IDFC Mutual Fund has launched its first international fund, an open-ended equity scheme that will invest in units of US mutual fund schemes.
The fund will invest in JP Morgan US Growth Fund, which manages assets worth $1.8 billion and has majority investments in tech stocks including Alphabet, Apple, Microsoft and Facebook.
In a press release, CEO of IDFC AMC Vishal Kapoor said the fund would provide complementary addition to the investor’s portfolio as it has a low correlation with Indian equities. "Additionally, it offers investors the powerful opportunity of investing in US equities and participation in a significant global revenue pool," he said.
"The US market is at the forefront of new-age innovations across different sectors and investors can reap benefit of those unique businesses. Investors can add currency exposure to their portfolio to meet future expenses and participate in innovative themes, which are expected to advance the US economy further," he added.
