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ICICI Pru Largecap

AUM (687 cr) | Inc Date (16-Mar-2009)

Scheme Rating

IME Scheme Rating

3 of 5 stars

ICICI Pru Large-cap focuses on investing in larger-companies. While ICICI Pru PMS suffers from common MF-founded PMS concerns (churn in the investment team, lack of a tightly defined investment strategy), we take into cognisanse it’s strong & consistent performance since inception & the presence of Anand Shah (a senior investment professional). While not our top-rated contra-investing scheme (contra investing in particular can be difficult in a larger AMC), ICICI Pru PMS Large-cap can be considered for investments by more conservative investors.

IME Strategy Rating

2 of 5 stars

The Largecap Strategy is a diversified equity portfolio that endeavours to achieve long term capital appreciation by investing predominantly in large-cap companies.

AMC Rating

3 of 5 stars

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

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.

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).

ICICI Large Cap- Investment Strategy

ICICI Pru PMS Largecap Strategy aims to invest in a diversified portfolio of large-cap companies, that can grow earnings at a fast pace and are reasonably priced. The strategy aims to generate alpha by active sector rotation through a top-down approach.

Strategy seeks to buy

  • One of the leaders in the industry in which they operate 
  • Having a proven business model and effective management 
  • Have a rapid growth potential over next 3-5 years 
  • Strong competitive edge and sustainable market share 
  • Strong financial strength (balance sheet, cash flow & revenue growth) 

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.

Trailing Performance

1yr 3yr 5yr Since Inception
ICICI Pru Largecap 8.5 19.1 30.9 16.4
S&P BSE 500 4.8 12.3 24.8 15.8
Alpha over Broad Mkt BM 3.7 6.8 6.1 0.6
Nifty 50 TRI 6.7 11.8 23.7
Alpha over Category BM 1.8 7.3 7.2

Performance as of: 31-Mar-25 | Inception Date: 16-Mar-09

Fund Managers

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.

Fee Structure

Fee Structure Fee
Fixed Fee Structure 2.5
Variable Fee Structures 1.5% fixed + 15% above 10% hurdle
Exit Fees 1yr (1%)

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