ICICI Pru Bharat Consumption Gr

All Cap

Consumption

Equity

India Super Value

Others

Emotionally driven

Investor Profile

1–7 yearsInvestment Horizon

HNI, UHNI, Retail Investor, Mass AffluentTarget Segments

SEBI registered equity mutual fund suitable for all investor categoriesRegulatory Fit

Icici Prudential Bharat Consumption Fund Cumulative focuses on Indian consumer and retail companies for growth.

What This Strategy Does

ICICI Pru Bharat Consumption Reg Gr is an equity fund which captures India's ₹30 trillion consumption opportunity through a multi-cap portfolio, deploying capital across consumer cyclicals, consumer defensives, and industrials to achieve broad-based earnings growth.

CW Expert Research Notes

Consistent Outperformance

The fund has demonstrated resilient performance, outpacing its benchmark and category peers over the five-year period, reflecting the effectiveness of its investment process in navigating market cycles.

Differentiated Positioning

The fund's distinct sector tilts, including overweight exposure to consumer cyclicals and underweight in energy and financials, coupled with a balanced market-cap allocation, underscore its differentiated approach versus peers.

Earnings Delivery Focus

The fund's emphasis on companies with robust earnings growth potential, as evidenced by its representative holdings in sectors like consumer discretionary and industrials, positions it to capitalize on India's structural consumption trends.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Fund Performance

-5.8% AnnuallyAlpha

+12.2% vs +9.6% benchmarkSince Inception

+7.1% vs +5.7% benchmark3Y Annualized

+9.8% vs +4.7% benchmark5Y Annualized

ICICI Pru Bharat Consumption Gr

Benchmark Index

Benchmark Performance Comparison

ICICI Prudential Bharat Consumption Fund

NIFTY 50

Given the product’s limited performance history, the assessment considers the fund house’s track record and the historical performance of comparable strategies managed by the same fund house, which follow similar investment approaches. Such comparisons provide historical context only and do not represent the performance of the new product or indicate its future returns.

Risk Profile

Standard Deviation18.1%

Maximum Drawdown-20.0% | Oct 2024

Sharpe Ratio-0.29

Beta1.00

Upside Capture92%

Detailed Risks

Market Risk

Potential recession driven by high inflation could dampen consumer spending, impacting consumption-focused holdings; mitigated by defensive positioning.

Liquidity Risk

Elevated mid-cap exposure could face liquidity stress during volatility spikes, hindering rebalancing; partially offset by large-cap buffer.

Concentration Risk

Concentrated consumer discretionary exposure vulnerable to rising rates and input costs; diversification across consumer staples reduces downside.

Specific Strategy Risk

Regulatory changes impacting consumer lending or data privacy could disrupt key e-commerce holdings; rigorous monitoring mitigates surprises.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

Captures India's consumption growth story by investing in companies benefiting from rising household incomes and evolving consumer preferences. This theme provides exposure to businesses capitalizing on discretionary spending trends across categories like consumer durables, retail, and leisure.

Broader Market View

Market Outlook

Equity markets appear to be in the early stages of a recovery phase, offering an attractive entry point as consumption and earnings normalize. Sectors geared towards domestic demand such as consumer, financials and industrials stand to benefit from this environment, although margin pressures and cyclicality pose risks.

Why This Strategy is Attractive Now

This strategy appears well-positioned for the current market landscape with exposure across consumer cyclicals/defensives, financials and technology. The portfolio's diversification across around 70 holdings, including market leaders, coupled with a moderate risk profile, aligns it to potentially benefit from an economic revival while mitigating downside risks.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth approach, emphasizing companies with durable competitive advantages, robust profitability, and consistent earnings growth across market cycles.

Why it Makes Sense

In the current environment of moderating economic growth and elevated valuations, a focus on quality businesses with pricing power, efficient capital allocation, and resilient cash flows could offer downside protection while participating in secular growth opportunities.

High-Level Investment Process

Sourcing: The strategy appears to source investment candidates from across market capitalizations and sectors, with a tilt towards companies demonstrating sustainable competitive advantages, strong balance sheets, and attractive growth runways. Selection: The selection process suggests a preference for businesses with durable pricing power, efficient capital allocation, robust free cash flow generation, and attractive returns on invested capital. Valuation discipline is likely emphasized to avoid overpaying for growth prospects. Construction: Portfolio construction is consistent with a multi-cap core approach, aiming to balance risk exposures while maintaining a bias towards companies positioned to compound shareholder wealth through the market cycle. Position sizing reflects conviction levels, with a focus on limiting potential sources of uncompensated risk.

Portfolio Holdings Overview

SectoralAllocation

Capital Goods13.55%

Energy & Infra0.25%

Consumers74.24%

Utilities0.44%

Services11.52%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

Hindustan Unilever LtdConsumers8.86%

Mahindra & Mahindra LtdConsumers8.52%

Bharti Airtel LtdServices5.16%

Eternal LtdConsumers4.93%

Maruti Suzuki India LtdConsumers4.83%

Trent LtdConsumers4.79%

InterGlobe Aviation LtdCapital Goods3.97%

Indian Hotels Co LtdConsumers2.95%

TVS Motor Co LtdConsumers2.86%

Jubilant Foodworks LtdConsumers2.65%

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Sharmila D'Silva

Lead Portfolio Manager

Ms. Sharmila D'Silva has experience of 13 years. Manages 338 funds at ICICI Prudential Asset Management Co Ltd with an AUM of approximately ₹1,82,712 Cr Holds a BAF degree.

Priyanka Khandelwal

Co-Portfolio Manager

Ms. Priyanka Khandelwal has experience of 13 years. Manages 26 funds at ICICI Prudential Asset Management Co Ltd with an AUM of approximately ₹3,258 Cr Holds a B.Com degree.

CW Expert Take

ICICI Prudential combines scale with specialization. Their investment philosophy centers on understanding business economics rather than following market momentum. The fund house has built distinct expertise across asset classes, from equity research teams focused on sectoral deep-dives to fixed income desks with strong credit assessment capabilities.

25 years

Combined Team Experience

₹ 1,85,970 Cr

Assets Under Management

Firm Overview

AMCICICI Prudential Asset Management Co Ltd

Investment Professionals49+

Global Offices250 Cities

Investment Philosophy & Approach

Disciplined Approach

ICICI Prudential follows a disciplined investment approach focused on rigorous research.

Risk Management

The fund house emphasizes robust risk management through diversification and controls.

Long-Term Perspective

ICICI Prudential maintains a long-term perspective in portfolio construction.

Operational & Regulatory Details

What it costs to invest, transaction mechanics, and regulatory disclosures you should know.

Costs and Fees

Total Expense Ratio (TER)2.14%

Exit Load1

Regulatory & Tax Information

INF109KC1YA0

ISIN

DailyDealing Frequency

BSE 500 India TR INRBenchmark

LTCG | >1Year 12.5%% on gain above 1.25 Lakh

STCG | <1Year 20%%

Tax Implications (India)