ICICI Prudential ELSS Tax Saver

Fund Snapshot Investment Growth Top Holdings

Morningstar Category India Fund ELSS (Tax Savings) Time Period: 12/1/2018 to 11/30/2023 Portfolio Date: 11/30/2023
Fund Size (INR bn) 111 220.0
Position
Equity
Inception Date 8/19/1999 Style
Market Portfolio
200.0 Box
Value Weighting %
Annual Report Net Expense Ratio 1.87 (mil)

Morningstar Rating Overall ÙÙÙ 180.0

ICICI Bank Ltd É 9,060.75 7.63
Manager Name Multiple 160.0
HDFC Bank Ltd É 6,806.33 5.73
Minimum Investment (INR) 500 Bharti Airtel Ltd É 6,672.39 5.62
140.0
Morningstar Analyst Rating Axis Bank Ltd É 6,194.78 5.22

120.0 Avenue Supermarts Ltd É 6,130.88 5.16

Maruti Suzuki India Ltd É 5,977.59 5.04

100.0
Infosys Ltd È 5,198.09 4.38

Manager Biography & Fund Strategy 80.0 SBI Cards and Payment Services Ltd Ordinary Shares É 3,930.62 3.31

ICICI Prudential ELSS Tax Saver has passed through multiple hands in the past and now Larsen & Toubro Ltd È 3,751.45 3.16
resides with Mittul Kalawadia after the departure of previous lead manager Harish Bihani in 60.0 Reliance Industries Ltd È 3,539.46 2.98
September 2023. A thorough research-backed process and a large and experienced team 2019 2020 2021 2022 2023
are the positive aspects of the fund. However, what limits our conviction is the frequent
lead manager changes this fund has gone through, which has resulted in multiple portfolio
restructurings.

The fund house has one of the largest investment teams in place with 14 equity fund
ICICI Pru ELSS Tax Saver Gr S&P BSE 200 India TR INR
managers (including the head of research) and 25 analysts who roughly track 25-30 stocks.
The team is structured well with Sankaran Naren as the overall CIO. Kalawadia has over 17 Trailing Returns Equity Sectors
years of research experience and is an old hand at ICICI Prudential Mutual Fund, having
joined the fund house in 2006. Data Point: Return Portfolio Date: 11/30/2023
Mittul Kalawadia approaches portfolio construction first by identifying themes that he YTD 1 Year 3 Years 5 Years 10 Years %
believes have a good runway for growth over a three- to five-year period and then does a
bottom-up stock selection based on his framework. Valuations play an important role during ICICI Pru ELSS Tax Saver Gr 20.79 18.11 19.51 15.67 16.00 Basic Materials 1.9
his analysis and therefore he would avoid overpaying for names that are out of his comfort
zone. Broadly speaking the process would largely follow a GARP philosophy. Kalawadia will S&P BSE 200 India TR INR 20.08 16.71 19.16 16.59 15.77 Consumer Cyclical 14.0
also consciously have some allocations to names that are at the bottom of the business
cycle and are largely overlooked by the market. The thesis of following a countercyclical Financial Services 33.3
approach here is to identify such names and invest in them after rigorous in-depth research;
and stay invested in them until the tide turns. The manager plies a benchmark-agnostic Real Estate 1.7
approach when it comes to investing. That said, there is an internal risk committee that
looks at the sector allocation relative to the benchmark on a regular basis to ensure the
Calendar Year Returns Consumer Defensive 8.5
exposures are within permissible internal limits. An admirable aspect of the strategy is the Healthcare 9.8
manager's prudent approach, opting for caution and minimizing risk in the portfolio. This may Calculation Benchmark: S&P BSE 200 India TR INR
hold the fund back during momentum-driven markets but will help when things are adverse. 40.0 Utilities 1.9
It's an established process with various yet significant elements attached. 35.0 33.7
29.1 Communication Services 8.3
30.0
From a style perspective, this fund would follow a blended approach. The portfolio will
continue to be large-cap-biased with 70% to 80% in large-cap names. Sector overweight 25.0 20.8 Energy 4.9
20.1
and underweight calls will be taken in consultation with the sector analyst to better 20.0 17.9
understand risks and upside. 15.0 13.6 Industrials 8.0
8.8 10.4
10.0 5.7 Technology 7.8
5.0 2.3 0.8
0.5 Total 100.0
Return

0.0
YTD 2022 2021 2020 2019 2018

ICICI Pru ELSS Tax Saver Gr S&P BSE 200 India TR INR

Source: Morningstar Direct