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ICICI Prudential PMS Flexi-Cap Portfolio

Investment Philosophy: ICICI Prudential PMS Flexi-Cap Portfolio (the Portfolio) is a diversified equity portfolio that endeavours to achieve long term capital appreciation and generate returns by investing across market cap.

The Investments are targeted at long-term capital appreciation and follows GARP (Growth at Reasonable Price) Philosophy. The focus is on identifying stocks with attractive growth prospects that are available at reasonable valuations.

The investment strategy follows a mix of a top-down and a bottom-up approach. The top-down approach is used to identify key macroeconomic and sectoral themes and subsequently helps to identify stocks that are expected to benefit from the same. A bottom-up approach is applied based on the belief that there are always individual companies that provide attractive investment opportunities under various industries and market conditions.

The prominence given to the top-down vs. bottom-up approach would vary from time to time depending on macroeconomic, sectoral and company specific fundamentals. The Portfolio Manager would aim to give weightage to other factors like effective management, scalable businesses and pricing power of the company, sustainable competitive edge and visible brands, while selecting investment ideas.

The Portfolio Manager aims to maintain a diversified portfolio by investing in a basket of stocks across market capitalization, without any undue concentration in any stock or sector. The Portfolio’s multi-cap investment approach, based on valuation gaps between large, mid and small cap stocks, may facilitate participation in India’s growth story and at the same time, the Portfolio manager aims to benefit from diversification.

The Portfolio aims to follow a buy and hold strategy with and aim to fully capitalise on the true underlying value of the business potential, which is expected to get unlocked over a period of time. However, the portfolio may be actively managed to take advantage of certain market trends with an endeavour to enhance returns.

Thus, this investment style aims to provide flexibility to the Portfolio in capturing opportunities through different stages of the economic cycle with relatively low risk.

Market cap strategy: Multi-cap

Investment style: Blend, Diversified Equity portfolio with exposure across Large, Mid and Small Cap stocks

• Seeking a portfolio with a potential to generate positive risk-adjusted returns,
• With an investment horizon of above 4 years