HDFC Mutual Fund has launched an open ended sectoral fund - HDFC Banking and Financial Services Fund.
The fund aims to invest in banking and financial services sector across segments and market capitalization including banking, broking, asset management, wealth management, insurance, non-banking financial companies (NBFC) and other companies that may be engaged in providing financial services.
The fund will also focus on opportunities in new listings including pre-IPO participation in lending, insurance, capital market businesses and fintechs. The NFO opens on June 11, 2021 and closes on June 25, 2021.
In a press release, Anand Laddha, Fund Manager, HDFC MF said, “Over last two decades, the financial services sector has grown faster than the rate of growth in gross domestic product. Despite this growth in the past, the penetration of various banking and financial services in Indian economy is low. The banking and financial services sector has demonstrated the ability to generate return over the market return when the economy is in growth phase.”
