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ICICI Prudential Dynamic Fund

 

While most equity funds claim that timing isn't their forte, this fund has made market timing its USP, by actively taking cash call when markets are over-heated. This strategy, combined with a value orientation have helped the fund beat its benchmark and category by a wide margin. The fund has steadily climbed on the rating scale to be a top rated fund in recent years.

Strategy: While most multicap funds stay fully invested through cycles, this fund has perfected the science of good timing through cash and debt calls too. The fund uses the price-to-book value ratio to assess the market's over- or under-valuation. This has paid off quite well especially in the most recent bull market. When most funds were bearish, the fund was almost fully invested in August last year, leading to strong participation in the rally. In recent months, while its equity exposure has come down to about 80 per cent for debt.

The fund's market cap allocations are also actively managed. Starting out a little underweight in large-caps, the fund has increased large cap allocations to 73-74 per cent of the portfolio, while mid-caps have been trimmed to 19-20 per cent in one year. This should position it well in the event of a correction. The fund leans towards contrarian picks based on fundamental analysis. Though the core strategy hasn't changed, the fund's portfolio managers have seen a fair degree of shuffle in the last ten years.

Performance: It has the best 10 year returns at 23.6 per cent in its category. Cumulatively, it has beaten its benchmark by 7 per cent and the category by 4 per cent in this period. The fund was impressive in guarding downside both in 2008 and 2011. But it lagged its benchmark in the raging bull market of 2007.

What we don't like: Its cash calls could dampen return in a sustained bull-phase backed by market's re-rating.

Why Invest? For investors who would like to play it safe on valuations and yet participate fully in a bull market, this is an ideal fund.


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