United Arab Emirates · Public feeder fund
India: the growth engine the world can’t ignore
NIFM India Allocator Value Feeder Fund Feeding into ICICI Prudential Value Fund
Invest in Indian mutual fund in USD.
The feeder holds units of a SEBI-regulated Indian scheme that has compounded ahead of both its benchmark and Nifty 500 TRI over three, ten and since-inception periods.
- Structure
- UAE public feeder company
Feeder fund
- Master fund
- ICICI Prudential Value Fund
SEBI-regulated, India-domiciled
- Minimum investment
- USD 1,000 Class R
USD 5,000,000 Class I
Four steps from your account to Indian equities
Step 01
OCI / NRI / global investor
Step 02
NIFM India Allocator Value Feeder Fund
An open-ended public feeder fund established in the United Arab Emirates, whose Prospectus and Supplement were adopted by the Capital Market Authority ("CMA").
Step 03
ICICI Prudential Value Fund
A SEBI-regulated mutual fund scheme domiciled in India, investing in Indian stocks.
Step 04
Indian equity stocks
Companies listed on the National Stock Exchange and the Bombay Stock Exchange.
What the master fund owns
Market capitalisation split
ICICI Prudential Value FundThe master fund
Nifty Large Mid Cap 250Benchmark
Nifty 500 TRIReference index
Large caps are defined as the top 100 stocks by market capitalisation, mid caps as 101–250, small caps as 251 and above. The strategy mentioned is the one currently followed by the Scheme and may change in future depending on market conditions and other factors. Based on AMFI classification. INR/USD exchange rate assumed at ₹94.6675. Source: Internal, Bloomberg. Data as of 30 June 2026.
Top 10 holdings — based on allocation in ICICI Prudential Value Fund
Source: ICICI Prudential Value Fund factsheet. Data as of 31 May 2026; top ten holdings represent 52.0% of the portfolio. The sector(s)/stock(s)/issuer(s) mentioned do not constitute any research recommendation, and the Fund may or may not have any future position in them.
| Sector | ICICI Prudential Value Fund | Nifty 500 TRI | Nifty Large Mid Cap 250 |
|---|---|---|---|
| Financials | 41.7% | 31.2% | 31.3% |
| Health Care | 9.2% | 6.3% | 7.7% |
| Consumer Discretionary | 11.9% | 12.0% | 12.4% |
| Materials | 10.0% | 8.7% | 8.5% |
| Information Technology | 5.5% | 6.3% | 5.8% |
| Energy | 5.4% | 8.3% | 5.4% |
| Industrials | 3.1% | 11.4% | 13.9% |
| Consumer Staples | 2.6% | 5.6% | 5.5% |
| Utilities | 1.8% | 3.9% | 4.0% |
| Communication Services | 3.9% | 5.0% | 4.1% |
| Real Estate | 1.8% | 1.3% | 1.6% |
Overweight Underweight GICS sectors are used in the table above. Source: Internal. Data as of 30 June 2026.
Strategy track record, in US dollars
Net of fees, measured against the benchmark and against Nifty 500 TRI. Shown from three years onward.
| Strategy | 3 Year | 5 Year | 10 Year | Since inception |
|---|---|---|---|---|
| ICICI Prudential Value Fund | 11.8% | 8.9% | 11.9% | 11.6% |
| Nifty 500 TRI# | 9.9% | 9.1% | 11.8% | 10.9% |
| Nifty 500 TRI | 5.7% | 5.1% | 8.4% | 7.1% |
| Alpha vs Nifty 500 TRI | +1.9% | −0.2% | +0.1% | +0.7% |
| Alpha vs Nifty 500 TRI | +6.1% | +3.7% | +3.5% | +4.5% |
Source: MFI, MSCI. Internal, data in USD as of 30 June 2026. ICICI Prudential Value Fund returns are net of fees. Past performance is not a reliable indicator of future results. #Nifty Large Mid Cap 250 inception date is 1 April 2005 and Nifty 500 TRI inception date is 29 December 2000, so since-inception figures cover different periods.
| Metric | 3 Year | 5 Year | 10 Year |
|---|---|---|---|
| ICICI Prudential Value Fund | 15.7% | 15.9% | 18.2% |
| Nifty 500 TRI | 16.4% | 16.8% | 18.6% |
| Nifty 500 TRI | 15.6% | 16.3% | 18.6% |
Source: Internal. Data as of 30 June 2026. The master fund has carried lower volatility than its benchmark across all three periods shown.
