ICICI Prudential AMC announced the launch of ICICI Prudential Global Stable Equity Fund which would be investing in Nordea 1 - Global Stable Equity Fund – Unhedged managed by Nordea Asset Management Company. According to an ICICI Prudential AMC press release, it is an open-ended fund of funds scheme that seeks to provide adequate returns by investing in the some of the largest global companies that are business leaders in their domain.
This fund seeks to invest in stable companies globally with a view to outperform the market over a full market cycle, with a focus on risk control. The NFO opens on August 27, 2013 and closes on September 10, 2013. The minimum amount is Rs 5,000. The fund is benchmarked against MSCI World – Net Return Index.
Morningstar data shows that Nordea 1 - Global Stable Equity Fund – Unhedged has delivered 11% annualized return over a three year period and 6% annualized return over five years. Launched in 2006, Nordea 1 - Global Stable Equity Fund - Unhedged is incorporated in Luxemburg. The fund’s top holdings were in United States, Japan, UK, France, and Switzerland. Microsoft, KDDI, Aflac, Novartis and Wal-Mart Stores were some of its top holdings as on July 2013. According to the factsheet of Nordea 1 - Global Stable Equity Fund – Unhedged, the fund manages AUM of 724.61 million euro.
The feeder fund carries an exit load of 3% if investments are redeemed or switched out before three months of investments and 1% before 18 months and nil after 18 months.
The NFO opens on August 27, 2013 and closes on September 10, 2013. The minimum amount is Rs 5,000. The fund is benchmarked against MSCI World – Net Return Index.
Speaking on the launch of this fund, Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company said, “Global economies are on the path to recovery; global equities are currently available at reasonable valuations to the investors. With this context, the Indian investor can choose to make attractive global assets a part of their portfolio. The idea behind the launch of ICICI Prudential Global Stable Equity Fund is to provide an opportunity to Indians to invest in a global product that provides them access to investing into stable companies across the globe.”
Mr. Allan Polack, CEO, Nordea Asset Management Company added, “Indian equities represent about 2% of the world’s equity assets leaving 98% of the pie as untapped potential for Indian investors. With this product, Indians have the chance to participate in the global equities that focus on stable business acumen. It is an exciting opportunity for Indians to really be a part of the global growth stories.”
ICICI Prudential had partnered with Europe’s Nordea Asset Management Company last year to capitalize on investment and distribution strengths in Indian and international markets.
