ICICI Prudential PMS Value Strategy

Key Portfolio Attributes

Anand Shah

Suraj Nanda

Inception Date: Sep 2019

Number of Stocks : 32

Portfolio Managers: Anand Shah & Suraj Nanda

Portfolio Managers’ Experience:

Anand Shah- 20+ years

Suraj Nanda- 10+ years

Portfolio Managers’ Qualification:

Anand Shah- PGDM from IIM Lucknow

Suraj Nanda- PGDM from SP Jain Institute of Management, Mumbai and Bachelor in Electronics, from Jadavpur University, West Bengal.

Investment Objective

ICICI Prudential PMS Value Strategy aims to follow a value investment style and intends to offer a diversified portfolio of stocks that have a high potential but are quoting at a discount to their fair/intrinsic value.

Portfolio Strategy

The core investment philosophy of value investing is based on the belief that stocks cannot continue to quote at values that are significantly below their fair values over the long term. At some point in time, the markets are likely to recognize the extent of undervaluation of these companies. The same could lead to a rerating/appreciation in the company’s stock price.

There are various reasons why stocks tend to quote at low valuations. Some of these include:

• An irrational market sentiment that drives down the price of a stock to a level lower than justified by fundamentals. This could occur as an overreaction to negative news or as result of market pessimism on corporate/industry fundamentals. Markets also often tend to ignore certain stocks/sectors that appear to have low growth or non-exciting stories.


• Valuations not factoring in all aspects of the companies earning potential: Companies may have certain hidden assets on their books or assets whose actual value may not be factored in by the markets. This could include surplus land, equity holdings, cash on balance sheets, trademarks etc.

The markets are also at times slow to factor in company developments such as operational or financial restructuring, entry in to new markets, capacity expansions, introduction of new products, change in management etc. that could potentially add significant value to the networth of the business. During cyclical downturns, a number of companies are often valued based on bottom cycle earnings, which can look very attractive as the industry cycle improves.

The Portfolio Manager aims to find a good business at a reasonable price and not a mediocre business at a bargain price. The Portfolio Manager endeavors to invest in securities with:

• Favourable long-term prospects;
• Effective management;
• Scalable businesses; Sustainable competitive edge; and
• Available at an attractive/reasonable price


The Strategy aims to follow a “buy and hold” strategy in order to fully capitalise on the true underlying value of the business potential which gets “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.

Awards & Achievements

Across ICICI Prudential PMSs & AIFs

• In 2023, ICICI Prudential PMS Contra Strategy was awarded as the Best PMS across all categories, on a 1Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.

• In 2021, ICICI Prudential Long Short Fund, a Cat III Long Short AIF, was awarded as the Best AIF in the Cat III Long Short category, on a 2Y Absolute Returns basis. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.

Performance Table #

Trailing Returns (%) 1m return 3m return 6m return 1y return 2y return 3y return 5y return 10y return Since inception return
ICICI Prudential PMS Value Strategy5.3%2.7%9.7%17.3%21.2%29.0%11.9%10.9%
BSE 500 TRI4.6%2.1%-1.1%4.2%12.3%25.5%11.4%-14.0%

QRC Report Card *


Portfolio Holdings

Holding %
Bank Of Baroda 6.94
ICICI Bank Ltd 6.06
State Bank of India 6.03
Bharti Airtel Ltd 5.85
The Great Eastern Shipping Company Ltd 5.67
Top 5 Equity Holdings 30.55

Sector Allocation

Holding %
Banks 23.89
Ferrous Metals 19.84
Transport Services 7.47
Telecom - Services 5.85
Finance 5.23

Market Cap Allocation

Allocations %
Large Cap 56.8
Mid Cap 5.8
Small Cap 36.6
Cash 0.

Do Not Simply Invest, Make Informed Decisions


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#Returns as of 30 Apr 2023. Returns up to 1 Year are absolute, above 1 Year are CAGR.

*QRC Report Card data is updated quarterly. Current data is as of Mar 23.

Do Not Simply Invest, Make Informed Decisions