ICICI Prudential Mutual Fund has launched ICICI Prudential Innovation Fund, an open-ended thematic equity scheme which will predominantly invest in stocks of companies and units of global mutual funds/ETFs that can benefit from innovation strategies.
According to the fund house, innovation can be as simple as invention of wheel to complex/modern techniques such as Artificial Intelligence (AI). Broadly, innovation can be of three types – Radical innovation (replace an existing product with a brand new one), disruptive innovation (new affordable products & services catering to large customer base) or incremental innovation (upgrades to existing products / services / process / methodology).
In a press release, Chintan Haria, Head - Investment Strategy, ICICI Prudential AMC said, "As countries look to become increasingly self-sufficient in terms of resources, innovation as a theme is likely to do well going forward globally and domestically. With the deployment of 5G technology, a wide gamut of sectors/industries stand to benefit and India already has a robust ecosystem in place for nurturing innovation. Given that innovation can happen anywhere, our research team will track sector/theme specific trends."
