ICICI Prudential PMS PIPE Strategy
(PIPE Strategy) Data as on August 31, 2024
Investment Value (Rebased to 100) Investment Objective
PIPE Strategy BSE 500 TRI ICICI Prudential PMS PIPE Strategy aims to
provide long-term capital appreciation and
450
generate returns by investing predominantly in
400 Mid and Small Cap segment of the market by
having exposure in companies enjoying some
350 economic moat; and/or undergoing special
situations or in the midst of unfavourable
300 business cycle.
250 Strategy Benchmark
200 Equity BSE 500 TRI
150 Fund Managers
100 Anand Shah & Chockalingam Narayanan
50 Inception Date^
2/2020 8/2020 2/2021 8/2021 2/2022 8/2022 2/2023 8/2023 2/2024 8/2024 September 05, 2019
Trailing Returns (%) Risk Profile (Last 3 years)
Since
1 Month 3 Month 6 Month 1 Year 2 Years 3 Years 4 Years
Inception** BSE
PIPE
500
PIPE Strategy 0.60 11.13 20.97 43.00 42.15 34.13 42.01 34.08 Strategy
TRI
BSE 500 TRI 0.96 12.88 18.75 41.14 25.34 18.91 27.54 23.34
Alpha 13.51 0.00
Calendar Year Returns (%)
Beta 0.92 1.00
CYTD 2024 CY 2023 CY 2022 CY 2021 CY 2020
Sharpe Ratio 1.89 1.00
PIPE Strategy 25.79 54.83 20.33 48.90 20.57
Standard Deviation 14.94 12.99
BSE 500 TRI 23.03 26.55 4.77 31.63 18.41 Upside Deviation 8.43 0.00
Downside Deviation 4.49 0.00
Financial Year Returns (%) Up Capture Ratio 116.62 100.00
FYTD 2025 FY 2024 FY 2023 FY 2022 FY 2021 Down Capture Ratio 34.05 100.00
PIPE Strategy 24.80 57.29 10.05 42.87 96.54 Sortino Ratio 3.76 1.79
BSE 500 TRI 17.74 40.16 -0.91 22.26 78.63 Information Ratio (arith) 1.70 —
Top 15 Holdings* Sector Exposure Portfolio Statistics
Portfolio
Weighting % BSE
PIPE
500
Sarda Energy & Minerals Ltd 6.75 Strategy
TRI
GE T&D India Ltd 6.26
Jindal Stainless Ltd 5.01 No. of Stock Holdings 31 500
Karur Vysya Bank Ltd 4.46 P/E Ratio (TTM) 22.71 25.04
Vardhman Textiles Ltd 4.20 % P/B Ratio (TTM) 3.28 3.87
Nippon Life India Asset Management Ltd 4.15 Ferrous Metals 16.0
P/S Ratio (TTM) 2.85 1.36
Repco Home Finance Ltd 3.95 Banks 12.0
Auto Components 9.1
Brigade Enterprises Ltd 3.92
Electrical Equipment 8.9 Market Cap Exposure
Indian Bank 3.74
Industrial Products 8.2 %
Chalet Hotels Ltd 3.49 Leisure Services 6.5
Mid Cap 20.7
Godawari Power & Ispat Ltd 3.45 Realty 6.0
Textiles & Apparels 6.0 Small Cap 79.3
Rolex Rings Ltd 3.38
Retailing 5.6 Total 100.0
Equitas Small Finance Bank Ltd 3.21
Capital Markets 4.4
Medplus Health Services Ltd 3.16 Other 17.3
Kalpataru Projects International Ltd 3.14 Total 100.0
^Inception Date of the Strategy is the date of onboarding of first client of the Strategy. **Since inception return from March 31, 2007 or Inception Date, whichever is later. Kindly refer the Disclosure
Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the
Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above. Returns for one year or less are on absolute basis, while returns more
than one year are on annualized basis. All the returns calculated above are after deduction of the applicable expenses. Past performance may or may not be sustained in future and is no guarantee of future
results. Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of 1) the
timing of inflows and outflows of funds; and 2) differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit: https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu |
The portfolio data and related statistical analysis mentioned above is of the oldest client of the Strategy, the portfolio of other clients of the Strategy may vary significantly. The stocks / sectors mentioned
herein above should not be construed as an investment advice or a forecast of their expected future performance. These stocks/sectors may or may not form part of the portfolio in future. *Top 15 holdings
(by weight) or all the stocks in the portfolio, whichever is less by number are disclosed. Kindly refer to page 3 for detailed disclaimers.
