ICICI Prudential Large & Mid Cap Fund

(An open ended equity scheme investing in both large cap and mid cap stocks.)
(The information contained herein is solely for private circulation for reading/understanding of registered
Advisors/ Distributors and should not be circulated to investors/prospective investors.)

April/24
Fund Snapshot
About ICICI Prudential Large & Mid Cap Fund
Inception Date
• ICICI Prudential Large & Mid Cap Fund is an equity scheme that seeks to generate capital
9-Jul-98 appreciation by investing atleast 35% of its total assets in equity and equity related
instruments of large cap companies and mid cap companies each.
Fund Manager
Ihab Dalwai Why ICICI Prudential Large & Mid Cap Fund?
(Managing this fund since Jun, 2022 & • The scheme is suitable for investors seeking long-term growth potential with investment
Overall 12 years of experience) horizon of 5 years and above.
• The scheme’s exposure to midcaps provides an opportunity for higher capital appreciation over
In addition to the fund manager managing long term whereas the large cap exposure aims to provide less volatile reasonable returns.
this fund, overseas investment is managed
by Ms. Sharmilla D'mello.

Portfolio Commentary
• Portfolio construction: The scheme will predominantly invest in large and mid-cap companies.
The scheme may also invest in small cap companies opportunistically. While the large cap
stocks represent established enterprises selected from the Top 100 stocks by market
Benchmark capitalization, mid-caps represent business entities with higher growth potential over the long-
term.
Nifty LargeMidcap 250 TRI
• Sector agnostic: Fund manager would adopt a counter-cyclical approach to investing by
remaining underweight in those sectors to which the larger market holds an elevated exposure.
Options As on March 31, 2024 the fund is overweight on sectors like Auto, Oil, Gas & Petroleum Products
as compared to Benchmark (#Refer to disclaimer on last page)
Growth and IDCW (IDCW Payout and
• Investment approach: The scheme will adopt a mix of top down and bottom up approach in
IDCW Reinvestment available) stock selection.
• From a top down perspective, focus would be to generate alpha through active sectoral rotation.
Investment Options Available
• From a bottom up perspective, the Scheme will concentrate on business and economic
Lumpsum, SIP, SWP and STP fundamentals seeking to identify companies with reasonable profitability and scalability
supported by sustainable competitive advantages.

Month End AUM(Crs.) (As on Mar 31, 2024)

₹12,307.23

Equity Market Outlook

Investment Amount
Global Update: Major US stock indexes rose in Mar 2024 as the S&P 500 extended a run of
Minimum Application Amount monthly gains, on improving outlook for the US economy and expectations that the US Federal
₹5,000 (plus in multiples of ₹1) Reserve will soon begin its long-awaited cuts to benchmark interest rates. Japan’s Nikkei 225
Minimum Additional Application Amount posted new record highs after a 34-year long struggle to overcome persistent deflation. China
equities stayed buoyant, driven by recovering risk appetite, low valuations and supportive
₹1,000 (plus in multiples of ₹1) policy.
Minimum Redemption Amount In global equities, Taiwan (7.0%), Germany (4.6%) and the United Kingdom (4.2%) were
Any Amount among the top performers, whereas Malaysia (-1.0%), Brazil (-0.7%) and the Philippines (-
0.6%) were laggards. (Source: Kotak Institutional Equities)
Exit Load Indian Update: Foreign portfolio investors (FPIs) invested Rs.35,098 crore in domestic equity
markets in Mar 2024; a sharp jump from Rs.1,539 crore invested in Feb 2024. (Source: NSDL)
Within 1 month from allotment - 1% of
Market barometer S&P BSE Sensex and the NSE Nifty50 surged 1.6% each, in Mar 2024.
applicable NAV, more than 1 month - Nil Sector-wise, BSE Capital Goods (+6.1%), BSE Auto (+5.0%) and BSE Metals (+5.0%) gained
(w.e.f. 1st Jan 2019) the most; whereas, BSE Infotech (-7.2%), BSE Realty (-1.2%) and BSE FMCG (-0.7%) saw
declines. (Source: BSE)
Style Box Our view going forward:
Style
Growth Size • India’s macroeconomic situation remains strong and the budget cemented Government's
Value Blend
commitment to further bolster economic health.
Large • Although India’s macros look robust, valuations are not cheap. This warrants an investment
approach in hybrid and multi asset allocation schemes which can dynamically manage
exposure to various asset classes.
Mid
• We continue to remain positive on domestically facing sectors like Auto, Cement, Telecom
etc. From a contrarian perspective, we are considering a few of the consumer staple names.
Small Financials, Insurance and Consumer Staples are some of the attractive pockets in the
current market.
Diversified • Our key recommendation for new investor for lump-sum remains Hybrid and Multi Asset
allocation schemes which can be opportunistic in reducing equity exposure or moving to
The fund manager may adopt various styles basis the market trends
other attractive asset classes.
• For existing investors, we recommend to stay invested as India’s long-term growth story
remains intact. For investors who wish to add equity should focus on schemes that has
flexible investment mandate to move between Market cap & Sectors.
• We remain watchful of these events that could have an influence on equity markets: Run-up
to the General election and global central bank actions.
U.S. – United States of America; US Fed: Federal Reserve of US; FY: Financial year;
 ICICI Prudential Large & Mid Cap Fund
(An open ended equity scheme investing in both large cap and mid cap stocks.)

