facebook

ICICI Pru PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Not a top recommendation due to being an AMC-driven PMS: ICICI Pru PMS suffers from the common ailments of large AMC-driven PMS houses (PMS as an add-on instead of a segregated business unit, churn in the investment team, a lack of skin in the game for the CIO and typically loosely defined investment philosophies). While the distribution strengths of the AMC can help the PMS scale and there are benefits of research access, most AMC drove PMSs cannot compare to strong CIO-cum-founder driven PMS houses.

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

Discretionary AUM (7035cr) | Promoter Category ()

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.

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

  1. Business
  2. Management 
  3. 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

Inv Team

Investment Team

Anand Shah | 4-star rated FM

Fund Manager | 24 yrs Experience | 3 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)

Cockalingam Narayanan | 2-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.

Chockalingam Narayanan

Fund Manager

Chockalingam Narayanan has over 17 years of extensive experience in Fund Management, Investment Research and Market Analysis. He has been instrumental in analysing business fundamentals to derive relevant and actionable analysis that has portfolio growth. He is consistently relied upon for providing detailed analysis of the macro-economy, financial markets and ESG that serve as some of the key foundation pillars for the various investment strategies that he has worked with in his career. In his career, he has earlier worked with leading organisations like Baroda BNP Paribas Asset Management India Pvt Ltd, Deutsche Equities India Private Limited and Batlivala & Karani Securities.

Geeta Gupta

Fund Manager

Geetika Gupta has a deep understanding of the banking and financial sector, as well as in Business-to-Consumer businesses in the consumer and technology space. She has over a decade of experience in investment management and research, both in sell-side equity research and buy-side equity research. Prior to joining ICICI Prudential Asset Management Company Limited, she was Vice President – Investments at First Voyager Advisors for six years, where she was responsible for the fund’s investments in Indian equities.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
ICICI Pru Largecap Large Cap GARP 54.5 25.1 22.2 17.5
ICICI Pru Pipe Mid & Smallcap GARP 56.1 35 34.4
ICICI Pru Contra Contra Value 50.2 28.4 26.3 23.8
ICICI Pru Flexi-cap Shariah Large & Midcap GARP 54.5 42.8
ICICI Pru Value Flexi Cap Value 61.9 34 26.7 14

Returns as of 30-June-24.

Free 30-Day Trial of the IME RMS

Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).

The IME RMS is the first tool ever, to give investors direct access to the insights of the central research team. Investors gain direct access to our ratings, rating rationales & analysis across thousands of funds (MFs, PMSs, AIFs, Global funds), asset classes, categories & more.

 Learn More