ICICI Pru PMS Recommendation & Review

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IME Rating

IME PMS Rating

ICICI Pru PMS faces common issues seen in large MF-driven PMS firms, such as PMS being an add-on instead of a separate business unit, turnover in the investment team, lack of commitment from the CIO, and loosely defined investment strategies. While the AMC's distribution capabilities can aid in growth and provide research access, MF-driven PMSs generally do not measure up to PMS firms led by strong CIO-founders.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

As part of one of the top-3 Mutual Fund Houses, ICICI Pru PMS benefits from the substantial research, broker & corporate access and distribution strengths of the Mutual Fund. This helps explain its position in the top-10 PMS houses in the country.

One of the Top-10 PMS houses but large AMC driven ICICI Pru PMS benefits from substantial research access, broker & corporate access and distribution strength. However, since this PMS house is driven by larger AMC it cannot compare to a PMS House driven by CIO-cum-founder

PMS Investment Philosophy

ICICI Pru PMS does not have a clearly defined investment philosophy, that drives investment style across all their funds. Instead, the investment philosophy is more driven at a strategy level.

Investment Framework

They utilise a 3 filter framework in order to search for companies with meaningful and sustainable earnings growth

Business
Management
Valuation

Business Economics:

Growth defined by Company growing faster than industry, industry faster than market, that are also looking for Structural and long-term sustenance and are simple to understand and in a focused segment.
Moats defined by Brand Franchise, Industry Structure, Technology/Patents, Cost Advantage, License area, Distribution, etc

Management and Governance

Competence driven by Sales(Faster than sector); Margin(Improving); Capital(Smarter)
Governance based on Interests(Aligned with shareholders); and having credible Track Record

Valuation

Cash- Cash flow being the centre of investment Process (Intrinsic value, DCF, Dividend Yield, Op. Cash Yield, etc)
Evaluate Margin of Safety- Identifying a greater margin of safety based on weaker moat for a better risk-reward profile.

Taking both Cash and Margin of safety into consideration leads to a Fair Value

Suitable For Investor's seeking the comfort of investing with an established and large brand, but desiring higher risk-returns than MF strategies.

Investment Team

Anand Shah | 4-star rated FM

Fund Manager | 25 yrs Experience | 4 yrs at current firm

Past Experience: VP investments (Kotak MF), Co-Head Equities (ICICI Pru AMC), Head Equities (Canara Robeco AMC), Dy CEO & Head of Investments (BNP Paribas Asset Management), CEO (NJ Asset Management)

Chockalingam Narayanan | 3-star rated FM

Fund Manager

Past Experience: Fund Manager (BNP Paribas), Deutche Equities, Batlivala & Karani Securities

Narayanan has 15+ years of experience in fund management, and investment research. Prior to joining ICICI Pru AMC, he was at BNP Paribas, Deutche Equities and Batlivala & Karani Securities. He has a PGDM from TA Pai Management Institute, Manipal. He also passed the FRM certification by Global Association of Risk Professionals, USA.

PMS & Listed Equity AIF Schemes

Scheme	Category	1 yr	3 yr	5 yr	Since Inc
ICICI Pru Growth Leaders	Flexi Cap	3	18.2	24.8	12.2
ICICI Pru Largecap	Large Cap	5.3	20.7	27	16.4
ICICI Pru Pipe	Mid & Smallcap	2.7	23.7	37	27.1
ICICI Pru Contra	Contra	2.9	21.6	29.7	19.7

Returns as of 30-Apr-25

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.