oct 2019৳1,063
Nov 2019৳1,059
Dec 2019৳983
Jan 2020৳992
Feb 2020৳980
Mar 2020৳884
Apr 2020৳884
May 2020৳884
Jun 2020৳885
Jul 2020৳966
Aug 2020৳1,127
Sep 2020৳1,146
Oct 2020৳1,142
Nov 2020৳1,149
Dec 2020৳1,255
Jan 2021৳1,408
Feb 2021৳1,333
Mar 2021৳1,328
Apr 2021৳1,347
May 2021৳1,440
Jun 2021৳1,427
Jul 2021৳1,511
Aug 2021৳1,541
Sep 2021৳1,629
Oct 2021৳1,559
Nov 2021৳1,565
Dec 2021৳1,588
Jan 2022৳1,606
Feb 2022৳1,582
Mar 2022৳1,547
Apr 2022৳1,556
May 2022৳1,470
Jun 2022৳1,482
Jul 2022৳1,589
Aug 2022৳1,450
Sep 2022৳1,448
Oct 2022৳1,446
Nov 2022৳1,456
Dec 2022৳1,461
Jan 2023৳1,456
Feb 2023৳1,456
Mar 2023৳1,458
Apr 2023৳1,461
May 2023৳1,459
Jun 2023৳1,459
Jul 2023৳1,455
Aug 2023৳1,467
Sep 2023৳1,459
Oct 2023৳1,462
Nov 2023৳1,461
Dec 2023৳1,467
Jan 2024৳1,492
Feb 2024৳1,471
Mar 2024৳1,369
Apr 2024৳1,339
May 2024৳1,295
Jun 2024৳1,355
Jul 2024৳1,355
Aug 2024৳1,612
Sep 2024৳1,539
Oct 2024৳1,455
Nov 2024৳1,471
Dec 2024৳1,469
Jan 2025৳1,455
Feb 2025৳1,479
Mar 2025৳1,496
Apr 2025৳1,470
May 2025৳1,439
Jun 2025৳1,510
Jul 2025৳1,659
Aug 2025৳1,764
Sep 2025৳1,739
Oct 2025৳1,684
Nov 2025৳1,655
Dec 2025৳1,625
Jan 2026৳1,738
Feb 2026৳1,850
Mar 2026৳1,695
Apr 2026৳1,738
May 2026৳1,764
Jun 2026৳1,843
Jul 2026৳1,991
Aug 2026৳1,850
Sep 2026৳1,863
৳1,000 · Aug 2016৳1,863 · 3 Sep 2026

Total-return NAV rebased to your amount. Dividends are reinvested by default; switch to taken as cash above.

Fund details

Management fee2.50% down to 1.00% per year (tiered by fund size)
Minimum investmentBDT 1,000 (100 units)
LiquidityOpen-end, redeemable weekly at NAV
Asset managerImpress Capital Limited (ICL)
SponsorImpress Capital Limited (ICL), also the asset manager
TrusteeBangladesh General Insurance Company
CustodianBRAC Bank
Face valueBDT 10 per unit

What ICL Balanced Fund holds

As of 30 Jun 2026

From the fund’s quarterly portfolio disclosure. Percentages by market value.

Asset mix
Listed equity 77.23%Government securities (T-bonds) 18.98%Corporate bond 1.08%Cash at bank 2.71%
Sector allocation
Bank29.84%
Pharmaceuticals & Chemicals25.61%
Miscellaneous5.90%
Engineering4.83%
Telecommunication4.21%
Mutual Funds2.67%
Food & Allied2.37%
Cement1.81%
Top holdings
BRAC Bank10.37%
avg cost ৳60.21 · stmt mkt ৳66.21
Square Pharmaceuticals9.85%
avg cost ৳217.62 · stmt mkt ৳228.00
Marico Bangladesh9.60%
avg cost ৳1,737.00 · stmt mkt ৳1,779.00
Prime Bank6.48%
avg cost ৳25.52 · stmt mkt ৳30.00
Renata6.15%
avg cost ৳444.00 · stmt mkt ৳380.00
Jamuna Bank5.83%
avg cost ৳22.24 · stmt mkt ৳24.00
BSRM Steels4.41%
avg cost ৳75.56 · stmt mkt ৳90.67
Pubali Bank4.01%
avg cost ৳23.55 · stmt mkt ৳37.10
Berger Paints Bangladesh3.78%
Grameenphone3.50%
avg cost ৳260.33 · stmt mkt ৳216.33
Vanguard AML Rupali Bank Balanced Fund2.67%
avg cost ৳6.34 · stmt mkt ৳7.62
British American Tobacco Bangladesh2.37%
avg cost ৳287.50 · stmt mkt ৳219.50
City Bank2.19%
avg cost ৳21.08 · stmt mkt ৳31.15
Bangladesh Shipping Corporation2.12%
avg cost ৳80.50 · stmt mkt ৳98.25
LafargeHolcim Bangladesh1.81%
avg cost ৳49.67 · stmt mkt ৳56.00
Eastern Bank0.97%
avg cost ৳22.29 · stmt mkt ৳25.71
Robi Axiata0.70%
avg cost ৳25.50 · stmt mkt ৳32.50
Singer Bangladesh0.42%
avg cost ৳105.00 · stmt mkt ৳78.00

