ICICI Prudential Multicap Fund

(An open ended equity scheme investing across large cap, mid cap, small 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.)

October/23
Fund Snapshot
Inception Date About ICICI Prudential Multicap Fund
1-Oct-94 ICICI Prudential Multicap Fund is a diversified equity Scheme which proposes to invest in a mix of
large, mid and small cap stocks. The Scheme aims to derive benefit from pickup in domestic
demand owing to economic recovery.
Fund Manager
Sankaran Naren
(Managing this fund since August, 2022 & Overall Why ICICI Prudential Multicap Fund?
34 years of experience) • The scheme focuses on identifying stocks across sectors that are likely to transform into
Anand Sharma tomorrow’s market leaders resulting in potential capital appreciation over time.
(Managing this fund since August, 2022 & Overall
12 years of experience) • The scheme’s exposure to mid and small caps provides an opportunity for higher capital
appreciation over long term whereas the large cap exposure aims to provide less volatile
(In addition to the fund manager managing this reasonable returns.
fund, overseas investment is managed by Ms.
Sharmilla D'mello) • The scheme is suitable for investors who aim to take advantage of India’s long-term growth
potential with investment horizon of 5 years and above.

Portfolio Commentary
• The investment universe of the Scheme is a unique blend of large-, mid- and small-cap stocks.
Benchmark The Scheme aims to hold optimum exposure to large, mid and small cap stocks depending on
NIFTY 500 Multicap 50:25:25 TRI the fund manager's view on market valuations. As on Sep 30, 2023, the exposure to large, mid
and small cap stocks is ~ 43%, 29% and 28% respectively. The minimum investment in large,
mid and small cap shall be 25% each.
Options • The portfolio construction involves investing in high conviction quality stocks.
Growth and IDCW (IDCW Payout and IDCW • The Scheme can remain sector agnostic and would use a combination of top-down and
Reinvestment available) bottom-up research for stock selection. Top-down approach will be based on macro-economic
conditions, underlying trends while bottom-up approach shall be followed for selecting stocks
with growth prospects, low leverage levels, good corporate governance, robust financials and
Investment Options Available good cash flow management.
Lumpsum, SIP, SWP and STP

Equity Market Outlook

Month End AUM(Crs.) (As on Sep 30, 2023)
Global Update: Major equity markets continued to face pressure from a stronger dollar, rising
₹8,837.36 U.S. Treasury yields, rumours of further rate hikes by the US Fed, slowdown in major European
economies and rising crude oil prices. China’s concerning macroeconomic outlook and real
estate problems has been prodding overseas investors to unload Chinese shares. (Source: Kotak
Investment Amount
Research)
Minimum Application Amount
Indian Update: Foreign portfolio investors (FPIs) turned into net sellers after six consecutive
₹5,000 (plus in multiples of ₹1) months of buying, selling Rs.14,768 crore of domestic equities in Sep 2023. (Source: NSDL)
Minimum Additional Application Amount Despite net sales by FPIs, the market barometer S&P BSE Sensex and the NSE Nifty50
₹1,000 (plus in multiples of ₹1) managed to gain 1.5% and 2.0%, respectively, in Sep 2023. Sector-wise, BSE PSU (+10.6%),
Minimum Redemption Amount BSE Power (+7.1%) and BSE Metals (+6.4%) were leading the pack; whereas, BSE FMCG
(+1.2%), BSE Bankex (+1.6%) and BSE Infotech (+1.7%) saw lower gains. (Source: BSE and
Any Amount NSE)
Our view going forward:
Exit Load
• Post March 2023, equity valuations have become richer with upbeat sentiments on growth
Up to 12 Months from allotment - 1% of and profitability and downside risks pushed to the backburner.
applicable NAV, More than 12 Months - Nil (w.e.f. • India’s long-term structural growth story coupled with Govt.’s push on capital expenditure,
24 August, 2018) healthy tax collection, strong govt. reforms and India as one of the favoured destination for
China +1 theme keeps the overall market sentiments high.
Style Box • Earnings from the recently concluded earnings season (Q1FY2023-24) were ahead of
expectations, with a bulk of the margin expansion attributable to the softening of commodity
Style prices.
Value Blend Growth Size
• We prefer large-caps given the recent outperformance of mid-cap and small-cap stocks.
Large
•In line with our neutral stance, we prefer schemes that have the flexibility to move between
asset classes, like the dynamic asset allocation fund, multi-asset allocation fund, or diversified
Mid equity schemes having flexibility to move between market-cap and sector/themes.
• We remain watchful of these events that could have an influence on equity markets: Run-up
Small to the General election and global central bank actions.