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ICICI Prudential PMS PIPE Strategy
Key Definitions
Investment Objective: The investment objective is the broad thought process for the Strategy and is a subset of the investment approach specified in the Disclosure
Document.
Standard Deviation: Standard deviation of strategy’s return measures how much a strategy´s total returns have fluctuated in the past. The more the strategy’s
returns fluctuate, the riskier the strategy is likely to be. Strategies that have been more volatile in the past tend to be more volatile in the future as well.
Upside Deviation: This measures only deviations above a specified benchmark.
Downside Deviation: Calculated much like standard deviation, downside deviation focuses on the variation of returns below a specific threshold. It ignores upside
variation because it adds value to the overall return and investors shouldn’t be concerned about it.
Alpha: It is the amount by which a strategy has out-performed its benchmark, taking into account the strategy´s exposure to market risk (as measured by Beta).
Alpha is also known as the residual return.
Beta: A measure of a strategy’s sensitivity to market movements. The beta of the market is 1.00 by definition. A beta of 1.10 shows that the strategy has performed
10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors remain constant.
Sharpe Ratio: This is a measure of risk-adjusted return calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the
Sharpe Ratio, the better the strategy´s historical risk-adjusted performance.
Sortino Ratio: The Sortino Ratio is similar to Sharpe Ratio except it uses downside risk (Downside Deviation) in the denominator. Since upside variability is not
necessarily a bad thing, Sortino ratio is sometimes more preferable than Sharpe ratio.
P/E Ratio: It compares how the market values a company to the company’s earnings. It can be either historic earnings or projected earnings. It is calculated as
current share price divided by earnings. A higher P/E typically indicates that investors expect to see strong growth in the company.
P/B Ratio: It compares how the market values a company to the value on the company’s books. It is calculated as current share price divided by book value per
share.A company trading at several times its book value tends to indicate a growth stock where investors believe the book value will rise in the future.
P/S Ratio: This is an indicator of the value placed on company’s sales/revenue. It is calculated either by dividing the company’s market capitalization by its total sales
over a 12-month period, or on a per-share basis by dividing the stock price by sales per share for a 12-month period.
ROE: Return on Equity is the percentage a company earns on its shareholders' equity in a given year.
Upside Capture Ratio: It measures a manager's performance in up markets relative to the market (benchmark) itself.
Downside Capture Ratio: It measures manager's performance in down markets. A down-market is defined as those periods (months or quarters) in which market
return is less than 0.
Equity Market Cap: Market-cap classification is as issued by AMFI is as per SEBI circular no. SEBI/HO/IMD/DF3/CIR/P/2017/114 dated 6th October 2017, which have
defined large cap, mid cap and small cap companies.
Information ratio: Information ratio is a risk-adjusted performance measure. The information ratio is a special version of the Sharpe Ratio in that the benchmark
doesn't have to be the risk-free rate.
Investment Approach
Investment objective: ICICI Prudential PMS PIPE Strategy (the Strategy) aims to provide long-term capital appreciation and generate returns by investing
predominantly in Mid and Small Cap segment of the market by having exposure in companies enjoying some economic moat; and/or undergoing special situations
or in the midst of unfavourable business cycle.
Strategy: Equity
Types of securities: Predominantly invests in listed equity and equity related securities. The Strategy may also take exposure to exchange traded derivative
instruments for hedging purpose. For liquidity or defensive considerations or pending deployment, the Portfolio Manager may invest in debt, money market
instruments, mutual fund schemes or debt ETFs.
