ICICI Prudential Rising Stars Strategy: A New Small-Cap PMS Launched in 2026
Last updated: 12 October 2026
Quick answer: ICICI Prudential Rising Stars Strategy is a small-cap PMS that took its first client on February 18, 2026. As of July 31, 2026, it held 33 stocks (66.62% small-cap, 30.02% mid-cap) and had gained 10.45% in absolute terms since launch, while the BSE 500 TRI was at -0.05%. ICICI Prudential suggests a horizon of five years or more.
Last updated: 12 October 2026 Quick answer: ICICI Prudential Rising Stars Strategy is a small-cap PMS that took its first client on February 18, 2026. As of July 31, 2026, it held 33 stocks (66.62% small-cap, 30.02% mid-cap) and had gained 10.45% in absolute terms since launch, while the BSE 500 TRI was at -0.05%. ICICI Prudential suggests a horizon of five years or more. Key takeaways Newest strategy: launched February 18, 2026, the tenth on ICICI Prudential's PMS shelf. Early returns only: 7.08% over three months and 10.45% since inception (absolute, not annualised), against 3.78% and -0.05% for the BSE 500 TRI. Portfolio (July 31, 2026): 33 stocks; 66.62% small-cap, 30.02% mid-cap and 2.32% large-cap. Top sectors: Capital Markets 10.59%, Auto Components 9.32% and Textiles & Apparels 7.79%. Horizon: five years or more, the longest on the platform alongside PIPE. The ICICI Prudential PMS Rising Stars Strategy is the newest addition to ICICI Prudential's PMS platform, onboarding its first client on February 18, 2026. By mandate it is one of the AMC's two small-cap-focused strategies, alongside PIPE — a portfolio built specifically around fundamentally strong small companies at what the AMC calls "modest relative valuations." As an APMI-registered PMS distributor focused on Portfolio Management Services and Alternative Investment Funds (AIF) in India, Money n Wealth looks at new strategy launches with a healthy dose of caution around track record, alongside a clear-eyed look at process and positioning. Here is what Rising Stars is built to do, and what a short track record can and cannot tell you this early. Quick Facts: ICICI Prudential PMS Rising Stars Strategy Inception Date February 18, 2026 Benchmark BSE 500 TRI Ideal Investment Horizon 5 years and above Portfolio Style Predominantly small-cap, sector agnostic (~30-40 stocks) Number of Holdings 33 stocks (as of July 31, 2026) Fund Manager Managed under Anand Shah, CIO – PMS & AIF, ICICI Prudential AMC About the ICICI Prudential Rising Stars Strategy Rising Stars aims to provide long-term capital appreciation by investing predominantly in small-capitalisation companies. Per ICICI Prudential's own description, it targets businesses that are fundamentally strong with high growth potential, currently available at modest relative valuations, including companies at a nascent stage that the Portfolio Manager believes have room to scale meaningfully over time. Being newly launched, the Portfolio Manager retains flexibility to also hold names for diversification or defensive purposes, or park capital in debt and money-market instruments while suitable opportunities are identified — typical of a strategy still in its early portfolio-building phase. How Stocks Are Selected Rising Stars applies the same BMV framework (Business, Management, Valuation) used across ICICI Prudential Alternate Investments' platform, drawing on the same in-house research coverage of roughly 680 companies across 20-plus sectors that feeds every other strategy on this list. Its stock-selection brief overlaps closely with the PIPE Strategy's — the AMC states that risk factors for Rising Stars mirror those disclosed for PIPE — but Rising Stars' mandate is more purely focused on small-caps rather than a small-and-mid-cap blend, even though its early portfolio held 30.02% in mid-caps as of July 31, 2026. Because the strategy is only months old, its current 33-stock portfolio should be read as an early, still-forming book rather than a fully mature reflection of the mandate — a useful reminder that manager pedigree and process matter more than short-term portfolio snapshots at this stage. Portfolio Snapshot (as of July 31, 2026) Rising Stars holds 33 stocks , with the top 5 sectors at 41.04% and top 10 holdings at 42.34% of the portfolio — a relatively diversified spread for such a new strategy. Top Holdings % of Assets Honasa Consumer Ltd 5.95% FSN E-Commerce Ventures Ltd (Nykaa) 4.97% Vijaya Diagnostic Centre Ltd 4.21% Bharti Hexacom Ltd 4.18% Indo Count Industries Ltd 4.15% National Aluminium Company Ltd 4.09% Aditya Birla Sun Life AMC Ltd 3.97% Endurance Technologies Ltd 3.86% K P R Mill Ltd 3.56% Prudent Corporate Advisory Services Ltd 3.40% Top 5 sectors: Capital Markets (10.59%), Auto Components (9.32%), Textiles & Apparels (7.79%), Electrical Equipment (7.33%), Personal Products (6.01%). Market-cap mix: Small-cap 66.62%, Mid-cap 30.02%, Large-cap 2.32%, Cash & Others 1.04%. Performance Track Record Period Rising Stars Strategy BSE 500 TRI 3 Months 7.08% 3.78% Since Inception (Feb 2026) 10.45% -0.05% Longer-period returns (1, 3 and 5-year) are not yet available given the strategy's February 2026 launch; figures are as of July 31, 2026 and represent absolute, not annualised, returns for a period under one year, based