ICICI Pru MF extends NFO period till 31 Oct

Extension of NFO period of ICICI Prudential Value Fund- Series 1 till October 31, 2013

October 24, 2013 3:13 IST | India Infoline News Service
ICICI Prudential Mutual Fund on Thursday said that it has extend the NFO period of ICICI Prudential Value Fund – Series 1 till October 31, 2013.

ICICI Prudential MF launched Fund Series Fund 1, a close ended equity fund that focuses on investing in stocks that trade at a discount to their true value.

The fund aims at adopting the ‘value investing’ approach where low priced stocks with justifiable higher fundamentals are identified and invested in with the aim of long-term capital appreciation.

Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company said, “Value investing, one of the most popular investment themes globally, is a far bigger theme than any other opportunity in India in prevailing market situation. This is mainly on account of four reasons (1) sharp valuation dispersion among sectors and market cap segments, (2) a number of 'under-noticed' value opportunities thrown up due to the currency volatility, (3) earnings upsides through incrementally higher capacity utilization across many sectors and (4) investing at a cyclical low in terms of GDP growth.

“Besides these four reasons, domestic challenges, the most compelling one of which is continuation of the reforms process, will crystallize post the 2014 union elections. The positive aspect to the elections in terms of reforms is that both parties, the current government in rule and the opposition, have understood that reforms have to continue in order for the country to retain and nurture foreign interest in the form of FDI and other investment inflows. Hence, using the value strategy in the current scenario makes further compelling sense. A close ended fund like the new ICICI Prudential Value Fund Series 1 is well positioned to capture this opportunity for investors”.

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