Power-packed performer with a steely character

FUND ANALYSIS: Pru ICICI Power

Pru ICICI Power is among those funds, which have shown resilience while delivering good returns. The fund ended 2006 with a return of 49 per cent, more than of Sensex average of 46.7 per cent and category average of 34.69 per cent.

Owing to such high returns, its assets under management (AUM) witnessed a steep rise "" from Rs 896 crore in January 2005 to Rs 1,477 crore at present. Its performance also helped it 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 per cent), metals and metal products (9.41) and diversified (9 per cent).

At the beginning, when it made its debut in September 2001, it maintained a lot of idle cash. As a result, the fund underperformed its benchmark "" Nifty "" during the bull run between 9/11 and Budget 2003.

But after making some good sectoral calls, the fund delivered a whopping 126 per cent in 2003 against Nifty's 72 per cent. The fund has consistently maintained an average of over 60 per cent large-cap stocks in its portfolio. 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 (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.