Icici Prudential Asset Management Company Ltd. · NSE:ICICIAMC
Icici Prudential Asset Management — Investor Presentation (October 2025)
33 slides from Icici Prudential Asset Management's investor presentation, October 2025
Slide 1: Aim to Identify the turning points
‘Aim to Identify the turning points' An open ended equity scheme following business cycles based investing theme The information contained herein is solely for private circulation for reading / understanding of registered Mutual Fund Distributors and should not be circulated to investors/prospective
Slide 2: Phases of a Business Cycle
Phases of a Business Cycle Recession Capacity Growth Growth Trend Output Recovery Slump Time The chart is for illustrative purpose only 2
Slide 3: How To Identify A Business Cycle? – Few Examples
How To Identify A Business Cycle? – Few Examples Business Cycle in Growth Phase Business Cycle in Slump Phase Consumers and businesses feel Consumers and businesses nervous. confident Postponing spending Factories run at full capacity – 3 Shifts Factories have idle capacity. Not operating all shifts
Slide 4: Impact of Business Cycles on Sectors
Impact of BUSINESS CYCLES on Sectors 4
Slide 5: Sector Impact – Business Cycle
Sector Impact – Business Cycle Sector Performance across Business Cycle phases SECTORS RECOVERY EXPANSION RECESSION SLUMP Financials Technology Consumer Discretionary Consumer Staples Pharmaceuticals Energy Real Estate Metals Utilities Green shade indicates good performance, Amber shade indicates ne
Slide 6: Why Business Cycle investing at this juncture – Macroeconomic Factors highly dynamic
Why BUSINESS CYCLE investing at this juncture – Macroeconomic Factors highly dynamic 6
Slide 7: Last Secular bull market drivers
Last Secular bull market drivers Business cycle in the last few decades were driven by macro factors which were more supportive for equities • Disinflation – low inflation & low interest rates • De-escalation – lower geopolitical tensions • Monetization – Easy liquidity conditions 7
Slide 8: Going forward market drivers
Going forward market drivers Going forward, we believe macro factors would be much more dynamic, as the whole global dynamics are changing fast compared to last few decades • Disinflation to inflation : We have moved into a world where inflation has become an integral part • De-escalation to escalat
Slide 9: To Sum Up…
To Sum Up… LAST DECADE Approach Scenario Easy Monetary Policy + Interest Rate Cuts Positive for equities as an asset class = and long duration schemes led to Lower Volatility NEXT DECADE Approach Scenario High Interest rates + Elevated equity valuations 1) Be nimble as the macro environment may chan
Slide 10: Presenting ICICI Prudential Business Cycle Fund
PRESENTING ICICI Prudential BUSINESS CYCLE FUND 10
Slide 11: Business Cycle Investing
Business Cycle Investing Top Down Approach of investing 01 Not a Value / Contra / Special Situation/ Growth style of investment Output 02 Invests across Marketcap No capping / minimum requirements Invests across Themes 03 No capping / limits towards a particular theme 04 Invests across Sectors No ca
Slide 12: About ICICI Prudential Business Cycle Fund
About ICICI Prudential Business Cycle Fund INVESTMENT INVESTMENT SECURITY PHILOSOPHY APPROACH SELECTION Aim to identify and invest in opportunities Pure top-down approach based on various Post identifying sectors based on the across sectors/themes/market caps, macro indicators – inflation, growth, d
Slide 13: Investment Process & Portfolio Construct
Investment Process & Portfolio Construct Fund Managers Monitor macro Review the indicators – points/notes given by GLOBAL & DOMESTIC them. Aims to identify Finalize ICICI PRUDENTIAL Business Cycle – Theme/Sectors/Stocks BUSINESS CYCLE GLOBAL & DOMESTIC FUND Aims to identify Aims to identify suitable
Slide 14: Parameters For Identifying Business Cycles
Parameters For Identifying Business Cycles Below parameters are aimed at ascertaining the phase of Business Cycle and subsequently an investment approach is devised MACRO • Current Account Deficit • IIP Growth • Fiscal Deficit PARAMETERS • Interest Rates • Credit Growth • Inflation INVESTMENT INDICA
Slide 15: Investment Approach – Themes
Investment Approach – Themes PIGGY BACKING BLUE SKY Global Growth: Strong Global Growth: Strong Domestic Growth: Weak Domestic Growth: Strong Global Growth The investment Approach is then determined by classifying investment themes basis Global & Domestic Growth and Business Cycle Global Growth: Wea
Slide 16: Investment Approach – Model Portfolio (Blue Sky)
Investment Approach – Model Portfolio BLUE SKY – STRONG GLOBAL GROWTH + STRONG DOMESTIC GROWTH GLOBAL DOMESTIC CYCLICALS CYCLICALS SECTOR EXPOSURE SECTOR EXPOSURE GLOBAL CYCLICALS (SECTORS) DOMESTIC CYCLICALS (SECTORS) • Metals • Mining • Oil, etc. • Consumer Durables • Banking • Auto • Capital Good
Slide 17: Investment Approach – Model Portfolio (Dark Cloud, Rider)
