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24 Apr 2012 04:18 PM
ICICI Prudential Mutual Fund files offer document for ICICI Prudential Global Stable Equity Fund 
Team Cafemutual
 

An open ended fund-of-funds scheme, this product will invest in global MFs.

ICICI Prudential Mutual Fund has filed an offer document with SEBI for launching an open ended debt scheme called ICICI Prudential Global Stable Equity Fund.

The fund is an open-ended fund of funds scheme that aspires to provide returns by investing largely in units of Nordea 1—Global Stable Equity Fund (N1–GSEF). The scheme may also possibly invest in similar overseas mutual fund schemes. The scheme aims to differentiate itself from other schemes based on the fact that it is a fund-of-funds predominantly investing in schemes of mutual funds overseas.

The scheme will allocate a minimum of 80% and a maximum of 100% of its total assets with units/shares of N1–GSEF. A maximum of 20% will be allocated to cash, domestic money market securities, and money market/liquid schemes of domestic mutual funds including that of ICICI Prudential Mutual Fund.

The scheme will offer SIP facility. It has two options: Regular Option and Institutional Option I. Both options offer choices of growth and dividend. The dividend option comes with dividend payout and dividend reinvestment facilities. An exit load of 1% is chargeable if the investment is redeemed or switched within a year from the date of allotment.

MSCI World Index (EUR Hedged) Net Total Return will be considered as the benchmark. The performance will also be compared with the scheme’s peers in the industry.

The fund will be managed by Punit Mehta (overseas investments) and Chaitanya Pande (domestic investments).

 
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