Pru ICICI Power is among the funds which have shown resilience while delivering good returns. The fund ended the year 2006 with the return of 49 per cent, more than of Sensex's 46.7 per cent and category's average of 34.69 per cent.
Probably the type of returns the funds has generated in the recent past led to the surge in its AUMs. From Rs 896 crore in Januray 2005, the fund's AUMs are nearly Rs 1,477 crore. The fund's performance also led it to become a four star fund after being relegated to three star in August 2006.
Technology remains the fund's top sector holding with 18.83 per cent of its assets invested here followed by services (10.05 per cent), metals and metal products (9.41 per cent) and diversified (8.96 per cent).
On starting its open-end avatar in September 2001, it maintained a lot of idle cash. As a result, during the bull run after 9/11 till the Budget in 2003, this fund underperformed its benchmark, the Nifty. But after making some good sectoral calls, the fund delivered a whopping 126 per cent in 2003 when the benchmark Nifty was up only 72 percent.
The fund has always maintained its exposure to large cap stocks to around 60 per cent for stability. In May 2006 crash, the fund had over 66 per cent of assets in large cap companies.
The fund currently has 45 stocks in its portfolio with ITC being the fund's top holding (5.91 per cent), followed by Deccan Chronicle Holdings (4.12 per cent), Tata Consultancy Services (4.12 per cent), AIA Engineering (3.79 per cent) and ONGC (3.70 per cent) . The top five companies account for 25.34 per cent of the fund's holdings.