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ICICI Prudential Value Discovery Fund

ICICI Prudential Value Discovery Fund has been classified in the small and mid- cap equity- oriented category under the CRISIL Mutual Fund Ranking. It has been ranked in the top 30 percentile ( either CRISIL Fund Rank 1 or Rank 2) in the Consistent Performers ( Equity) category since June 2011. The consistency in the fund's ranking is an indication of a blend of superior performance and disciplined portfolio management.

Launched in 2004, the fund reported average assets under management (AUM) of ₹ 4,105 crore for the quarter ended June 2014. As of August 31, the month end AUM for the fund stood at ₹ 6,294 crore. Mrinal Singh has been managing the fund since February 2011.

Investment philosophy The investment objective of the fund is to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well- diversified portfolio of value stocks. Value stocks are those which have attractive valuations in relation to earnings or book value or current and/ or future dividends. Performance The fund has outperformed its benchmark across market downturns and upturns. During the sub- prime crisis ( January 2008- March 2009), the fund fell 48.28 per cent versus the CNX Midcap's 54.84 per cent fall. When the markets recovered, from April 2009 to December 2010, the fund gained 90.59 per cent against CNX Midcap's 72.43 per cent.

The fund has outperformed both its benchmark ( CNX Midcap) and the category over three-, five- and 10- year time frames. Since inception, the fund has posted returns at a compounded annualised growth rate ( CAGR) of 25.90 per cent compared with 18.97 per cent by its benchmark. Through the SIP route as well, it has done better across time frames. Over the past five years, the fund's outperformance on a risk- adjusted basis is reflected in its Sharpe ratio of 1.48 compared with 0.66 for the benchmark.

Portfolio strategy The fund is generally fully invested and does not take active cash calls. It has had on an average 92.65 per cent exposure to equity securities over the past five years.

Banks have been the most favoured sector of the fund over the past five years with an average 14.08 per cent exposure, followed by pharmaceuticals and software with 10.31 per cent and 8.42 per cent average exposure, respectively. Over the same period, CNX Bank, CNX Pharma and CNX IT have given 16.13 per cent, 28.21 per cent and 17.61 per cent returns, respectively, versus CNX Midcap's 12.93 per cent.

At the stock level, diversification can be seen from the fact that the fund held an average of 63 stocks in its portfolio, compared to 47 for the category over the past five years.

The fund manager refrains from taking minor exposure as is evident from the fact that over the past five years, stocks having at least one per cent exposure constituted 78 per cent (average) of the portfolio.

Key stock selections such as Amara Raja Batteries, Balkrishna Industries, Cadila Healthcare ( held until June 2012), Vardhman Textiles, eClerx Services, ING Vyasa Bank, NATCO Pharma and Mindtree have helped drive superior fund performance.

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