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Mutual Fund Review: ICICI Prudential DISCOVERY FUND

 

With I-Pru Discovery upbeat about its performance despite volatility, existing investors have no reason to pull out. Given the fund's 'value investing strategy', it takes time to unlock value from stocks it buys. Hence, only new investors with a long-term outlook should consider it.

 

A laggard until 2007, ICICI Prudential Discovery got noticed in 2008, when it was able to relatively de-risk itself in a volatile market. The fund really took off in 2009 with the market recovery helping to justify its 'Value Investing'. A boom in healthcare that year provided a windfall for the fund, which had been stacking up pharmaceutical stocks since 2006-07. The fund bought telecom stocks last year when many others shunned the sector. It has made handsome gains from this bet too. The fund manager is now gradually reducing exposure and scouting for other value picks. For a country obsessed with 'growth' as an investment mantra, the fund has shown that its 'value' approach is a far more mature way to invest in equity.

 

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