Mutual Fund News : ICICI Pru Mutual Fund announces change in benchmark of ICICI Pru Value Discovery Fund

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ICICI Prudential Mutual Fund has announced a change in benchmark of its open ended value style fund - ICICI Prudential Value Discovery Fund.

The benchmark of the scheme will be changed from S&P BSE 500 Index - TRI to a more suitable value based benchmark - Nifty 500 Value 50 Index - TRI, with effect from February 17, 2020.

Nifty 500 Value 50 Index consists of 50 companies from Nifty 500 Index that are selected based on ‘Value’ scores. The value score  for  each  company  is determined on the basis of Earnings to Price ratio (E/P), Book Value to Price ratio  (B/P),  Sales  to  Price  ratio(S/P) and Dividend Yield. The weight in the index is based on the combination of stock’s composite value score and free float market capitalization.

All the other provisions of the SID / KIM / addenda remains unchanged.