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ICICI Pru Flexi-cap Shariah

Scheme Rating

IME Scheme Rating

The Scheme does not meet our selection criteria at this time

Not under coverage: This scheme is currently not under our coverage universe.

IME Strategy Rating

Concentrated Flexi-Cap Approach: The Strategy employs a flexi-cap approach with a focused portfolio of 25-30 stocks, identifying prominent businesses with competent management at reasonable valuations. It is a fairly flexible strategy that allows the fund manager to move across market capitalisations, styles and sectors based on where the most interesting investment opportunities are presented

PMS Scheme Ratings are driven by IME’s Proprietary Scheme Rating Methodology, which takes into account our ratings of the Scheme’s investment strategy, its maturity, the investment team, and our separate rating on the AMC that runs this particular scheme. Our views on each of these individual criteria are available via the IME RMS – which you can view by reaching out to one of our relationship managers (using either the live chat or book appointment feature on this site).

IME View on ICICI Pru Flexi-cap Shariah

Type: Large & Midcap | GARP | AUM (35 cr) | Inc Date (21 Oct 2022)

ICICI Flexi Cap- Investment Strategy

ICICI Pru Flexicap Strategy comprises a 'Core' and 'Satellite' Portfolio strategy

  • Core portfolio could be 60% – 70% is predominantly targeted towards sectors that are valued on an absolute and relative basis.
  • Satellite portfolio will be a blend of investment strategies that are aimed to be in line with the GARP (Growth at Reasonable Price) Philosophy. This bucket will be used opportunistically to book profit and increase the weight of Core Portfolio.

Investment Strategy

ICICI Flexi Cap follows a benchmark agnostic having a broad-based market cap range. Their main investment style is of Core and Satellite approach with a  blend of value & Growth. Flexicap is a diversification across market cap and sectors. ICICI Pru Flexicap’s investment style is to follows a top-down and bottom-up approach with prominence varying with microeconomic, sectoral and company specific fundamentals. 

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.

INVESTMENT PROCESS

  • Screening: Initial in-house screening to filter 2500 companies.
  • Coverage: 450 companies are evaluated based on active coverage of the company.
  • BMV Filtration: 100-150 are selected based on BMV filtration.
  • Opportunities: Identifying 40-45 potential opportunities
  • Sizing: The portfolio is constructed with 25-30 companies.

Trailing Performance

1yr 3yr 5yr Since Inception
ICICI Pru Flexi-cap Shariah 58.5 43
S&P BSE 500 TRI 41.1 28.4
Alpha over Broad Mkt BM 17.4 14.6
Nifty 500 40.2
Alpha over Category BM 18.3

Performance as of: 31-Aug-24 | Inception Date: 21-Oct-22

Fund Managers

Anand Shah | 4-star rated FM

Fund Manager | 24 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.

Fee Structure

Fee StructureFee
Fixed Fee Structure2.5
Variable Fee Structures1.5% fixed + 20% above 10% hurdle
Exit Fees1yr (1%)

AMC

AMC: ICICI Pru PMS (click link for detailed AMC review)

Not a top recommendation due to being an MF-driven PMS: ICICI Pru PMS suffers from the common ailments of large MF-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 MF driven PMSs cannot compare to strong CIO-cum-founder driven PMS houses.

AMC Rating

3 of 5 stars

AMC Pedigree

3 of 5 stars

AMC Size

5 of 5 stars

Team Pedigree

3 of 5 stars

Inv Philosophy

2 of 5 stars

Performance

3 of 5 stars

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