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Investment Objective
The scheme seeks to provide capital appreciation and income distribution to the investors by using equity derivatives strategies, arbitrage opportunities and pure equity investments.
Fund Managers - Manish Banthia since Nov 2009
Manish Gunwani since Jan 2012
Analysis
Even though the job of a fund manager is supposed to be just to beat the benchmark, it can't be easy to launch a fund and soon be faced with a disastrous decline. ICICI Prudential Balanced Advantage fund was launched at the end of 2006. While 2007 was obviously a good year with 23 per cent returns, thing went south soon afterwards. The global financial crisis saw the NAV hit a low of 6.85 in October 2008, translating into a huge wipe out for NFO participants. The fund did not rise above its face value till July 2009, more than two and a half years after its launch.
However, the period since that low has been one of admirable resilience and recovery that has seen the fund become a front rank choice for balanced fund investors. In the last four years, this fund has performed handsomely against both the category average and the benchmark. Since about mid-2011, the fund has pulled decisively ahead of the benchmark and is now a cumulative 25 per cent ahead of it, a rate of 3.2 per cent per annum since its launch. In terms of the trailing five year returns, the fund has 17.8 per cent p.a., compared to the category's 15.7 per cent.
Interestingly, the fund manager states that equity allocation is determined by a model based primarily on Price-to-Book of the market. There is no human discretion allowed in the asset allocation.
In keeping with the typical balanced fund investors' profile, the fund has a conservative, large cap oriented portfolio. The stated principle is that at least 50 per cent of the portfolio will be made up of large cap stocks. For the last five years, the mid-cap exposure has been steady between 20 and 30 per cent and that too in the larger mid-caps. Except for a residual 10 per cent or so in small-caps, the bulk of the exposure has been to large-cap stocks.
While we generally don't commit to a fund with a short history, we are more than willing to make an exception for this fund. The fund has had a baptism with fire and has passed the difficult test well.
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