ICICPru MF launches Growth Fund-Series 2

MUMBAI: ICICI Prudential Mutual Fund today said it has launched Growth Fund-Series 2, a three-and-half year close-ended equity fund that aims to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related instruments.

"With the economy bound to recover sooner or later, we believe equities make a case for investment as the compounding asset class," ICICI Prudential Asset Management Company MD & CEO, Nimesh Shah said.

At the current market valuations, we recommend investors look at equities with a three to five year horizon, he added.

The new fund offer (NFO) period is between July 14-28. The fund will be managed by ICICI Prudential AMC fund managers Yogesh Bhatt and Vinay Sharma, whereas overseas investment will be managed by Ashwin Jain, a company release said.

The minimum application amount for the fund is Rs 5,000 (plus in multiples of Rs 10), the release added.

The fund aims at investing across market cap with a bias towards mid and small cap space. The three-year and half year close ended equity fund will be investing in 40-60 stocks, the release said.