on aggregate Time-Weighted Rate of Return and not verified by SEBI. The since-inception comparison looks striking — over 10 percentage points of outperformance against a nearly flat benchmark — but with roughly five months of history, this should be read as an early data point, not a validated track record. What can be assessed today is process and positioning, not statistically meaningful returns. Key facts for ICICI Prudential Rising Stars Strategy PMS as of July 31, 2026: launched February 18, 2026, 33 stocks, 66.62% small-cap, and a 10.45% absolute return since launch versus -0.05% for the BSE 500 TRI Rising Stars at a glance (as of July 31, 2026) Who This Strategy May Suit Rising Stars is built for investors who specifically want small-cap exposure, are comfortable being early into a strategy without a multi-year track record, and can commit to the recommended five-year-plus horizon. Investors who prioritise a proven, multi-cycle return history can compare it with longer-established strategies such as ICICI Prudential's Value Strategy (/insights/icici-prudential-value-strategy-pms-review) or Growth Leaders Strategy (/insights/icici-prudential-growth-leaders-strategy-pms-review) , which have multi-year records. Money n Wealth's View New strategy launches deserve a different lens than established ones: the manager pedigree and process (in this case, the same BMV framework and research infrastructure behind ICICI Prudential's other nine strategies) transfer over from day one, but the return history does not. As an APMI-registered PMS and AIF distributor, Money n Wealth's view is that early outperformance in a strategy like Rising Stars should be read as encouraging rather than conclusive until a multi-year record accumulates. How This Strategy Compares With ICICI Prudential's Other PMS Strategies ICICI Prudential runs ten PMS strategies from the same research platform. The table below sets them side by side so you can see where each sits on market-cap tilt, track record and horizon. Returns are as disclosed by ICICI Prudential AMC as of July 31, 2026 (TWRR, annualised above one year, not verified by SEBI); the since-inception column shows the strategy against its own benchmark (BSE 500 TRI, except Largecap, which uses Nifty 50 TRI). Strategy Inception Largest cap exposure Stocks 1Y 3Y 5Y Since inception vs benchmark Horizon Growth Leaders (/insights/icici-prudential-growth-leaders-strategy-pms-review) Dec 2000 Large-cap 60.56% 35 6.37% 15.84% 14.52% 12.16% vs 12.36% 4 years+ Value (/insights/icici-prudential-value-strategy-pms-review) Jan 2004 Large-cap 50.57% 35 10.63% 18.17% 20.05% 12.97% vs 12.36% 3 years+ Largecap (/insights/icici-prudential-largecap-strategy-pms-review) Mar 2009 Large-cap 91.40% 28 7.54% 17.57% 15.46% 15.96% vs 14.83% 3 years+ ACE (/insights/icici-prudential-ace-strategy-pms-review) Dec 2010 Large-cap 51.38% 34 6.90% 19.62% 14.33% 14.51% vs 11.90% 4 years+ SMART (/insights/icici-prudential-smart-strategy-pms-review) Oct 2014 Large-cap 64.87% 34 7.02% 18.96% 19.24% 14.52% vs 12.94% 3 years+ Contra (/insights/icici-prudential-contra-strategy-pms-review) Sep 2018 Large-cap 71.46% 39 6.26% 15.09% 16.56% 18.10% vs 13.07% 4 years+ PIPE (/insights/icici-prudential-pipe-strategy-pms-review) Sep 2019 Small-cap 84.01% 40 9.59% 17.04% 19.18% 24.72% vs 16.35% 5 years+ Emerging Leaders (/insights/icici-prudential-emerging-leaders-strategy-pms-review) Feb 2024 Mid-cap 59.48% 39 10.30% — — 9.65% vs 6.94% 4 years+ Quanti-FI (/insights/icici-prudential-quanti-fi-strategy-pms-review) Feb 2024 Large-cap 58.52% 47 4.88% — — 5.64% vs 7.85% 4 years+ Rising Stars (/insights/icici-prudential-rising-stars-strategy-pms-review) Feb 2026 Small-cap 66.62% 33 — — — 10.45%* vs -0.05%* 5 years+ * Rising Stars launched in February 2026; its since-inception figures are absolute (not annualised) returns over about five months. A dash means the strategy does not yet have that track record. Watch for overlap. Several ICICI Prudential strategies share top holdings — names such as ICICI Bank, State Bank of India, Larsen & Toubro, Bharti Airtel, Tata Steel and FSN E-Commerce (Nykaa) appear in many of the portfolios above. If you are considering two ICICI Prudential strategies together, compare their holdings first so the second one genuinely diversifies the first. Fees, Minimum Investment and Taxation The minimum investment for any ICICI Prudential PMS strategy, as for every PMS in India, is ₹50 lakh, which can usually be funded in cash, by transferring existing listed securities, or both, subject to the portfolio manager's acceptance. PMS fees typically follow a fixed-fee, performance-fee (charged above a hurdle, usually with a high-water mark) or hybrid structure; the exact fee schedule and exit load are set out in ICICI Prudential's Disclosure Document, which you should read before signing. Because the shares sit in your own demat account, every sale by the portfolio manager is taxed in your hands: short-term capital gains on listed equity at 20% and long-term gains at 12.5% above the annual ₹1.25 lakh exemption, with dividends taxed at your slab rate. See how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) and PMS vs mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) for