(The information contained herein is solely for private circulation for reading/understanding of registered Advisors/
Distributors and should not be circulated to investors/prospective investors.)

Portfolio Update (Data as on March 31, 2024)

5 Year Rolling Returns
ICICI Prudential Large & Mid Cap Fund. Nifty LargeMidcap 250 Index

40.
Return in %

20.

.
Jul-03 Aug-07 Oct-11 Dec-15 Feb-20 Mar-24
Above performance is based on 5 year rolling returns in CAGR for period of July 9, 1998 to March 31, 2024. Performance of the scheme is benchmarked to Total Return variant of the Nifty
LargeMidcap 250 Index. Scheme benchmark for ICICI Prudential Large & Mid Cap Fund is NIFTY Large Midcap 250 TRI. Past performance may or may not be sustained in future.
Growth of ₹10,000 Calendar Year Returns
ICICI Prudential Large & Mid Cap Fund. Nifty LargeMidcap 250 TRI 45 41.8
900,000 37.0
32.7
29.9
30

Returns in %
Rebased to Rs. 10,000

600,000
20.8

15 11.7 11.7
300,000 8.5
5.7 6.0 4.5 4.5

0
0 CY 2019 CY 2020 CY 2021 CY 2022 CY 2023 YTD
Jul-98 Feb-07 Sep-15 Mar-24
ICICI Prudential Large & Mid Cap Fund. Nifty LargeMidcap 250 Index

Source: Internal. Data as on March 31, 2024. Performance of scheme is benchmarked to Total Source: Internal. YTD is as on March 31, 2024. The performance of the scheme is
Return variant of Nifty LargeMidcap 250 Index. Scheme benchmark for ICICI Prudential Large & Mid benchmarked to the Total Return variant of the Nifty LargeMidcap 250 Index. The
Cap Fund. is Nifty LargeMidcap 250 Index. Past performance may or may not be sustained in future. scheme benchmark for ICICI Prudential Large & Mid Cap Fund. is Nifty LargeMidcap 250
Index. Past performance may or may not be sustained in the future.
Lumpsum Performance
1 Year 3 Years 5 Years Since Inception
Value of Value of Value of
Period Value of investment of
CAGR (%) investment CAGR (%) CAGR (%) investment of CAGR (%) investment
₹10,000
of ₹10,000 ₹10,000 of ₹10,000
ICICI Prudential Large & Mid Cap Fund 45.9% 14,601 26.5% 20259 20.6% 25,520 18.7% 829,440
Nifty LargeMidcap 250 TRI
45.8% 14,598 21.7% 18053 19.4% 24,338 15.0% 362,249
(Benchmark)
Nifty 50 TRI (Additional Benchmark) 30.0% 13,008 16.3% 15736 15.2% 20,356 14.5% 323,298
Date of inception of scheme: July 9, 1998.Returns are in rupee terms assuming a standard investment of Rs.10,000 at the start of the mentioned investment period. The scheme benchmark for
ICICI Prudential Large & Mid Cap Fund. is Nifty LargeMidcap 250 TRI Index and additional benchmark is Nifty 50 TRI Index. Returns less than 1 year are in absolute terms, 1 year or greater than
1 year returns are compound annualized. Loads and taxes are not considered for computation of return. The performance of the scheme is benchmarked to the Total Return variant of the Nifty
LargeMidcap 250 and Nifty 50 Index. Past performance may or may not be sustained in the future. Source: Internal
SIP Performance
Amount ICICI Prudential Large & Mid Cap Fund Nifty LargeMidcap 250 TRI* Nifty 50 TRI*
Period
Invested (₹) Return % ₹ Return % ₹ Return % ₹
1 Year 120,000 45.1% 147,475 39.5% 144208 27.4% 137023
3 Year 360,000 27.0% 531,021 23.3% 505287 16.8% 461308
5 Year 600,000 27.0% 1,167,539 24.6% 1101628 18.5% 951763
Since Inception 3,090,000 17.4% 46,325,713 15.5% 32893794 14.8% 25599234
Date of inception of scheme: July 9, 1998 Date of first instalment: August 1, 1998
Source: MFI; Data in XIRR % terms; The returns are calculated by XIRR approach assuming SIP investment of Rs 10,000/- on the 1st working day of every month in the Growth Option of the
Scheme. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows with the correct allowance for the time impact of the
transactions. Data as of March 31, 2024. *The performance of the scheme is benchmarked to the Total Return variant of the Index.

