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Consistent champion across 1yr-10yr horizonsMittul Kalawadia, ICICI Prudential MF, Mumbai

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ICICI Prudential Equity & Debt Fund is placed consistently in the top decile (top 10%) of funds in the aggressive hybrid category over all time horizons from 1 yr to 10 yrs. Mittul, who has been managing this fund for almost 3 years, attributes this performance to a consistent philosophy of contrarian counter-cyclical thinking.

Mittul dynamically manages its equity allocation in the 65%- 85% range, to stay in tune with market conditions. There is a large cap tilt in the portfolio (85%), which hasn’t prevented the fund from delivering alpha in the face of a strong small and midcap rally in 2023.

Mittul’s big bet is energy – with positions in thermal power, upstream oil & gas and downstream petro products. The fund house was an early investor in the energy theme as it saw a structural shift from excess supply to shortage developing in the face of surging demand as the economy recovered strongly after covid. Operating leverage from higher utilization ofcapacities is driving earnings in this space.

Mittul lists various contrarian calls that he took over the last 3 years, which have enabled consistent alpha generation.

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Comments Posted
Mohsin Bijepuri ARN NO :33913 Chennai , 15 Nov 2023

Very well performing fund. Good discussion: Contrarian nature of fund management; Energy sector exposure well explained; Preference for private sector banks; Why exposure to the largest thermal sector stock; Jeetenge hi Jeetenge.

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