Fundamental attributes of ICICI Pru Focused Bluechip Equity Fund changed

ICICI Prudential AMC has changed fundamental attributes of its ICICI Pru Focused Bluechip Equity Fund to comply with Sebi's new re-categorisation norms for mutual funds.

The scheme will now be known as ‘ICICI Prudential Bluechip Fund’. It has been categorised as an open-ended equity scheme, predominantly investing in largecap stocks. The scheme manages assets worth Rs 16,102 crore as on March 31, 2018.

The scheme has also modified its investment strategy. Earlier, the scheme was supposed to invest in equity and equity-related securities of about 20 companies belonging to the largecap domain and balance in debt securities and money market instruments. It was also mentioned that the fund manager will always select stocks for investment from among top 200 stocks in terms of market capitalization.


As per the new investment strategy, the AMC has removed any cap on the number of stocks and says the scheme shall predominantly invest in equity and equity-related securities belonging to the large cap domain as may be prescribed by SEBI/AMFI from time to time, and balance in equity and equity-related securities falling in other than large cap domain and debt securities and money market instruments.

Sebi has issued a circular on categorisation and rationalisation of open ended mutual fund schemes in October last year. Many mutual funds have already incorporated changes and some are in the process of changing or merging some of their schemes in line with the new norms.