Investments with a two to three year perspective can be made in ICICI Prudential Discovery Fund as its value investing` strategy holds considerable investment merit in the present market. That the fund sports a significant mid and small cap exposure.

The fund`s value-investing approach has yielded rich dividends and improved its three-year record considerably. The correction in 2008 and value picks` available thereafter has ensured this turnaround.  The scheme, therefore, remains suitable for a conservative investor but can also act as a good diversifier in an aggressive portfolio.

Performance: Its one-year return of about 48% puts it in the top quartile of the diversified funds` category. The returns also compare favourably over peers funds such as Templeton India Equity Income and Tata Equity PE. The performance was also superior to its benchmark CNX Nifty, besides CNX Midcap Index during the period. Even over longer timeframes, the fund`s scorecard inspires confidence with it managing a compounded return of 19.5%  and  22.4%  in the last three and five year periods.

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