ICICI Prudential Top 100 Fund

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ICICI Prudential Top 100

Category: Large Cap

    Fund Manager: Sankaren Naren Fund Analyst: Nehal Meshram Analyst

Portfolio: A concentrated portfolio with a large-cap bias.

    Process: A disciplined investment process that follows a top-down approach to evaluate stocks.

Performance: An excellent track record across risk/return parameters.

ICICI Prudential Top 100 Growth has been upgraded to our highest Morningstar Analyst Rating of Gold from Silver. The fund's highly competent and experienced team, robust investment process, and well-structured portfolio methodology strengthen our conviction. We regard portfolio manager Sankaran Naren as one of the highest calibre investment professionals in the industry. Naren has proven himself as an astute portfolio manager with his ability to think differently and pick stocks that have the potential to generate higher returns.

We like his distinctive long-term investment style, which has delivered top-quartile performance with a high level of consistency through the cycle. The investment team is remarkably large and collaborative, comprising seven portfolio managers and 16 research analysts. The fund is comanaged by Prakash Goel, who joined the fund house from ICICI Securities in October 2017. Manish Gunwani's departure and other portfolio manager reshuffles have somewhat hampered the continuity, but ICICI's focus on internal talent development and incentives promotes longevity and advance succession planning.

ICICI Prudential Top 100 Fund follows a large-cap approach, with a tilt toward value stocks. The portfolio strategy is driven by the manager's ability to construct a differentiated portfolio comprising stocks that become long-term winners. The strategy is centred on a top-down approach, however, fundamental bottom-up analysis of stocks is also critical element, and the team excels in this area of the investment process.

Naren also makes contrarian calls in this fund even if it means bearing short-term pain. The fund's low turnover ratio demonstrates the team's patience and conviction in the outcomes of the investment process. This has delivered risk-adjusted returns well ahead of competitors over the long term. The fund has also weathered the market downturn better than category peers and has provided protection from downside risk.

There may be difficult quarters because of its value bent, but under Naren's stewardship, the fund should pay off handsomely in the long run.

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