ICICI Prudential Value Fund

All Cap

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 Value Discovery Fund Growth invests in undervalued Indian companies offering good long-term potential.

What This Strategy Does

ICICI Prudential Value Fund Growth is an equity fund which captures India's broad-based earnings growth through a value-oriented investment approach, deploying capital across financials, technology, and energy to achieve benchmark-aligned compounding.

CW Expert Research Notes

Resilient Outcomes

The fund has demonstrated benchmark-beating consistency, outperforming in 8 of the past 12 years, with robust earnings delivery and downside protection characteristics.

Differentiated Construction

The fund's value-driven approach, coupled with a flexible investment style, results in a meaningfully differentiated portfolio versus peers and the benchmark, with high-conviction positions in attractively valued stocks across market caps.

Cycle Participation

Potential catalysts such as a declining interest rate cycle supporting financials, and a recovery in global tech spending benefiting IT, could drive the fund's performance given its meaningful exposure to these sectors.

Performance and Risk Analysis

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

Fund Performance

-2.3% AnnuallyAlpha

+13.9% vs +9.9% benchmarkSince Inception

+11.5% vs +6.3% benchmark3Y Annualized

+14.4% vs +6.5% benchmark5Y Annualized

ICICI Prudential Value Fund

Benchmark Index

Benchmark Performance Comparison

Icici Prudential Value Discovery Fund

NIFTY 50

Risk Profile

Standard Deviation13.8%

Maximum Drawdown-12.9% | Oct 2024

Sharpe Ratio-0.18

Beta0.73

Upside Capture94%

Detailed Risks

Market Risk

Prolonged economic slowdown in India could dampen consumer demand, impacting value stocks.

Liquidity Risk

High mid-cap exposure risks liquidity stress during volatility spikes, impacting rebalancing.

Concentration Risk

Concentrated in cyclical sectors like financials, vulnerable to credit cycle risks.

Specific Strategy Risk

Value tilt underperforms if market favors growth over cyclical value stocks.

Strategy Details

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

Core Investment Theme

Delivers exposure to India's most resilient businesses through a disciplined value investing approach. By focusing on companies trading at a meaningful discount to their intrinsic value, this strategy aims to generate steady wealth creation with lower volatility.

Broader Market View

Market Outlook

Equity markets appear to be entering a mid-cycle phase, with consumption and earnings recovery gaining traction. This normalization backdrop, supported by trends like reviving capex and credit growth, offers an attractive entry point. However, risks such as margin pressures and cyclicality in sectors like consumer discretionary and industrials warrant a balanced approach.

Why This Strategy is Attractive Now

The strategy seems well-positioned to capitalize on the current environment through its diversified exposure across consumer, financial, and technology sectors. The portfolio's holdings in market leaders combined with a flexible, risk-adjusted approach appears aligned with the mid-cycle dynamics. With around 70 holdings, the strategy stands to benefit from its balanced mix of growth and defensive names.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth approach, emphasizing companies with durable competitive advantages, consistent earnings growth, and reasonable valuations across a mix of large and mid-cap market segments.

Why it Makes Sense

This strategy aligns with an environment where earnings visibility remains uneven, favoring companies with pricing power, recurring revenue models, and the ability to compound growth through cycles while avoiding excessive valuations.

High-Level Investment Process

Sourcing: The strategy appears to source investment candidates from across market capitalizations and sectors, with a focus on companies demonstrating sustainable competitive advantages, strong management teams, and attractive growth runways. Selection: The selection process suggests a preference for businesses with durable growth drivers, recurring revenue streams, healthy profitability profiles, and reasonable valuations relative to growth prospects. Financial strength and upside/downside capture metrics may also inform position sizing. Construction: Portfolio construction is consistent with a multi-cap core approach, maintaining exposure across sectors while limiting outsized sector overweights. The strategy appears to balance conviction in top holdings with diversification across securities and industries.

Portfolio Holdings Overview

SectoralAllocation

Utilities3.58%

Services13.67%

Capital Goods8.02%

Technology12.82%

Financial Services36.29%

Consumers17.89%

Energy & Infra7.73%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

HDFC Bank LtdFinancial Services9.18%

ICICI Bank LtdFinancial Services8.44%

Infosys LtdTechnology5.98%

ITC LtdConsumers5.30%

TrepsUtilities5.28%

Reliance Industries LtdEnergy & Infra5.10%

Sun Pharmaceuticals Industries LtdServices4.70%

Tata Consultancy Services LtdTechnology3.96%

Hindustan Unilever LtdConsumers3.08%

Axis Bank LtdFinancial Services2.91%

Fund House Management

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

Fund Manager Track Record

Dharmesh Kakkad

Mr. Dharmesh Kakkad has experience of 16 years. Manages 44 funds at ICICI Prudential Asset Management Co Ltd with an AUM of approximately ₹1,49,755 Cr Holds a B.com degree.

30 years

Combined Team Experience

₹ 4,53,248 Cr

Assets Under Management

Sharmila D'Silva

Co-Portfolio Manager

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.

Masoomi Jhurmarvala

Co-Portfolio Manager

Ms. Masoomi Jhurmarvala has experience of 2 years. Manages 46 funds at ICICI Prudential Asset Management Co Ltd with an AUM of approximately ₹1,20,781 Cr

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

Value-Driven Approach

The fund follows a disciplined value investing philosophy to identify undervalued stocks.

Flexible Portfolio Construction

The strategy combines absolute and relative valuation metrics in a flexible investment style.

Patient Capital Allocation

The managers demonstrate patience with high-conviction holdings while maintaining valuation discipline.

Operational & Regulatory Details

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

Costs and Fees

Total Expense Ratio (TER)1.51%

Exit Load1

Regulatory & Tax Information

INF109K01AF8

ISIN

DailyDealing Frequency

BSE 500 India TR INRBenchmark

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

STCG | <1Year 20%%

Tax Implications (India)