Diversified U.S. – United States of America; Bps – basis points; SIP – Systematic Investment Plan, FOF: Fund of Funds, UK: United Kingdom ;
China Plus One, also known simply as Plus One or C+1, is the business strategy to avoid investing only in China and diversify
The fund manager may adopt various styles basis the market trends business into other countries
 ICICI Prudential Multicap Fund
(An open ended equity scheme investing across large cap, mid cap, small 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 September 30, 2023)

5 Year Rolling Returns
ICICI Prudential Multicap Fund NIFTY 500 Multicap 50:25:25 TRI
28.

18.
Return in %

8.

-2.
Apr-10 Dec-12 Aug-15 May-18 Jan-21 Sep-23

The above performance is based on 5 year rolling returns in CAGR for the period of October 1, 1994 to September 30, 2023. The performance of the scheme is benchmarked to the Total
Return variant of the NIFTY 500 Multicap 50:25:25 . The scheme benchmark for ICICI Prudential Multicap Fund is NIFTY 500 Multicap 50:25:25 TRI. Past performance may or may not be
sustained in the future.
Growth of ₹10,000 Calendar Year Returns
45 40.6
ICICI Prudential Multicap Fund 36.4
140,000
30
NIFTY 500 Multicap 50:25:25 TRI 21.1

Returns in %
19.7 18.3
Rebased to Rs. 10,000

96,000 15 9.2
6.0 4.0 4.7
0.2 2.8
0
52,000

-15 -9.0
CY 2018 CY 2019 CY 2020 CY 2021 CY 2022 YTD
8,000
Apr-05 Jun-11 Jul-17 Sep-23 ICICI Prudential Multicap Fund NIFTY 500 Multicap 50:25:25 TRI

Source: Internal. Data as on September 30, 2023. The performance of the scheme is Source: Internal. YTD is as on September 30, 2023. The performance of the scheme is
benchmarked to the Total Return variant of the NIFTY 500 Multicap 50:25:25 Index. The benchmarked to the Total Return variant of the NIFTY 500 Multicap 50:25:25 Index. The
scheme benchmark for ICICI Prudential Multicap Fund is NIFTY 500 Multicap 50:25:25 scheme benchmark for ICICI Prudential Multicap Fund is NIFTY 500 Multicap 50:25:25
Index. Past performance may or may not be sustained in the future. 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 Value of
Period
CAGR (%) investment of CAGR (%) investment of CAGR (%) investment of CAGR (%) investment of
₹10,000 ₹10,000 ₹10,000 ₹10,000
ICICI Prudential Multicap
24.1% 12,398 28.8% 21351 14.5% 19,689 14.9% 558,570
Fund
NIFTY 500 Multicap 50:25:25
22.8% 12,273 28.1% 21028 17.2% 22,163 NA NA
TRI (Benchmark)
Nifty 50 TRI (Additional
16.1% 11,606 21.9% 18099 13.8% 19,060 12.3% 288,078
Benchmark)
Date of inception of scheme: October 1, 1994.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 Multicap Fund is NIFTY 500 Multicap 50:25:25 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 500 Multicap 50:25:25 and Nifty 50 Index. Past performance may or may not be sustained in the future.Source: Internal
SIP Performance
NIFTY 500 Multicap 50:25:25
Amount ICICI Prudential Multicap Fund Nifty 50 TRI*
Period TRI*
Invested (₹)
Return % ₹ Return % ₹ Return % ₹
1 Year 120,000 31.0% 139,018 31.4% 139263 15.8% 129903
3 Year 360,000 20.6% 485,922 20.1% 482810 13.6% 440641
5 Year 600,000 19.7% 979,291 21.5% 1021566 15.9% 892672
Since Inception 3,490,000 17.1% 73,913,153 NA NA 14.4% 22378291
Date of inception of scheme: October 1, 1994 Date of first instalment: November 1, 1994
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 September 30, 2023. *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 ₹)
Standard Dev R Squared Portfolio Beta
ICICI Prudential Multicap Fund - IDCW
27/Dec/22 2.5000 26.6900 14.69% 0.92 0.95
23/Dec/21 2.5000 27.8000
21/Dec/20 2.2500 21.8600 Sharpe Jenson
16/Dec/19 1.9922 22.8400
17/Dec/18 0.9739 21.8800 1.33 0.14
16/Mar/18 1.2000 22.0900
Dividend history as on September 30, 2023. Face value is Rs. 10/unit. Payment of dividend Period of 3 years is considered for the portfolio quants. Returns less than 1 year are in
is subject to availability of distributable surplus and Trustee approval. Pursuant to Absolute terms. 1 year or greater than 1 year return are Compound Annualised. Risk-free
payment of dividend, the NAV of the scheme has fallen to the extent of dividend payout. rate based on the FBIL Overnight MIBOR rate of 6.95% as on September 29, 2023.
Past performance may or may not be sustained in the future. Source: Internal
 ICICI Prudential Multicap Fund
(An open ended equity scheme investing across large cap, mid cap, small 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 September 30, 2023)

