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ICICI Prudential Tax Plan
The scheme seeks long-term capital appreciation by investing approximately 90 per cent of the investments in equity instruments, while the balance 10 per cent would be a parked in debt and money market instrument and cash ( Including-money at call).
Fund Managers Chintan Haria since May 2011
Strategy
Officially, this is a multi-cap fund where the fund manager can be in any size range from small-cap to large-cap in any proportion. In practice, it used to be a mid-and-small cap fund till about 2007 but since then, it is a multi-cap fund with mid-and small component staying under 35 per cent with the rest being large-cap. The multi-cap approach enables it to realise gains from any part of the market. According to the fund manager, “The management style is slightly contrarian and value-focussed than momentum focussed. The portfolio typically comprises stocks accumulated when valuations are attractive. On the other hand, allocation to stocks which have outperformed the benchmark significantly is reduced as the stocks move into the overvalued zone.”
Performance
After years of mixed performance, this fund has had a turnaround since 2009. Since then, it has been out of the top quartile only once, in 2011. Otherwise, it was amongst the best funds in the category. Its long-term performance is superior than its peers as its annualised five-year return of 25.48 per cent is higher than the category average of 18.49 per cent. The top gainers for it include stocks like Cadila Healthcare, Wipro, ICICI Bank, Infosys, TCS, Zuari Global, Corporation Bank and Lupin while it has burnt its fingers in stocks like Texmaco, V2 Retail, BHEL, Sterlite Industries and Bilcare. The number of stocks in the portfolio has been in the range of 55-60 stocks which is higher than the category average of 47 stocks but in its initial years it had less than 35 stocks in its portfolio.
Why invest?
This is a well-run fund where the fund manager has shown considerable skill in executing the investment strategy.
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