India's largest fund house ICICI Prudential Asset Management is shutting down two schemes run by its Portfolio Management Services division — a unit that caters to the rich investors. But, none of the mutual fund schemes have returned money to investors yet.In response to a query from ET, ICICI Prudential confirmed it is in the process of winding up the schemes and distributing the capital and profit to investors. Since inception, the schemes have returned 322.6 per cent as on January 16 against the BSE small-cap index's gains of 230 per cent. Sood said expectations of earnings growth is high but many of the small-cap stocks are at the upper end of the valuation band. "Smallcap stocks are cyclical in nature.

Source: Economic Times January 25, 2018 02:37 UTC