ICICI Prudential Mutual Fund has introduced a new scheme called ICICI Prudential Active Momentum Fund.
This fund was launched last Tuesday and will be open for subscription until 22nd July.
Who will manage the fund?
As per the Asset Management Company (AMC), the aim of this fund is to benefit from steady trends in stock prices and earnings or earnings estimates.
It will follow the Nifty 500 TRI index as its benchmark. The fund will be jointly managed by Manasvi Shaw and Sharmila D’Silva.
Main objective of the fund
S. Naren, Executive Director & Chief Investment Officer at ICICI Prudential AMC, said the fund is designed to combine momentum with value by focusing on trends in earnings and estimates.
He mentioned that India’s equity market is wide and diverse, with different stocks
and sectors showing unique earnings trends at various times. The fund aims to take advantage of these changing patterns.
It will have the flexibility to invest in different sectors and companies of all sizes. The fund will follow both top-down and bottom-up strategies to build its portfolio.
Minimum investment amount
To invest in this New Fund Offer (NFO), the minimum required amount is Rs 5,000. After this, investors can add more money in multiples of Re 1. The minimum for any additional investment is Rs 1,000, also in multiples of Re 1.
What is the exit load?
If investors withdraw their money within 12 months, an exit load of 1% will be charged based on the Net Asset Value (NAV) of that day. If they stay invested for more than 12 months, there will be no exit load.
