NFO Alert: ICICI Prudential Mutual Fund launches active momentum fund

ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Active Momentum Fund, an open ended equity scheme following momentum theme. It is an offering designed to capture opportunities arising from persistent price and earnings/estimates trends in the market.

The new fund offer or NFO of the fund is open for subscription and will close on July 22.

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The fund will be benchmarked against Nifty 500 TRI and will be managed by Manasvi Shah and Sharmila D’silva.

“We aim to approach momentum in a fundamental manner by focusing on earnings/estimates momentum, complemented by price momentum. India’s equity market is diverse with stocks and sectors displaying varied earnings trends at different points in time, and our Scheme aims to capitalise on these trends,” said Sankaran Naren, ED and CIO, ICICI Prudential AMC.

"The Scheme has the flexibility to move across sectors; market caps and uses a combination of top down and bottom-up approach in portfolio construction,” Naren added.

The scheme’s unique approach combines earnings/estimates and price momentum, allowing it to adapt seamlessly to changing market conditions, and benefiting from sustained trends, according to a release by the fund house.

The minimum application amount is Rs 5,000 (plus in multiples of Re 1) and for additional investment, the minimum application amount is Rs 1,000 (plus in multiples of Re 1)

An exit load of 1% of applicable NAV for redemptions within 12 months and the exit load will be nil thereafter.

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According to the fund house, one should invest in this fund because it provides flexibility to move across sectors thereby widening the universe, moves across styles basis the market trends, provides flexibility to move across market caps depending upon the flows, and lastly has flexible investment approach which means it is mix of top down & bottom up approach.

The fund is suitable for investors seeking long-term wealth creation and who want an open-ended equity fund investing in equity and equity related instruments of companies reflecting momentum factors.

What is momentum investing?

It is a strategy that aims to capitalize on the continuance of existing trends (price trends or earning trends) in the market.