Investment Approach – Model Portfolio DARK CLOUD – RIDER – WEAK GLOBAL GROWTH + WEAK DOMESTIC GROWTH WEAK GLOBAL GROWTH + STRONG DOMESTIC GROWTH DOMESTIC DOMESTIC DEFENSIVE CYCLICALS SECTOR EXPOSURE SECTOR EXPOSURE DOMESTIC DEFENSIVES(SECTORS) DOMESTIC DEFENSIVES (SECTORS) DOMESTIC CYCLICALS(SECTORS
Slide 18: Investment Approach – Model Portfolio (Piggy Backing)
Investment Approach – Model Portfolio PIGGY BACKING – STRONG GLOBAL GROWTH + WEAK DOMESTIC GROWTH DOMESTIC DEFENSIVES GLOBAL CYCLICALS EXPORT ORIENTED SECTOR EXPOSURE SECTOR EXPOSURE SECTOR EXPOSURE GLOBAL CYCLICALS (SECTORS) EXPORT ORIENTED (SECTORS) DEFENSIVES (SECTORS) • Metals • IT • Telecom • M
Slide 19: Alpha Generation Approach
Alpha Generation Approach Macro Scenario Time Domestic Theme Approach Sectors Period Global Growth Growth Global & Domestic Banks, Capital 2003-2004 Strong Growth Recovery Phase Blue Sky Cyclicals Goods 2008-2009 Weak Growth Strong Recovery Rider Domestic Cyclicals Banks, Auto Tech, Pharma, 2011-201
Slide 20: Current Domestic Macro Scenario
Current Domestic Macro Scenario 20
Slide 21: India Macros – Sprint of Indian GDP
India Macros – Sprint of Indian GDP Prints of GDP Growth for Q1FY26 came in at 7.8% (v/s 7.4 % in last quarter) GDP C I G X-M Private Consumption Gross Investment Government Spending Net Exports % share in GDP 57 35 9 20,25 Share in Q1FY26 GDP % YoY change 7 8 7 6,11 v/s Q1FY25 GDP Data as on June 3
Slide 22: India Macros – Strong Capex Spend
India Macros – Strong Capex Spend Significant capex spends by Govt. is boosting infrastructure build up in the country High Govt. Capex to Pick up in Govt. capex may revive GDP Growth help in boosting growth 12 37 35 8 GFCF (as a % of GDP) % of GDP Growth 33 4 31 0 29 -4 27 -8 25 FY 2000 FY 2002 FY
Slide 23: India Macros – Good Consumer Sentiments
India Macros – Good Consumer Sentiments Synergies of Government Spending + Pick up in business activity has resulted in sharp recovery in sentiments 130 Consumer Sentiments 3500 Hiring Trends 3000 110 Average - 2482 2500 90 2000 70 1500 50 1000 30 500 Jun-22 Sep-23 Mar-21 Feb-24 Jan-22 Apr-23 Jul-24
Slide 24: India Macros – “Ready, Steady, Go” Reforms
India Macros – “Ready, Steady, Go” Reforms Government Reforms are on the fast track creating a smooth runway to participate in the Global supply chain Employee Linked Incentive Scheme Infra Push Direct Benefit Transfers Outlay : Rs 2 Tn Outlay : Rs 10 Tn Transferred directly to citizens To facilitat
Slide 25: Current Macro Economic Scenario
Current Macro Economic Scenario • Globally things are more challenging due to major economies imposing trade tariffs, ballooning debt, complex growth-inflation dynamics, supply chain disturbances & geo-political tensions • India’s fundamental attributes are strong and sustainable – Clean Govt. / Corp
Slide 26: Portfolio Positioning
Portfolio Positioning CASH DEFENSIVE Adequate cash component given Exposure To defensive rich valuations. sectors like Pharma due to Current Cash Holding ~6.6% better valuations & for defensive consideration CEMENT BANKS & FINANCIAL SERVICES AUTO Positive stance due to steady Despite pricing pain in
Slide 27: Portfolio Composition – Top Holdings
Portfolio Composition – Top Holdings Company Name % to NAV Industry % to NAV Banks 22.8% HDFC Bank Ltd. 9.8% Automobiles 10.1% ICICI Bank Ltd. 7.7% Construction 6.9% Larsen & Toubro Ltd. 6.9% Petroleum Products 5.5% Reliance Industries Ltd. 5.0% Industrial Products 5.0% Axis Bank Ltd. 4.2% Insurance
Slide 28: Our Experience In Macro Calls
Our Experience In Macro Calls YEAR CALL RATIONALE 2012-13 Invest in Global Funds Inflation and Current Account Deficit at alarming levels Invest in Infrastructure, Banking, Small & Midcap 2013-14 Funds Strong Govt. Mandate, expectations of NPA resolution, expectation of fall in interest rates Expens
Slide 29: Key Takeaways About The Scheme
Key Takeaways About The Scheme Pure Top Down Approach Macro based fund Not a Value/Contra/Special Situation etc. Opportunistic and Nimble in terms of sector allocation No cap on market cap/sector/themes Hassle free approach – No stress of changing themes Long Term Approach The asset allocation and i
Slide 30: Portfolio Features
Portfolio Features Type of Scheme An open ended equity scheme following business cycles based investing theme ICICI Prudential Business Cycle Fund – Regular Plans ICICI Prudential Business Cycle Fund – Direct Options Growth & IDCW* Minimum Application Amount Rs. 5,000 (plus in multiples of Re.1) Min
Slide 31: Riskometers
Riskometers ICICI Prudential Business Cycle Fund (An open ended equity scheme following business cycles based investing theme) is suitable for investors who are seeking*: • Long Term wealth creation • An equity scheme that invests in Indian markets with focus on riding business cycles through dynami
Slide 32: Disclaimers
Disclaimers MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. All figures and other data given in this document are dated as on September 30, 2025 unless otherwise mentioned The same may or may not be relevant at a future date. The information shall no
Slide 33: Thank You
(Mastering the Market Cycle) THANK YOU 33
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