ICICI Prudential Mutual Fund announced the launch of ICICI Prudential Growth Fund- Series 2

ICICI Prudential provide capital appreciation by investing portfolio of equity and equity related instruments.

July 18, 2014 12:27 IST | India Infoline News Service
ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential Growth Fund - Series 2, a three and half year close ended equity fund that aims to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related instruments.

Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company Ltd. said, “The Indian economy is on the cusp of bouncing back from the crunching slowdown of the past few years. Many comprehensive measures have been announced by the new government for getting economic growth back on track. With the economy bound to recover sooner or later, we believe equities make a case for investment as the compounding asset class. At the current market valuations, we recommend investors look at equities with a three to five year horizon.”

The fund will be managed by Yogesh Bhatt, Fund Manager, ICICI Prudential AMC & Vinay Sharma, Fund Manager, ICICI Prudential AMC. Overseas investment will be managed by Ashwin Jain.

Several opportunities in the offing for earnings growth:

Investment in railways infrastructure could benefit all the ancillary industries namely, wagons, steel, logistics, etc.

Currently, defence requirements are being imported and Government of India has a clear plan of increasing local production for the same.

Power demand to recover going forward as economic activity picks up.

If the economy improves, savings rates as well as new business premiums are expected to go up boosting the Insurance sector.

The minimum application amount for the fund is Rs 5,000 (plus in multiples of Rs.10)

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