Each bar is sized against the largest name in this list, so you can compare them to each other. The percentage is still that name’s share of the whole fund.

Its 5 largest holdings are 42.45% of the fund.

What changed in the latest statement

31 Mar 2026 → 30 Jun 2026before now

+ Berger Paints Bangladesh · new, 3.78%+ Vanguard AML Rupali Bank Balanced Fund · new, 2.67%+ British American Tobacco Bangladesh · new, 2.37%+ City Bank · new, 2.19%+ Bangladesh Shipping Corporation · new, 2.12%+ LafargeHolcim Bangladesh · new, 1.81%+ Eastern Bank · new, 0.97%+ Robi Axiata · new, 0.70%+ Singer Bangladesh · new, 0.42%− IDLC Finance · no longer held
BSRM Steels2.72% → 4.41%
BRAC Bank12.05% → 10.37%

Asset mix: Listed equity 74.47% → 77.23%; Government securities (T-bonds) 20.79% → 18.98%; Receivables & prepayments exited (was 0.61%).

Its 5 largest holdings went from 42.98% to 42.45% of the fund.

Position sizes shift with both trading and market prices; both snapshots come from the fund manager’s own statements.

✓ Verified from ICL quarterly portfolio statement (30 Jun 2026). Holdings are disclosed quarterly, so they can lag the latest daily NAV.

T-bonds held at fair value; the Tk 20 lakh BRAC Bank subordinated bond is carried at cost in the statement. Listed equity includes the closed-end Vanguard AML Rupali Bank Balanced Fund. Share counts for Berger Paints print as 0.00 million on the statement, so avg-cost economics are omitted for that row only.

Side by side with another fund

Questions about ICL Balanced Fund

What kind of fund is ICL Balanced Fund?
ICL Balanced Fund is an open-end balanced mutual fund in Bangladesh, managed by Impress Capital Limited (ICL). You buy and redeem units at its published net asset value (NAV), and it has no fixed maturity.

What is the historical return of ICL Balanced Fund?
Over roughly 10.2 years to 3 Sep 2026, ICL Balanced Fund returned about +6.36% per year, as a total return with dividends reinvested. The figure changes with the period you choose, and past performance does not guarantee future results.

What are the fees for ICL Balanced Fund?
ICL Balanced Fund charges a management fee of 2.50% down to 1.00% per year (tiered by fund size). Its published NAV, and so every return shown, is already net of this fee.

What is the minimum investment for ICL Balanced Fund?
ICL Balanced Fund has a one-time minimum of BDT 1,000 (100 units).

Is ICL Balanced Fund Shariah-compliant?
No. ICL Balanced Fund is a conventional open-end fund, not Shariah-certified. ReturnKoto? has a one-tap filter to show only Shariah funds.

Compare ICL Balanced Fund with other funds →
ExperimentalReturnKoto? ratingstill being calibrated

Rules-based rating for each fund. Experimental; treat as one input for your own research. Every sub-score is on the ratings page.

4 of 54th of 10 balanced funds

A rules-based score over the same fixed 3-year window every fund is measured on: return against its benchmark, downside deviation, worst drop and consistency, on a scale set for balanced funds.

5-year rating: 3 of 5 over the same fixed 5-year window (5th of 8).

Return / year (3 yr)
+11.00%
Downside deviation
8.4%
Worst drop
-13%
Consistency
88%
Versus the market (DSEX)

Beta 0.83 · historically moved about 0.83% for each 1% move in the DSEX market index. DSEX explains roughly 64% of its month-to-month swings.

✓ Rules-based, measured from the fund’s own NAV history. How the rating will work.