100349  |  INF109K01431  |  4 star  |  Gold

NAV

$ 326.95

1-Day Total Return

0.76
%
INR | NAV as of 15/12/2017 10:30:00 | 1-Day Return as of 15 Dec 2017

TTM Yield

0.00%

Load

Multiple

Total Assets

29.9 bil

Expenses

2.58%

Fee Level

--

Turnover

1,097%

Status

Open

Min. Inv.

5,000

30-Day SEC Yield

--

Category

Large-Cap

Investment Style

Large Blend
Author
Morningstar's Take | 29/11/2017
by Nehal Meshram

ICICI Prudential Top 100 Growth has been upgraded to our highest Morningstar Analyst Rating of Gold from Silver. The fund's highly competent and experienced team, robust investment process, and well-structured portfolio methodology strengthen our conviction. 

We regard portfolio manager Sankaran Naren as one of the highest calibre investment professionals in the industry. Naren has proven himself as an astute portfolio manager with his ability to think differently and pick stocks that have the potential to generate higher returns. We like his distinctive long-term investment style, which has delivered top-quartile performance with a high level of consistency through the cycle. 

The investment team is remarkably large and collaborative, comprising seven portfolio managers and 16 research analysts. The fund is comanaged by Prakash Goel, who joined the fund house from ICICI Securities in October 2017. Manish Gunwani's departure and other portfolio manager reshuffles have somewhat hampered the continuity, but ICICI's focus on internal talent development and incentives promotes longevity and advance succession planning. 

The fund follows a large-cap approach, with a tilt toward value stocks. The portfolio strategy is driven by the manager's ability to construct a differentiated portfolio comprising stocks that become long-term winners. The strategy is centred on a top-down approach, however, fundamental bottom-up analysis of stocks is also critical element, and the team excels in this area of the investment process. Naren also makes contrarian calls in this fund even if it means bearing short-term pain.

The fund's low turnover ratio demonstrates the team's patience and conviction in the outcomes of the investment process. This has delivered risk-adjusted returns well ahead of competitors over the long term. The fund has also weathered the market downturn better than category peers and has provided protection from downside risk. There may be difficult quarters because of its value bent, but under Naren's stewardship, the fund should pay off handsomely in the long run.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

A concentrated portfolio with a large-cap bias.

People

The fund manager makes his mark by leveraging contrarian bets.

Parent

ICICI Prudential AMC’s stewardship is in line with the industry norm.

Process

A disciplined investment process that follows a top-down approach to evaluate stocks.

Performance

An excellent track record across risk/return parameters.

Price

An expensive proposition.

Important Disclosures

Unless stated otherwise, this report was prepared by the person(s) noted in their capacity as Manager Research Analysts (i.e., fund analysts) employed by Morningstar, Inc., or one of its affiliates. It has not been made available to the issuer prior to publication.

Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Manager Research Analysts’ expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund’s or the fund’s underlying securities’ creditworthiness.

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