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ICICI Prudential Mutual Fund has launched ICICI Prudential Nifty50 Equal Weight Index Fund. The underlying index will be Nifty50 Equal Weight Index.
In a press release, Chintan Haria, Head- Product Development & Strategy, ICICI Prudential MF said, “Nifty50 Equal Weight Index is less concentrated in the top 5 sectors as compared to the Nifty 50 Index, thus providing an excellent diversification opportunity. Also, there is no size bias as the index tries to reduce the impact of bigger companies on the index performance.”
The underlying index has grown at 14.15% annually since the beginning of 2005.
