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The Forgotten Story                       Infrastructure FundsMonday, 8 October 12
Collective Expertise of 2007      !    In 2007 we thought:            !   “Only roads will be built – No car will run on i...
But Actual Performance of indices                       from Dec 2007 to Oct 2012Monday, 8 October 12
Collective expertise of 2012      In 2012 collective opinion is      !    Only cars will be sold but no road will be built...
Performance of Mutual fund Themes               in this period                             ICICI Pru FMCG                 ...
FMCG                          UP by 99%                           Infra                       Down by -28%Monday, 8 Octobe...
Today                         FMCG is in Fashion                       Infrastructure is OutdatedMonday, 8 October 12
In fashion & Out dated              When Clothes are in Fashion they become                             expensive         ...
ICICI Pru Infrastructure Fund                  Infrastructure Fund Average P/E (Valuation) : 13                           ...
Opportunity           Just Re-rating of Infra P/E (13) from is current              valuation level to Sensex P/E (17.75) ...
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Why Now?

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Transcript of "Why Now?"

  1. 1. The Forgotten Story Infrastructure FundsMonday, 8 October 12
  2. 2. Collective Expertise of 2007 ! In 2007 we thought: ! “Only roads will be built – No car will run on it” ! “Power & Energy is the essentials of life - Medicine & FMCG are not going to be consumed much” ! “Construction will happen but no consumer durable will be sold”Monday, 8 October 12
  3. 3. But Actual Performance of indices from Dec 2007 to Oct 2012Monday, 8 October 12
  4. 4. Collective expertise of 2012 In 2012 collective opinion is ! Only cars will be sold but no road will be built. ! Only FMCG / Medicines are important for lives, Power & Energy (oil & gas) are not essential. ! Consumer appliances is necessity but Construction will not be required.Monday, 8 October 12
  5. 5. Performance of Mutual fund Themes in this period ICICI Pru FMCG & ICICI Pru Infrastructure Fund * Above mentioned schemes are for illustrative purpose.Monday, 8 October 12
  6. 6. FMCG UP by 99% Infra Down by -28%Monday, 8 October 12
  7. 7. Today FMCG is in Fashion Infrastructure is OutdatedMonday, 8 October 12
  8. 8. In fashion & Out dated When Clothes are in Fashion they become expensive & When outdated they disappear from stores When Mutual fund themes are in fashion they are overvalued & When Outdated they disappear from recommendation list & are available cheapMonday, 8 October 12
  9. 9. ICICI Pru Infrastructure Fund Infrastructure Fund Average P/E (Valuation) : 13 While Sensex P/E : 17.75 Infrastructure Fund Price/Book Value : 1.96 While Sensex Price/Book Value : 2.95 Highly Undervalued sector Infrastructure Fund Divided Yield : 2.10 While Sensex Dividend Yield : 1.58Monday, 8 October 12
  10. 10. Opportunity Just Re-rating of Infra P/E (13) from is current valuation level to Sensex P/E (17.75) will be return of 36%Monday, 8 October 12
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