more. Related reading on Money n Wealth ICICI Prudential PIPE Strategy: small-cap PMS since 2019 (/insights/icici-prudential-pipe-strategy-pms-review) ICICI Prudential Emerging Leaders: mid-cap PMS (/insights/icici-prudential-emerging-leaders-strategy-pms-review) ICICI Prudential Value Strategy: value investing since 2004 (/insights/icici-prudential-value-strategy-pms-review) Portfolio Management Services in India: the 2026 guide (/insights/pms-india) Explore PMS strategies with Money n Wealth (/products/pms) Frequently Asked Questions When was the Rising Stars Strategy launched? It onboarded its first client on February 18, 2026, making it ICICI Prudential's newest PMS strategy. How is it different from the PIPE Strategy? Both target smaller companies and their disclosed risk factors are closely aligned. By mandate, Rising Stars is small-cap focused while PIPE spans small and mid caps, but as of July 31, 2026 PIPE actually held more in small caps (84.01%) than Rising Stars (66.62%), and PIPE has a record going back to 2019. Does it have a meaningful track record yet? Not a statistically meaningful one — as of July 31, 2026 it had roughly five months of history, with a since-inception return of 10.45% versus -0.05% for its BSE 500 TRI benchmark. What is the recommended investment horizon? Five years or more, the longest recommended horizon among ICICI Prudential's PMS strategies alongside PIPE. Is it risky to invest in a newly launched PMS like Rising Stars? A new strategy adds track-record risk to market risk: you cannot yet see how its portfolio behaves in a correction. Rising Stars had about five months of history as of July 31, 2026 and is small-cap focused, which adds liquidity and volatility risk. The research process and team are established, but the strategy's own results are untested. What kind of companies does Rising Stars invest in? Mainly small companies that ICICI Prudential considers fundamentally strong, with high growth potential and modest relative valuations, including some at an early stage. As of July 31, 2026, its largest holdings were Honasa Consumer (5.95%), FSN E-Commerce Ventures (4.97%), Vijaya Diagnostic Centre (4.21%) and Bharti Hexacom (4.18%). What is the minimum investment in ICICI Prudential Rising Stars? ₹50 lakh, the SEBI minimum for any PMS in India. It can usually be funded in cash, by transferring listed shares you already hold, or both, subject to the portfolio manager's acceptance. The fee options and any exit load are set out in ICICI Prudential's Disclosure Document, which you should read before signing the client agreement. Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. Performance figures cited are as disclosed by ICICI Prudential Asset Management Company Ltd. as of July 31, 2026, are based on aggregate client performance using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns, and short-track-record strategies in particular should not be judged on early returns alone. Stocks, sectors and holdings mentioned are illustrative of the portfolio's oldest client account as of the stated date, may change without notice, and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.
Frequently Asked Questions
When was the Rising Stars Strategy launched?
It onboarded its first client on February 18, 2026, making it ICICI Prudential's newest PMS strategy.
How is it different from the PIPE Strategy?
Both target smaller companies and their disclosed risk factors are closely aligned. By mandate, Rising Stars is small-cap focused while PIPE spans small and mid caps, but as of July 31, 2026 PIPE actually held more in small caps (84.01%) than Rising Stars (66.62%), and PIPE has a record going back to 2019.
Does it have a meaningful track record yet?
Not a statistically meaningful one — as of July 31, 2026 it had roughly five months of history, with a since-inception return of 10.45% versus -0.05% for its BSE 500 TRI benchmark.
What is the recommended investment horizon?
Five years or more, the longest recommended horizon among ICICI Prudential's PMS strategies alongside PIPE.
Is it risky to invest in a newly launched PMS like Rising Stars?
A new strategy adds track-record risk to market risk: you cannot yet see how its portfolio behaves in a correction. Rising Stars had about five months of history as of July 31, 2026 and is small-cap focused, which adds liquidity and volatility risk. The research process and team are established, but the strategy's own results are untested.
What kind of companies does Rising Stars invest in?
Mainly small companies that ICICI Prudential considers fundamentally strong, with high growth potential and modest relative valuations, including some at an early stage. As of July 31, 2026, its largest holdings were Honasa Consumer (5.95%), FSN E-Commerce Ventures (4.97%), Vijaya Diagnostic Centre (4.21%) and Bharti Hexacom (4.18%).
What is the minimum investment in ICICI Prudential Rising Stars?
₹50 lakh, the SEBI minimum for any PMS in India. It can usually be funded in cash, by transferring listed shares you already hold, or both, subject to the portfolio manager's acceptance. The fee options and any exit load are set out in ICICI Prudential's Disclosure Document, which you should read before signing the client agreement.
