Mutual Fund News : ICICI Prudential Mutual Fund Introduces ICICI Prudential Innovation Fund

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ICICI Prudential Mutual Fund has launched – ICICI Prudential Innovation Fund

An open-ended equity scheme following innovation theme.

Accordingly, the investment objective is to generate long term capital appreciation by predominantly investing in equity & equity related securities of companies and units of global mutual funds/ETFs that can benefit from innovation strategies and theme.

However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved.

Under normal circumstances, ICICI Prudential Innovation Fund will hold an allocation of 80% to 100% of its assets in Equity & Equity related securities of companies adopting innovation strategies and themes & Overseas Securities adopting innovation strategies and themes, 0% to 20% in Other Equity & Equity related instruments, 0% to 20% in units of Debt & Money market instruments and 0% to 10% in REITs and InvITs.

As per the Scheme Information Document, ICICI Prudential Innovation Fund will predominantly invest in companies that are adopting innovation strategies and themes. The Scheme shall have a diversified portfolio across market cap and certain portion can also be invested in ADR/GDR, foreign equity securities (including companies following adoptive innovation and disruption strategies), units/shares of global mutual fund/ ETFs, which can benefit from innovation strategies and theme.

ICICI Prudential Innovation Fund’s performance will be benchmarked against NIFTY 500 Total Returns Index (TRI)

The scheme will be managed by Mr Anish Tawakley, Mr Vaibhav Dusad and Ms Sharmila D’mello for overseas investment.

The NFO opens for subscription on April 10, 2023, and closes on April 24, 2023. The schemes will reopen for continuous sale and repurchase on Within five Business Days from the date of allotment.

The fund’s NAV is priced at Rs 10/- per unit during the NFO period. The minimum subscription amount is Rs 5,000/- and in multiples of any amount thereafter. 

The scheme offers Regular Plan and Direct Plan each plan offers Growth and Income Distribution cum Capital Withdrawal (IDCW) Option.