Page 21 - Banking Finance August 2021

MUTUAL FUND

Mut
Mutual Fund News
Mut ual F und N ew s
Mutual Fual Fund Nund Newewss
Mutual Fund News

US Equity Fund of Fund lio. However, before selecting an inter- the fund house aspires to be a wealth
national fund, an investor should check creator for every Indian, with an au-
launched by IDFC if the fund is complementary. IDFC US dacious vision to be the most respected

IDFC Mutual Fund has announced the Equity Fund of Fund provides comple- asset manager in the world, he added.
launch of its first international fund- mentary addition to the investor's "At HDFC AMC, we are well positioned
IDFC US Equity Fund of Fund, an open- portfolio as it has a low correlation to capitalise on the opportunities with
ended fund of fund scheme investing in with Indian equities, additionally, it pedigree, people, processes, products,
units of overseas mutual fund schemes. offers investors the powerful opportu- performance, presence, partnerships
The fund will focus on units of schemes nity of investing in US equities and par- and platform," the MD and CEO of
investing in US Equity securities like J.P ticipation in a significant global rev- HDFC AMC said.
Morgan US Growth Fund. The New enue pool," said Vishal Kapoor, CEO,
Fund Offer will open for subscription on IDFC Asset Management Company In the next few quarters, the asset
July 29, 2021 and close on August 12. Limited. management company plans to expand
its equity product portfolio to cover
According to the press release, inves- sector/specific themes, international
tors of IDFC US Equity Fund of Fund can Penetration of mutual
markets and passive strategies. Stress-
derive value proposition from the funds low in India ing on HDFC AMC's fiduciary duty to its
growth-oriented underlying fund as it customers, Munot said transparency
Mutual funds' penetration remains
provides a broad exposure to the US and good governance are the key pil-
extremely low in the country despite
equity markets and has been actively lars in upholding the highest standards
managed by a team of fund managers strong growth in the past decade. of fiduciary responsibilities.
with deep understanding of the mar- Addressing shareholders of the com-
ket and adopt a bottom-up approach pany, Munot said the economy should FMCG ETF launched by
to identify ESG compliant companies come back to a steady recovery path
with a sustainable competitive advan- with the COVID-19 curve showing signs ICICI Prudential Mutual
tage and strong price momentum. of flattening and the nationwide vac- Fund
cination drive gathering steam.
The underlying fund portfolio consists ICICI Prudential Mutual Fund has an-
of 60-90 fundamentally strong stocks "The markets are clearly exhibiting nounced the launch of ICICI Prudential
with 40% of the revenue of the under- confidence, signalling better times FMCG ETF. The New Fund Offer (NFO)
lying stocks contributed by countries ahead. Our people are well equipped closes for subscription on August 02.
outside the US. "Including an interna- with top class digital infrastructure to The ETF is benchmarked against Nifty
tional fund helps bring a geographical function seamlessly," he added. As In- FMCG TRI Index. The fund will be listed
diversification to an investor's portfo- dia continues on its growth journey, on BSE and NSE. The minimum invest-

BANKING FINANCE | AUGUST | 2021 | 21