ICICI Prudential Midcap Fund: Yet to see a sustained uptick in performance
With a 10-year return of 12.38%, the fund has under performed both the category (average return: 14.44%) and the benchmark (12.85%)
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ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.
ICICI Pru Mid Cap Fund
How has the fund performed?
With a 10-year return of 12.38%, the fund has underperformed both the category (average return: 14.44%) and the benchmark (12.85%).
The fund has a poor long-term track record and has vastly underperformed category peers.
With a 10-year return of 12.38%, the fund has underperformed both the category (average return: 14.44%) and the benchmark (12.85%) Annualised performance (%) The fund has delivered healthy out -performance over the past 3 and 5 years. With a 10-year return of 12.38%, the fund has underperformed both the category (average return: 14.44%) and the benchmark (12.85%)
Yearly performance (%) Having delivered a strong performance for a few years, it has struggled in the recent past. Basic facts
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Date of launch: 28 Oct 2004 Category: Equity Type: Mid Cap Average AUM: Rs 1,146.87 cr
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Benchmark: Nifty Free Float Midcap 100 Index
What it costs NAVS* Growth option: Rs 79.83 Dividend option: Rs 26.11 Minimum investment: Rs 5,000 Minimum SIP amount: Rs 1,000 Expense ratio^ (%): 2.39 Exit load: 1% for redemption within 365 days *As on 18 Oct 2016 ^As on 30 Sep 2016
Fund managers: Mittul Kalawadia / Mrinal Singh Tenure: 5 Months / 5 Months and 4 Months Education:B.Com, M.Com, CA / B.E (Mechanical) and PGDM
All data on this page as on 30 Sep 2016, unless specified. Source: Value Research
Where does the fund invest? With a 10-year return of 12.38%, the fund has underperformed both the category (average return: 14.44%) and the benchmark (12.85%)
How risky is it? With a 10-year return of 12.38%, the fund has underperformed both the category (average return: 14.44%) and the benchmark (12.85%)
Should you buy? This fund has a chequered past, having underperformed its category by a wide margin over the past decade. It managed to put on an improved show under its current fund manager for some time but its performance has slipped again in recent years.
The fund’s cautious stance on mid-cap valuations and positioning for economic recovery themes has hurt its return profile. It invests predominantly in mid-caps with a preference for quality, growth-oriented businesses, and maintains a modestly diversified portfolio with low correlation to its benchmark index.
While the fund has seen its risk-reward profile improve in recent years, it is yet to see a sustained uptick in performance. Investors should stick with more proven offerings in the mid-cap space for now.
