ICICI Prudential Mutual Fund has launched a new scheme called ICICI Prudential Active Momentum Fund. The fund was launched last Tuesday and will remain open for subscription until 22nd July.
Who will manage the fund?
According to the AMC (Asset Management Company), this fund aims to benefit from consistent trends in stock prices and earnings or estimates. It will be benchmarked to the Nifty 500 TRI index. The fund will be jointly managed by Manasvi Shaw and Sharmila D’Silva.
The fund’s goal is to capture market trends
S. Naren, Executive Director & Chief Investment Officer at ICICI Prudential AMC, said the fund’s goal is to combine momentum with value by focusing on trends in earnings and estimates.
He explained that India’s equity market is broad, with various stocks and sectors showing different earnings patterns at different times. The fund aims to make the most of these patterns.
It will have the flexibility to invest across different sectors and market capitalizations and will use both top-down and bottom-up strategies while building the portfolio.
What is the minimum investment?
To invest in this NFO (New Fund Offer), the minimum amount required is Rs 5,000. After the initial investment, additional amounts can be added in multiples of Re 1. The minimum for additional investments is Rs 1,000, also in multiples of Re 1.
What is the exit load?
If an investor redeems (withdraws) their money within 12 months, they will be charged an exit load of 1% based on that day’s NAV (Net Asset Value). If they stay invested for more than 12 months, there will be no exit load.