Dividend History Portfolio Quants

Record Date Dividend (₹ / Unit) NAV (in ₹) Portfolio Beta
Standard Dev (Annualised) R Squared
ICICI Prudential Large & Mid Cap Fund - IDCW
15/Nov/23 2.3000 26.5300 12.32% 0.84 0.85
23/Nov/22 2.2500 24.5800
17/Nov/21 2.0000 25.1600 Sharpe Jenson
24/Nov/20 1.3000 17.0300
16/Apr/19 1.4167 17.9000 1.35 0.45
9/Mar/18 2.0000 18.9500
Dividend history as on March 31, 2024. Face value is Rs. 10/unit. Payment of dividend is subject to Period of 3 years is considered for the portfolio quants. Returns less than 1 year are in
availability of distributable surplus and Trustee approval. Pursuant to payment of dividend, the Absolute terms. 1 year or greater than 1 year return are Compound Annualised. Risk-free
NAV of the scheme has fallen to the extent of dividend payout. Past performance may or may not rate based on the FBIL Overnight MIBOR rate of 7.9% as on March 28, 2024.
be sustained in the future. Source: Internal
 ICICI Prudential Large & Mid Cap Fund
(An open ended equity scheme investing in both large cap and mid cap stocks.)

(The information contained herein is solely for private circulation for reading/understanding of registered Advisors/
Distributors and should not be circulated to investors/prospective investors.)

Portfolio Update (Data as on March 31, 2024)

Top 5 Under/Overweight Sectors in comparison to Nifty
Top 10 Industries[1]
LargeMidcap 250 TRI
Sector Mar-24 Feb-24 Jan-24 Dec-23 Nov-23 Overweight Sectors Underweight Sectors
Banks 13.5% 13.8% 13.1% 12.8% 13.3% Industrial Products
Auto 3.1% -2.0%
Finance 7.1% 7.0% 7.0% 6.9% 6.7% & Capital Goods
Automobiles 7.0% 7.5% 6.9% 7.0% 6.8%
Oil, Gas & Petroleum Consumer Non
Pharmaceuticals & 1.6% -2.2%
6.9% 7.5% 8.2% 9.2% 10.5% Products Durables
Biotechnology
Auto Components 5.1% 2.7% 2.5% 2.3% 1.9%
Cement 1.6% Metals & Mining -2.5%
It - Software 4.9% 5.3% 5.6% 5.7% 5.3%
Petroleum Products 4.6% 4.7% 5.4% 5.5% 5.4%
Auto Ancillaries 1.4% Banks & Finance -2.7%
Power 4.1% 4.4% 5.7% 6.1% 5.5%
Cement & Cement Products 3.8% 3.8% 3.4% 3.4% 2.7%
Transportation 1.1% Software -4.2%
Construction 3.2% 3.4% 3.3% 3.3% 3.1%
The portfolio of the scheme is subject to changes within the provisions of the Scheme Information Including Foreign Equities
document of the scheme. Please refer to the SID for investment pattern, strategy and risk factors.
The asset allocation and investment strategy will be as per Scheme Information Document
Green colour represents best value and red colour represents worst value

