ICICI Prudential Mutual Fund · Direct Growth · SEBI Category: Value/Contra
ICICI Prudential Value Discovery Fund is India's largest value fund by AUM at over ₹58,000 crore — a position reflecting decades of consistent contrarian value investing under Sankaran Naren's leadership. The fund identifies stocks and sectors that are trading below their intrinsic value — typically using low price-to-book and low price-to-earnings screens — and holds them patiently until the market recognises their worth.
The fund has delivered significant alpha over its 20+ year history by investing in sectors and stocks that were deeply out of favour — PSU stocks in 2013-2014, banking stocks during the NPA cycle in 2018-2020, commodity stocks during the recovery in 2020-2022. Naren's willingness to be contrarian when the entire market is moving in one direction is the defining characteristic of this fund.
Sankaran Naren is Chief Investment Officer at ICICI Prudential Mutual Fund and is the primary architect of the value discovery philosophy that defines this fund. He co-manages with Dharmesh Kakkad. Naren is one of India's most respected contrarian investors — known for reducing equity during expensive markets, deploying aggressively during corrections and rotating into deeply unloved sectors before they recover.
For current co-manager details and full biography, refer to the latest ICICI Prudential Mutual Fund factsheet on AMFI or the AMC website.
Informational points to help you form your own view — not judgements or recommendations.
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| Fund | NAV | AAUM | 1Y Return | 3Y CAGR | 5Y CAGR | Sharpe (3Y) |
|---|---|---|---|---|---|---|
| ICICI Prudential Value Discovery Fund ▲ | ₹497.53 | ₹58.9K Cr Jan–Mar 2026 | -1.5% | +16.7% p.a. | +17.1% p.a. | 1.00 |
| SBI Contra Fund | ₹405.05 | ₹46.9K Cr Jan–Mar 2026 | -1.4% | +15.7% p.a. | +17.9% p.a. | 0.80 |
| HSBC Value Fund | ₹124.85 | ₹14.0K Cr Jan–Mar 2026 | +3.4% | +20.8% p.a. | — | 0.98 |
| Nippon India Value Fund | ₹240.13 | ₹8.7K Cr Jan–Mar 2026 | -0.9% | +18.9% p.a. | +16.5% p.a. | 0.94 |
| UTI Value Fund | ₹175.37 | ₹7.9K Cr Jan–Mar 2026 | -2.1% | +15.3% p.a. | +13.3% p.a. | 0.81 |
Calculated from 2,565 daily NAV records in RightAdvise DB. Last calculated: Jun 2026.
1M / 3M / 6M / 1Y — simple point-to-point return · 3Y / 5Y / 10Y — CAGR (compounded annual growth rate)
Based on all rolling windows in full NAV history. Dates show the start and end of each period.
Jan 1 to Dec 31 each year. Simple point-to-point — not CAGR.
Rolling returns show performance across every possible investment start date — not one cherry-picked number. Learn more →
How much the fund fell from its peak NAV — what investors actually experience during crashes. Calculated from full NAV history.
Calculated from actual NAV data. "Pre-inception" means the fund didn't exist during that period.
Calculated from 3 years of daily NAV — industry standard. Risk-free rate: 6.5% p.a. Last updated: Jun 2026. What do these mean? →
Our portfolio holdings page shows every stock the fund owns, sector allocation, and month-over-month changes — from official AMC disclosures.
See how ICICI Prudential Value Fund (erstwhile Value Discovery Fund) ranks against other Value/Contra funds on returns, drawdown, Sharpe ratio and AAUM — side by side.
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