101144  |  INF109K01761  |  3 star  |  Silver


$ 247.08

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

78.0 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Large Blend
Morningstar's Take | 27/12/2016
by Nehal Meshram

The fund continues to make a strong case for investor consideration.

This is manager Sankaran Naren’s second stint after running it from September 2006 to February 2011. He relinquished fund management duties for about a year and returned to the helm in February 2012. However, the investment strategy remained unchanged. 

The ability to think differently and pick stocks that have the potential to become a big thing tomorrow is critical in this strategy. When markets run up and valuations seem stretched, Naren reduces net equity exposure in the portfolio. He deploys a rules-based approach using the historical price/book value of the market to determine fair value and in turn tweak cash allocations. The portfolio has a large-cap bias with a value orientation and focuses on stocks that have significant long-term growth potential. The approach of regular profit booking and rebalancing of the portfolio has helped the fund buy equities at low valuations and sell at high valuations. We believe in Naren’s ability to read the macroeconomic environment. He studies factors such as fiscal policy, current account deficits, inflation, economic growth rates, and government policies to form his top-down views. His philosophy is to ensure the fund performs better than peers when markets fall, even if the strategy hurts performance in rising markets, thereby ensuring robust performance over a market cycle. We believe hat such funds tend to do well across market cycles when one holds for the long term.

Naren is willing to back his conviction even if it means underperforming over shorter time frames. He takes sector bets and aggressively trades his large-cap picks, but such tactics are not without risk. Also in a sustained bull-run the price/book model will point towards a higher allocation to cash, which may lead  the fund to underperform the peers. However, we believe the fund can hold investors in good stead over a market cycle. In keeping with our high conviction on its prospects, we give the fund a Morningstar Analyst Rating of Silver.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Stock selection and cash allocation have been the primary contributors of performance.


The fund manager made his mark leveraging his contrarian bets.


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


The ability to think differently is critical in this strategy.


The fund has a superlative track record across the risk and return parameters.


Inexpensive proposition as against the category median.

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