CRISIL lists Multicap Fund on top under diversified equity category
Global analytical agency CRISIL has ranked Multicap Fund, one of the best ICICI Prudential’s mutual funds, in top 30 percentile parameter under its diversified equity category. It retained its position as Number One or Two in the past four consecutive quarters ended March 2017, according to CRISIL reports.
The fund’s primary objective is to generate capital appreciation through investments in equity and equity related securities in core sectors and associated feeder industries.
The fund, managed by George Heber Joseph and Atul Patel, has average assets under management worth Rs 2,155 crore till the March 2017 quarter. “The fund’s returns exceeded those of its benchmark indices - S&P BSE 200 - and ranked under the diversified equity category in March 2017 CRISIL Mutual Fund Ranking in most periods,” the report said.
According to the March 2017 portfolio, the fund has 57 stocks across 22 sectors. Over the past few months, the fund has increased the number of stocks in its portfolio, thereby providing better diversification.
“In the past three years, the top five sectors, on average, constituted 52.6 per cent of the fund's portfolio. The top exposure was to the banking sector (averaging 19.89 per cent), followed by pharmaceuticals (10.18 per cent), software (9.25 per cent), auto (6.77 per cent) and finance (6.51 per cent),” the report said.
High exposure to banking has been fruitful for the fund since banking stocks have performed particularly well in the past year. Meanwhile, the other top sectors - software and pharmaceuticals - faced a difficult year, which limited the fund's performance.
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