Who runs the money
The master master fund is managed by ICICI Prudential AMC in India.
S. Naren · Dharmesh K. · Masoomi J.
ICICI Prudential Value Fund managers · Master fund since 2009
Fund Manager, ICICI Prudential Value Fund
“I want to buy companies, with capable managements, good growth and good balance sheets, when they are available at sufficient margin of safety.”
S. Naren · Dharmesh K. · Masoomi J.
- ExperienceICICI Prudential Asset Management Company Limited. September 2005 as Portfolio Analyst for the firm’s Portfolio Management Services division, then transferred to the Institutional Equities Team in June 2009.
- Sector backgroundPreviously focused on Auto, Auto Ancillaries, Metals, Infrastructure, Sugar and Hotels.
Core principles of the fund
- Prioritises companies with strong or improving growth, balance sheet trends and capable leadership, available at a sufficient margin of safety.
- Seeks cyclical businesses near their cycle troughs, or those on the brink of a turnaround with clear catalysts.
- Focuses on companies with higher growth visibility or better risk-reward ratios due to temporarily depressed valuations.
The same exposure, held a tax-efficient way
An offshore investor buying Indian stocks directly is taxed in India on gains and income. Held through the UAE feeder, both the feeder and the master fund are tax exempt.
Tax applicable in India
- Long-term capital gains*
- 13.65%
- Short-term capital gains*
- 21.84%
- Dividend / income@
- 21.84%
- Distribution
- 21.84%
Rates shown are those applicable to Foreign Portfolio Investors, inclusive of surcharge and Health & Education Cess.
Tax at fund level
- NIFM India Allocator Value Feeder Fund (UAE)
- Tax exempt
- ICICI Prudential Value Fund (India)
- Tax exempt
The Fund may be required to pay tax on investments made in other instruments used for temporary parking. Investors remain responsible for tax in their own jurisdiction.
*Short-term capital gains tax applies to holdings of up to one year; long-term capital gains tax applies to holdings beyond one year. @Withholding tax applicable. The rates mentioned above apply to Foreign Portfolio Investors (FPIs) and include surcharge and Health and Education Cess at 4%. For Foreign Companies and Corporate FPIs, surcharge is 2% where income is ≤ INR 10 crores and 5% where income is > INR 10 crores. The above rates assume a surcharge of 5%. This is not tax advice; obtain your own.
Scheme details
Scheme name
NIFM India Allocator Value Feeder Fund
Nature of the fund
An open-ended public feeder fund established in the United Arab Emirates, whose Prospectus and Supplement were adopted by the Capital Market Authority ("CMA") on 30 March 2026 under number 2026/140.
Investment objective
To generate long-term capital appreciation by primarily investing in units of ICICI Prudential Value Fund. The Fund is a pooling vehicle, and the FME has been appointed to manage the Funds and take decisions in relation to investments of the Fund.
Product suitability
The underlying scheme is an open-ended equity scheme investing in both large cap and mid cap stocks. It is suitable for investors seeking long-term capital growth through investment in equity and equity-related securities predominantly of large and mid cap companies. Investors should consult their financial advisers if in doubt about whether the Scheme is suitable for them.
| Share class | Minimum investment (USD) | Subscription fee | Expense ratio |
|---|---|---|---|
| Class R | 1,000 | None | 1.83% |
| Class RS | 1,000 | Up to 5% | 0.83% |
| Class RC | 1,000 | Up to 5% | 1.83% |
| Class A | 50,000 | Up to 5% | 1.70% |
| Class IS | 500,000 | Up to 5% | 0.12% |
| Class I | 5,000,000 | None | 0.10% |
Data as of 30 June 2026. Eligibility is limited to offshore investors other than resident Indians, in FATF-compliant countries.
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Neovision Investment Fund Management LLC
Office 806, 6th Floor, Al Khatem Tower, UAE Square,
Al Maryah Island, Abu Dhabi, UAE · PO Box 7851