100365  |  INF109K01365  |  5 star  |  Bronze


$ 54.43

1-Day Total Return

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

TTM Yield




Total Assets

20.7 bil



Fee Level






Min. Inv.


30-Day SEC Yield



Intermediate Bond

Credit Quality/Interest Rate Sensitivity

Morningstar's Take | 21/08/2017
by Nehal Meshram

We see enough merit in this fund to upgrade it to a Morningstar Analyst Rating of Bronze from Neutral.

The team behind this offering remains one of the largest fixed-income teams in the industry specialising in different areas. Lead manager Manish Banthia took over after Avnish Jain’s exit in September 2013 and plies an active investment style. He is driven by the quest for value with a contrarian bent. He is keenly attuned to market expectations and developments while constructing the portfolio. He is backed by two fund managers, four research analysts, and five dealers, two of whom act as comanagers.

Banthia built his reputation by making long-term, high-conviction bets on fixed-income securities that he finds fundamentally compelling, even when they fall outside of the consensus view. Duration plays and spread analysis are the mainstays of the investment strategy. The team has a comprehensive in-house investment approach driven by a seasoned group of investment and risk management professionals. Close communication between the fund managers and research analysts is used to encourage idea generation. The investment approach is research-based and combines qualitative aspects with quantitative analysis. The manager focuses on the macroeconomic scenario, liquidity conditions, spreads, and other short-term influencing factors to define the asset allocation and maturity profile.

The fund maintains a higher-duration strategy largely through government securities/state development loans. Based on the spread analysis, the manager keeps oscillating between G-secs, SDLs, and corporate debt papers, but taking credit bets isn’t a major part of the strategy. However, investors should note that given the investment style, the fund could expose them to higher volatility than peers. With this caveat, however, it remains a compelling offer if held for a longer period. The managers have built a solid record and the fund has handily beaten its benchmark and peer group across time. The fund’s fees offer room for improvement, but the overall execution of the strategy has been good. We are upgrading the fund to a Bronze rating.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Higher duration portfolio with emphasis on quality portfolio to maintain portfolio liquidity.


Investment team ranks well on the duration as well as credit management front.


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


Research driven process with focus on duration plays, spread analysis, and yield-curve positioning.


Track record under Banthia remains phenominal with a higher duration stance.


Expense ratio higher than the category median, making it an expensive proposition.

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