Market Cap Stock Entry/Exit

Mar/24 Feb/24 Jan/24 Dec/23 Nov/23 Oct/23 Stock Entry % of Net Assets
ITC Ltd. 0.55%
Large Cap 56.8% 57.8% 57.4% 57.2% 57.9% 59.4%
Rategain Travel Technologies Ltd. 0.29%
Balkrishna Industries Ltd. 0.19%
Mid Cap 36.8% 36.5% 37.3% 38.3% 38.2% 37.4%
Stock Exit % of Net Assets
NA
Small Cap 6.4% 5.7% 5.3% 4.6% 4.0% 3.3%

Market cap classification for March 2024 is as per AMFI classification, for past periods,
classification is as per MFI Explorer. Past performance may or may not be sustained in the future
MFI Explorer is a tool provided by ICRA Analytics Ltd. For their standard disclaimer please visit
https://icraanalytics.com/home/Disclaimer

Top 10 Holdings[2] Portfolio Statistics

ICICI Bank Ltd. 6.7% ICICI Prudential Large & Mid Cap Fund. Values

Maruti Suzuki India Ltd. 4.42%

Dividend Yield 1.05

HDFC Bank Ltd. 4.22%

Top 10 Holdings 33.08%

NTPC Ltd. 3.02%

Top 10 Industries 60.20%

Sbi Cards & Payment Services Ltd. 2.95%

No. of Stocks 85

Infosys Ltd. 2.57%

Reliance Industries Ltd. 2.42%

Past performance may or may not be sustained in the future.
Bharti Airtel Ltd. 2.35%

Avenue Supermarts Ltd. 2.32%

Gujarat Gas Ltd. 2.10%

The Top 10 Holdings and Top 10 Sectors are after adjusting for derivative exposures. Debt Holdings,
Units of Mutual Fund schemes, cash, cash equivalents are not considered.

The top 10 holdings have been calculated excluding foreign equity (if any). Please refer to the
factsheet for more details
 ICICI Prudential Large & Mid Cap Fund
(An open ended equity scheme investing in both large cap and mid cap stocks.)

(The information contained herein is solely for private circulation for reading/understanding of registered
Advisors/ Distributors and should not be circulated to investors/prospective investors.)

Product Label
This Scheme is suitable for investors who are seeking* Scheme Riskometer

• Long Term Wealth Creation

• An open ended equity scheme investing in both large cap and mid cap stocks.

* Investors should consult their financial advisor if in doubt about whether the product is suitable for them.

Benchmark: Nifty LargeMidcap 250 TRI

Please note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis.The above riskometers are as on March 31, 2024. Please refer to
https://www.icicipruamc.com/news-and-updates/all-news for more details

*IDCW – Income Distribution cum Capital Withdrawal Option. Payment of IDCW is subject to availability of distributable surplus and Trustee approval.
Pursuant to payment of IDCW, the NAV of the scheme falls to the extent of IDCW payout. When units are sold and sale price (NAV) is higher than face
value of the unit, a portion of sale price that represents realized gains is credited to an Equalization Reserve Account and which can be used to pay IDCW.
IDCW can be distributed out of investors capital (Equalization Reserve), which is part of sale price that represents realized gains. In case the unit holder has
opted for IDCW payout option, the minimum amount for IDCW payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the
IDCW would be mandatorily reinvested.

IDCW Payout -Payout of Income Distribution cum capital withdrawal option;IDCW Reinvestment -Reinvestment of Income Distribution cum capital
withdrawal option

#The sector(s)/stock(s) mentioned in this communication do not constitute recommendation of the same and ICICI Prudential Mutual Fund may or may not
have any future position in these sector(s)/stock(s)

[1]
Disclaimer: "The top 10 sectors have been calculated net of derivatives (Incl. notional exposure) if any. Please refer to the factsheet for more details"
[2]
Disclaimer: "The top 10 holdings have been calculated net of derivatives (Incl. notional exposure) if any. Please refer to the factsheet for more details"

Disclaimer:
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information
developed in-house. Some of the material(s) used in the document may have been obtained from members/persons other than the AMC and/or
its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this
document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of
any information. We have included statements / opinions / recommendations in this document, 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,
which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated
turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. ICICI Prudential Asset Management Company
Limited (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any
loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in
any way arising from the use of this material in any manner. Further, the information contained herein should not be construed as forecast or
promise. The recipient alone shall be fully responsible/are liable for any decision taken on this material.