102594  |  INF109K01AF8  |  4 star  |  Silver


$ 142.26

1-Day Total Return

INR | NAV as of 21/02/2018 10:30:00 | 1-Day Return as of 21 Feb 2018

TTM Yield




Total Assets

174.2 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Large Growth
Morningstar's Take | 30/10/2017
by Himanshu Srivastava

When Mrinal Singh took over the reins of this fund in February 2011, it was his first stint at running a diversified fund. Since then, we have had the opportunity to evaluate him and his investment approach across market cycles, enabling us to build confidence in him. Over the years he has emerged as a skilled portfolio manager. While Singh specialises in value investing, he is also an expert in the small/mid-cap segment.

Singh runs this fund with a valuation-conscious approach. He relies on a combination of absolute and relative valuation parameters for picking stocks. Until mid-2014, he invested predominantly in the small/mid-cap segment. However, since then, this aspect of the strategy has undergone a change and the allocation to large caps has increased sharply (from 25% to nearly 75% as of August 2017). This could be attributed to two factors: stretched valuations in the small/mid-cap segment and a surge in the fund’s assets from INR 35 billion as of April 2014 to INR 81 billion by December 2014. Nonetheless, the modified approach is a departure from the way the fund was run earlier. The strategy has few inherent risks as well. Given Singh’s extensive focus on valuation, the fund runs a risk of underperforming in momentum-driven and growth-oriented markets. Its recent underperformance vis-à-vis its benchmark index is a testimony of the same. Also, his value picks may result in value traps if stocks bought based on attractive valuations continue to fall further.

Having said that, so far Singh has been able to prudently navigate the fund’s investment process--whether it is shifting from small/mid-caps to large caps or keeping the fund’s valuation focus intact. However, given the fund’s large size, whether he will be able to efficiently shift sizable investments from large caps to mid-caps when the later becomes more lucrative in terms of valuation is an untested aspect. Nevertheless, we continue to draw conviction from Singh’s managerial capabilities and research focus. His preference for safety over outsize returns would result in the fund delivering a stable performance over the long term. Hence, we retain its Morningstar Analyst Rating of Silver.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

The exposure to large-cap stocks continues to rise.


Mrinal Singh is an experienced research analyst and a competent portfolio manager.


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


Singh combines absolute and relative valuation parameters to scout for attractively valued stocks.


The fund’s performance in recent times has been subpar but in line with its strategy.


The fund’s expense ratio is lower than the median of the India flexicap category.

Important Disclosures

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