Top 5 Under/Overweight Sectors in comparison to NIFTY 500

Top 10 Sectors[1]
Multicap 50:25:25 TRI

Sector Sep-23 Aug-23 Jul-23 Jun-23 May-23 Overweight Sectors Underweight Sectors
Banks 10.8% 10.8% 11.7% 12.6% 12.4% Oil, Gas & Petroleum Industrial Products
Pharmaceuticals & 3.3% -1.6%
5.7% 5.1% 5.9% 5.8% 5.7% Products & Capital Goods
Biotechnology
Automobiles 5.6% 6.0% 4.7% 4.2% 4.1%
Auto 2.9% Metals & Mining -2.5%
Petroleum Products 5.0% 5.1% 5.5% 5.3% 5.4%
It - Software 4.9% 5.2% 6.0% 5.0% 5.6% Consumer Non
Transportation 2.6% -2.7%
Finance 4.9% 5.7% 6.7% 7.3% 7.1% Durables
Power 4.5% 3.9% 3.8% 3.3% 3.3%
Power 2.3% Software -3.0%
Auto Components 4.0% 4.3% 4.4% 5.7% 6.0%
Consumer Durables 4.0% 4.2% 4.4% 4.3% 4.2% Media &
2.3% Banks & Finance -9.0%
Industrial Products 3.7% 3.4% 2.2% 2.0% 3.3% Entertainment
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 (Top 3)

Sep/23 Aug/23 Jul/23 Jun/23 May/23 Apr/23 Stock Entry % of Net Assets
NCC Ltd. 0.18%
Large Cap 43.5% 43.6% 44.4% 44.9% 44.6% 44.1%
Gujarat State Petronet Ltd. 0.10%
Bajel Projects Limited (BPL) 0.06%
Mid Cap 28.6% 27.9% 28.2% 26.8% 26.5% 26.5%
Stock Exit % of Net Assets*
State Bank of India 0.29%
Small Cap 27.9% 28.8% 27.4% 28.3% 28.8% 29.4%
IndusInd Bank Ltd. 0.24%
Market cap classification for September 2023 is as per AMFI classification, for past periods, Fsn ECommerce Ventures Ltd. 0.10%
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 *As on 31st August 2023

Top 10 Holdings[2] Portfolio Statistics

ICICI Prudential Multicap Fund Values
ICICI Bank Ltd. 6.48%
Dividend Yield 1.28
Sun Pharmaceuticals Industries Ltd. 3.04%
Top 10 Holdings 27.73%
Reliance Industries Ltd. 2.93%

Maruti Suzuki India Ltd.

Top 10 Sectors 53.12%
2.58%

Infosys Ltd. 2.31% No. of Stocks 115

Oil India Ltd. 2.18%
Past performance may or may not be sustained in the future.
Cummins India Ltd. 2.14%

Bharti Airtel Ltd. 2.04%

HDFC Bank Ltd. 2.02%

NTPC Ltd. 2.01%

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 Multicap Fund
(An open ended equity scheme investing across large cap, mid cap, small 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
Scheme Riskometer
This Scheme is suitable for investors who are seeking*
• Long Term Wealth Creation
• An open ended equity scheme investing across large cap, mid cap and small cap stocks.

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

Benchmark: NIFTY 500 Multicap 50:25:25 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 September 30, 2023.
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