Basis for selection of securities as a part of investment approach: The Portfolio Manager under the Strategy predominantly invests in mid and small capitalisation
companies which may be undergoing special situations or are in the midst of unfavourable business cycle.
Inception Date: September 05, 2019| Investment Horizon: 5 years and above
Benchmark: BSE 500 TRI
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ICICI Prudential PMS PIPE Strategy
Disclaimers
Mr. Anand Shah is the Head of PMS & AIF Investments. He oversees all PMS Strategies offered by ICICI Prudential Asset Management Company Limited (the AMC/
Portfolio Manager).
The performance of the stock across Individual portfolios may vary significantly from the data depicted above. This is due to factors such as timing of entry and exit,
timing of additional flows and redemptions, individual client mandates, specific portfolio construction characteristics or structural parameters which may have a
bearing on individual portfolio performance. No claims may be made or entertained for any variances between the above performance depictions and that of the
stock within individual client portfolios.
There is no assurance that the value may be unlocked during our holding period of the stock. Investor’s may note that the entity level performance of the Portfolio
Manager is disclosed in the Disclosure Document and the same is available on the website of Portfolio Manager – www.iciciprualternates.com.
Performance data provided herein is not verified by SEBI. Direct Option Investor’s may invest with us directly as well. To invest in any of our PMS strategies directly,
kindly write to us at [email protected].
Investment in securities involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of principal. The value
of the portfolio may be affected by changes in the general market conditions, factors and forces affecting capital market. There can be no assurance that the
objective of the Portfolio would be achieved. Investors are advised to refer to the Disclosure Document, Portfolio Management Services Agreement and other related
documents carefully and consult their legal, tax and financial advisors to determine possible legal, tax and financial or any other consequences of investing/
redeeming under this Portfolio, before making a decision. Please note that performance of one investor in the portfolio may vary significantly from that of other
investors and that generated by the Investment Approach across all investors because of 1) the timing of inflows and outflows of funds; and 2) differences in the
portfolio composition because of restrictions and other constraints.
The details pertaining to the investment approach mentioned herein is a subset of details specified in the Disclosure Document. Kindly refer the Disclosure
Document for the detailed investment approach, including specific risk factors, before investing.
The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future positions in
these Stock(s)/Sector(s). The composition of the portfolio is subject to changes within the provisions of the Disclosure Document. The benchmark of the portfolios
can be changed from time to time in the future in accordance with the regulatory provisions.
No claims may be made or entertained for any variances between the performance depictions and individual portfolio performance or for any losses (notional or
real) or against any loss of opportunity for gain under various PMS Strategies. The Portfolio Manager (including its affiliates) and any of its employee/officers’,
directors shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit
in any way arising from the use of this material in any manner. The recipient(s) alone shall be fully responsible/are liable for any decision taken on the basis of this
material. The investments discussed in this may not be suitable for all investors.
Please note that past performance of the financial strategies, instruments and the portfolio does not necessarily indicate the future prospects and performance
thereof. Such past performance may or may not be sustained in future. The investors are not being offered any guaranteed or assured returns.
In the preparation of this material, the Portfolio Manager has used information that is publicly available, including information developed in-house. Some of the
material used herein may have been obtained from members/persons other than the Portfolio Manager and/or its affiliates and which may have been made
available to the Portfolio Manager and/ or to its affiliates. Information gathered and material used herein is believed to be from reliable sources. The Portfolio
Manager however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no
such party will assume any liability for the same. The Portfolio Manager has included statements/opinions/recommendations in this material, which contain words, or
phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may
differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not
limited to, exposure to market risks, general economic and political conditions in India and other countries globally, the money and interest policies of India,
inflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices, the performance of the financial markets in India and globally, changes in
domestic and foreign laws, regulations and taxes and changes in competition in the industry.
All data/ information used in the preparation of this material is dated as mentioned in the portfolio data and may or may not be relevant any time after the issuance
of this material. The Portfolio Manager takes no responsibility of updating any data/information in this material from time to time.
ICICI Prudential Asset Management Company Limited is registered with SEBI as a Portfolio Manager vide registration number INP000000373.
