'We still prefer large caps over mid and small caps'

Summary: ICICI Prudential AMC’s MD and CEO sums up a landmark year and says the biggest challenge was investors chasing whatever had just done well. On markets, he leans towards a particular size of company, and on rising concentration in the industry, he defends how the leaders got there.

Summary: ICICI Prudential AMC’s MD and CEO sums up a landmark year and says the biggest challenge was investors chasing whatever had just done well. On markets, he leans towards a particular size of company, and on rising concentration in the industry, he defends how the leaders got there. How would you describe the past 12 months for your fund house in one sentence? It’s been a landmark year, with the AMC going public. Listing brings greater transparency, governance and accountability, but doesn’t alter our fiduciary responsibility or the AMC’s investment philosophy. What was your single biggest mistake this year, and what did it cost investors? I wouldn’t call it a mistake, but the biggest challenge was investors gravitating toward trending asset classes and market pockets. For example, silver ETFs saw record inflows in January 2026, while small caps attracted significant inflows in August 2026. This happened when underlying valuations weren’t very supportive, which could lead to a suboptimal investor experience in the near future. What is the one number you watch every morning that is not AUM? An AMC’s fundamental responsibility or ‘Dharma’ is to beat the

This article was originally published on October 23, 2026.