103149  |  INF109K01AV5  |  3 star  |  Bronze


$ 50.91

1-Day Total Return

INR | NAV as of 18/10/2017 09:30:00 | 1-Day Return as of 18 Oct 2017

TTM Yield




Total Assets

15.9 bil



Fee Level






Min. Inv.


30-Day SEC Yield



Sector - Infrastructure

Investment Style

Large Blend
Morningstar's Take | 26/12/2016
by Kavitha Krishnan

This fund was launched by ICICI in 2005 and was managed by Sankaran Naren from inception to February 2011. After two manager changes since then, the fund has made it back into Naren's able hands in December 2015. Naren joined ICICI Prudential AMC in October 2004 as a portfolio manager and is known for being a contrarian investor. His understanding of “value” stocks and ability to stand by his high-conviction ideas stand out. Through the years, he has displayed skill in reading the macroeconomic environment and taking sector bets based on the same; he has built an impressive track record on funds helmed by him. We think his presence is a big positive and gives the team an edge. Atul Patel has been comanaging this fund along with Naren since August 2016 and covers the infrastructure sector.

Naren follows a combination top-down and bottom-up process with a focus on picking quality stocks. He plans to run the fund with meaningful investment across sectors that they have a positive outlook on, over a two- to three-year time frame. The fund has an inherent bias towards large-cap stocks, which we see as a positive, given the cyclical nature of the infrastructure sector. Large caps cushion the fund from a liquidity perspective given that Naren can take sizable positions in illiquid stocks based on his conviction levels and views on companies' long-term growth prospects.

Naren has been taking steps in the right direction. Our conviction on Naren’s abilities to turn around the fund’s performance drives our positive opinion on this fund, but there is key-person risk associated with Naren. We think it important to monitor the fund over the long term, especially given the brevity of Naren’s second run as manager. We assign this fund a Morningstar Analyst Rating of Bronze.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

The portfolio reflects the manager’s contrarian value-based approach.


Despite being wary of the changes on the investment team, our conviction on Sankaran Naren remains positive.


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


The process hinges on the manager’s ability to invest in the right sectors and stocks.


The fund’s performance has remained volatile in the past.


The fund’s price is lower than that of the median offering in the category.

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