ICICI Prudential Value Discovery Fund - Invest Online

To invest in a well-diversified portfolio of value stocks (those having attractive valuations in relation to earnings or book value or current and/or future dividends).

A fund that falls into the mid- and small-cap category more by default than by design, ICICI Pru Value Discovery is actually a market-cap agnostic fund that practises classic value investing. The fund buys and holds stocks that are trading at a discount to their intrinsic value. It is also a contrarian fund, which seeks to avoid the over-fancied stocks and sectors in the market. Its success with both value and contrarian investing is evident from its ten-year track record, with a 22.4 per cent CAGR. The fund has managed a climb in the rankings as well, from three stars in 2009 to four to five stars since then. It only invests in stocks whose prices are lower relative to their historic performance, earnings, book value and cash-flow potential.

The fund's best years have come about when the markets have reversed directions unexpectedly. For instance, the fund managed significant outperformance of its category both in 2008 and 2013, when new bull markets took wing. It also did quite well in 2008 and 2011, when bears tightened their grip on the markets. However, given the stringent focus on value stocks and contrarian strategies, the fund will underperform in trending markets, as it has in the last one year.

If you are a play-it-safe investor who would like to contain losses in a downturn and make the most of bull phases, this is the fund to own. However, reaping good returns from a value strategy will require you to be patient.

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