Apr 3, 2008

Mutual Fund NFO- ICICI MF rolls out Focused Equity Fund

ICICI MF rolls out Focused Equity Fund

ICICI MF has rolled out a new scheme called ICICI Prudential Focused Equity Fund and it is an open-ended equity scheme. The investment objective under the scheme is to seek to generate long-term capital appreciation and income distribution to unit holders from a portfolio that is invested in equity and equity related securities of about 20 companies belonging to the large cap domain and the balance in debt securities and money market instruments. The fund would invest 70-100% of corpus in equity and equity related securities. There will be 0-30% investment in debt instruments. The investment in securitised debt will be up to 50% of the debt portfolio and derivative instruments to the extent of 75% of the net assets. It is proposed to make investments in ADR/GDR to the extent of 50% of the net assets.

There are two options available under the scheme viz. retail and institutional option I. Retail option will have growth and dividend sub-options with dividend payout and dividend reinvestment facilities. Institutional option I will have only growth sub-option. Retail option with dividend reinvestment facility shall be the default option.

Under retail option, the scheme will charge a 2.25% an entry load for investment of less than Rs 5 crore, and no entry load will be imposed for investment of Rs 5 crore and above. The scheme may not ask for any entry load under institutional option I. Under retail plan, the scheme may charge 1% an exit load for investment of less than Rs. 5 crores and redeemed before 6 months from the date of allotment. No exit load will be charged for redemption for investment of Rs 5 crore and above. The minimum application amount under retail option is Rs.5000 and in multiple of Re 1 thereafter. Under institutional option I, the minimum application amount is Rs 10 crore and in multiples of Re 1 thereafter.