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the biggest virtues in the fund management business. That's what we focus on in this new series of articles called Fund Focus.
One such fund is ICICI Prudential Focused Bluechip.
Fund Manager : Prashant Kothari
Managing the fund since : 23 May 2008
Fund Benchmark : S&P CNX 50
Fund Strategy
The investment strategy of Focused Bluechip Equity fund is to outperform the benchmark and generate alpha from being overweight on certain high conviction stock picks. The portfolio comprises of 20-25 such stocks belonging to the large cap domain selected from the Top 100 stocks by market capitalization on the NSE.
The investment mandate of the fund allows us to get the benefit of optimal diversification. When we launched the fund three years ago, we did extensive back testing, upon which we concluded that the portfolio should not be consisting of more than 20-25 scrips at any given point of time.
Since the time the fund was launched, the fund has delivered a stellar performance. It has outperformed the benchmark across various time periods and is a top performing fund in the large cap category. The outperformance can be attributed to the fund's strategy and the superior investment management expertise of the investment team.
The fund invests only in large cap companies from with proven track record, quality management and good growth potential. These large caps are relatively safer by way of lower volatility and a better bet in turbulent economic conditions.
The fund has adopted a "buy and hold" approach while uncompromisingly adhering to its stated mandate of being a pure large cap fund. Till now only 37 stocks and some of the stocks in the current portfolio have been held since inception. Investments are done only with a long term view.
Sectoral and thematic preferences
The focus is more on stock selection than sector selection. The stock selection follows the bottom up approach. The idea is to select the best stock/s in a sector than to diversify into many stocks confined to sectors. This approach has helped to generate better alpha for the fund.
Since Inception, the fund has been overweight Software, Auto, Banking & Finance and Telecom. The fund has been underweight Petroleum Products, Industrial Products, Consumer Non-Durables, Power, Ferrous Metals, Pharma, Cement, Real Estate and Construction. The sectors that have contributed maximum to the returns over the benchmark's returns include Software, Auto, Banks & Finance and Telecom. Being underweight on Power, Petroleum Products, Real Estate, Non Ferrous metals and industrial products has contributed positively to the fund's returns. Currently, there are no sectoral preferances in terms of overweight positions and the fund continues with underweight stance on Capital goods and Real Estate.
Fund Manager's outlook
Several macroeconomic issues cloud our near to medium term outlook for the markets. The most prominent among them include high crude oil prices, inflation and interest rates. The current market levels do not appear to have factored in the implications of these intertwined problems, in our opinion. These concerns and their stubborn behavior is the key reason behind our cautious outlook towards the market. Our portfolio reflects this stance through a defensive construction and careful stock selection. The fund is invested in large caps with proven track record, quality management and good growth potential. The stocks have been selected from the top 100 companies by market capitalization. The fund has adopted a "buy and hold" approach while uncompromisingly adhering to its stated mandate of being a pure large cap fund.
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