Prudential ICICI [Get Quote] Tax Plan has been able to justify its heavy concentration in small and mid cap stocks with good returns.

A high-return, high-risk option, it may not go down well with investors who are looking for stability over flashy returns. Its concentration in small- and mid-cap stocks is a testimony to this fact.

Mid- and small-caps occupy 41.37 and 47.61 per cent space in its portfolio, respectively. Large cap companies have a small presence at 4.77 per cent. In September, large caps had a marginal presence at 1.17 per cent, while the concentration of mid caps was over 50 per cent.

The fund is no doubt aggressive but it has been able to justify its strategy through good returns. The fund is not only aggressive in selecting stocks but also churns its portfolio vociferously.

The fund manager loves to try out stocks but the buy-and-hold strategy does not seem to be his priority. The fund's quarterly returns for September stood at 23 per cent, much more than category average of 15 per cent.

However, it paid the price for being too aggressive. After the May crash, the fund had lost heavily. In the June quarter, it had lost 15.75 per cent, slightly more than the category's loss of 15.35 per cent.

However, it recovered in the September quarter and generated 23.35 per cent during the period.