ICICI Prudential Flexicap Fund

Diversified

Equity

India Super Value

Others

Aggressive growth Investor Profile

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 Flexicap Fund Growth invests across all company sizes in India for flexible growth.

What This Strategy Does

ICICI Prudential Flexicap Fund Regular Growth is an equity flexi-cap fund which captures India's ₹200+ trillion consumption and private capex opportunity through a multi-cap approach, deploying capital across financials, industrials, and consumer sectors to achieve broad-based earnings growth.

CW Expert Research Notes

Consistent Outperformance

The fund has outperformed its benchmark and category peers over the past 12 months and 3 years, demonstrating resilient earnings delivery and downside protection characteristics.

Flexible Allocation

The fund's flexible market-cap and sector positioning, with significant exposure to consumer cyclicals and financials, differentiates its investment process from peers.

Macro Tailwinds

Potential catalysts supporting the fund's thesis include India's structural growth trends, earnings revisions, and policy reforms, while key risks include valuation concerns and global headwinds.

Performance and Risk Analysis

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

Fund Performance

2.9% AnnuallyAlpha

+15.0% vs +8.3% benchmarkSince Inception

+15.2% vs +6.3% benchmark3Y Annualized

+14.2% vs +6.5% benchmark5Y Annualized

ICICI Prudential Flexicap Fund

Benchmark Index

Benchmark Performance Comparison

Icici Prudential Flexicap Fund

NIFTY 50

Risk Profile

Standard Deviation18.0%

Maximum Drawdown-19.1% | Oct 2024

Sharpe Ratio-0.06

Beta0.97

Upside Capture104%

Detailed Risks

Market Risk

Potential recession in India driven by high inflation could dampen consumer demand, impacting cyclical sectors like industrials and consumer discretionary.

Liquidity Risk

High mid-cap allocation could face liquidity stress during market sell-offs, hindering efficient rebalancing or exits.

Concentration Risk

Concentrated exposure to Indian IT services faces margin pressures from rising wages and potential H1-B visa restrictions.

Specific Strategy Risk

Regulatory changes to India's capital gains tax structure could adversely impact fund inflows and returns.

Strategy Details

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

Core Investment Theme

Delivers the flexibility to capitalize on opportunities across the market-cap spectrum. By investing without constraints, this approach allows fund managers to dynamically rotate capital toward the best risk-reward propositions—whether defensiveness in large caps during uncertainty or growth capture in smaller companies during expansions. The impact is a smoother return profile across varying market conditions and economic cycles.

Broader Market View

Market Outlook

With equity markets appearing to normalize after a valuation reset, the present environment offers an attractive entry point as consumption and corporate earnings recover. Cyclical sectors like consumer discretionary and financials stand to benefit from improving domestic demand and credit growth, though margin pressures remain a risk.

Why This Strategy is Attractive Now

This strategy appears well-positioned with exposure across consumer cyclicals, financials, and technology leaders. Its balanced approach combines growth opportunities and defensive holdings across roughly 70 names. A moderate beta and diversification could provide risk-adjusted participation as the market cycle unfolds.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth strategy, emphasizing companies with durable competitive advantages, consistent earnings growth, and reasonable valuations relative to their long-term potential.

Why it Makes Sense

In the current environment of moderating economic growth and elevated uncertainty, a Quality Growth approach can offer downside protection while participating in secular growth opportunities across sectors like technology, healthcare, and consumer discretionary.

High-Level Investment Process

Sourcing: The strategy appears to source investment ideas through a combination of quantitative screening and fundamental research, seeking companies with strong franchises, high returns on capital, and visible growth runways. Selection: The selection process suggests a preference for businesses with sustainable competitive advantages, pricing power, and the ability to compound cash flows through cycles. Construction: Portfolio construction is consistent with a focus on risk management through diversification across sectors and market capitalizations while maintaining a bias toward quality growth characteristics.

Portfolio Holdings Overview

SectoralAllocation

Technology9.24%

Capital Goods18.72%

Financial Services20.75%

Services6.01%

Consumers45.28%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

TVS Motor Co LtdConsumers8.87%

ICICI Bank LtdFinancial Services6.48%

Maruti Suzuki India LtdConsumers6.23%

Avenue Supermarts LtdConsumers4.68%

HDFC Bank LtdFinancial Services4.27%

Eternal LtdConsumers3.69%

TrepsUtilities3.67%

Infosys LtdTechnology2.90%

Axis Bank LtdFinancial Services2.51%

Larsen & Toubro LtdCapital Goods2.35%

Fund House Management

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

Fund Manager Track Record

Sharmila D'Silva

Ms. Sharmila D'Silva has experience of 12 years. Manages 336 funds at ICICI Prudential Asset Management Co Ltd with an AUM of approximately ₹1,82,712 Cr Holds a BAF degree.

31 years

Combined Team Experience

₹ 2,02,766 Cr

Assets Under Management

Rajat Chandak

Co-Portfolio Manager

Mr. Rajat Chandak has experience of 18 years. Manages 39 funds at ICICI Prudential Asset Management Co Ltd with an AUM of approximately ₹20,055 Cr Holds a PGDM 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.

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 decisions.

Operational & Regulatory Details

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

Costs and Fees

Total Expense Ratio (TER)1.4%

Exit Load1

Regulatory & Tax Information

INF109KC1Q80

ISIN

DailyDealing Frequency

BSE 500 India TR INRBenchmark

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

STCG | <1Year 20%%

Tax Implications (India)