102528  |  INF109K01AN2  |  2 star  |  Silver


$ 97.08

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

12.7 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Mid Blend
Morningstar's Take | 28/08/2016
by Himanshu Srivastava

The challenges in managing a mid-cap fund are abundant. While unpredictability in the equity markets is accentuated in this segment, factors such as constrained liquidity, limited coverage, and poor disclosures make mid-cap investing a tricky proposition. The need for a skilled manager and a solid investment process cannot be overstated. ICICI Prudential Midcap Fund makes the grade on both counts.

Mrinal Singh is a competent portfolio manager who has been in the job since May 2011. He has had extensive experience as an analyst in the small/mid-cap space. Intensive research forms the core of his investment approach. He fluidly combines top-down and bottom-up approaches to identify companies in which to invest. Though the strategy can be termed broadly as growth-at-a-reasonable-price, Singh invests a small portion of the portfolio in value stocks as well. Expectedly, Singh has executed the strategy with a reasonably good degree of success.

The strategy has some inherent risks. Given the fund dwells in mid-cap territory, liquidity risk during testing times is inherent to the strategy. On a positive note, the manager is cognizant of this and maintains a daily liquidity of 15% in the portfolio. Additionally, Singh’s quality bias and valuation consciousness can hold back the fund in market phases when speculative fare is in favour.

The fund has been going through trying times for some time now. From January 2015 to July 2016, it clocked a return of 7%, underperforming its benchmark (11%) and 91% of its India small/mid-cap Morningstar Category peers. However, its performance during the three-year period continues to be impressive, beating 70% of its category peers. Hence, recent underperformance hasn’t deterred our confidence. We draw conviction from Singh’s experience, research-driven approach, and executional capabilities. With small/mid-cap his forte and value investing his speciality, Singh is playing to his strengths here. We reaffirm the fund’s Morningstar Analyst Rating of Silver.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Mrinal Singh buys reasonably priced growth stocks and stays invested for the long haul.


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


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


Mrinal Singh combines absolute and relative valuation to scout for reasonably priced growth stocks.


The fund’s performance in the recent times has been below expectations.


The fund’s expense ratio is higher than the category median.

Important Disclosures

Unless stated otherwise, this report was prepared by the person(s) noted in their capacity as Manager Research Analysts (i.e., fund analysts) employed by Morningstar, Inc., or one of its affiliates. It has not been made available to the issuer prior to publication.

Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Manager Research Analysts’ expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund’s or the fund’s underlying securities’ creditworthiness.

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