100365  |  INF109K01365  |  5 star  |  Neutral


$ 54.54

1-Day Total Return

INR | NAV as of 23/06/2017 09:30:00 | 1-Day Return as of 23 Jun 2017

TTM Yield




Total Assets

18.3 bil



Fee Level






Min. Inv.


30-Day SEC Yield



Intermediate Bond

Credit Quality/Interest Rate Sensitivity

Morningstar's Take | 11/08/2016
by Ishwar Chidambaram, CFA

Strategy in place, this fund maintains its Morningstar Analyst Rating of Neutral.

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. Duration plays and spread analysis are the mainstays of the investment strategy. Banthia combines macroeconomic factors such as the credit and interest rate cycles, economic growth rate, inflation, and borrowings data with short-term factors such as overnight rates and liquidity conditions while plotting the portfolio’s duration. He will invest in varying maturity buckets in his quest for attractive yields.

Banthia trades freely among corporate bonds, gilts and cash based on relative valuations. Taking credit bets isn’t a big part of the strategy. This reinforces the portfolio’s liquidity and we believe this tactic gels well with the overall strategy given the emphasis on adding value through duration plays. The investment process is commonplace enough and its success will be driven by skilled execution. A positive for this fund is the presence of CIO-Fixed Income Rahul Goswami in the team. An experienced and skilled campaigner, his expertise in reading the macroeconomic environment and taking duration calls will aid the fund’s cause.

However, investors should note that given the investment style, the fund could expose them to higher volatility than the typical peer. Hence, it is important that they be patient and remain invested through periods of underperformance.

While the fund has delivered a good performance under Banthia’s watch, the performance has come largely in an environment of falling yields. We are yet to witness how he runs the strategy in an increasing rates scenario. Until then, we rate this fund Neutral.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Freely invests across the corporate bond, gilt, and cash segments.


Manish Banthia has strong support from CIO Rahul Goswami.


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


An active investment style that is rooted in duration plays and spread analysis.


The fund’s performance has been ordinary so far.


The fund is a tad expensive in the Intermediate Bond Category.

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