Buoyed by the good response to its recent NFO of ICICI Prudential Value Fund, ICICI Prudential is set to set to launch Series II of the fund. The Series II opens for subscription on November 18, 2013 and closes on November 29, 2013.
The Series I has collected Rs. 650 crore, the highest in recent times for an equity fund.
Amar Shah, Head Retail Business, ICICI Prudential MF said, “We continue to believe that value stocks in the mid-cap space present a very interesting opportunity for long term capital appreciation and hence, have launched Value Fund Series II. We have collected 650 crore in Series I and expect a good response for Series II as well. More gratifying was the fact that the fund had received a good response from retail and HNI investors.”
“The launch of this product brings forth the opportunity to benefit from a theme which we believe is a far bigger opportunity than any other theme at this point in time and hence, it will be inappropriate to assign a number for collection. There are plenty of opportunities that are available across the mid-cap space and investors should consider investing in this theme,” adds Shah.
Like ICICI Prudential Value Fund Series I, the second series of close ended equity scheme aims to provide capital appreciation by investing in a diversified portfolio of stocks through fundamental analysis. The fund will find companies at reasonable price rather than generic companies at bargain price. The minimum application amount will be Rs. 5000 while the fund will be benchmarked against S&P BSE 500. Sankaran Naren and Mittul Kalawadia will co-manage the fund.
