ICICI Prudential US Bluechip Equity Fund from ICICI Mutual Fund

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ICICI Mutual Fund floats India's first US-dedicated equity fund

A first-of-its-kind product, ICICI Prudential Asset Management on Tuesday announced the launch of the country's first US dedicated equity fund, ICICI Prudential US Bluechip Equity Fund.

The fund will be investing in widely diversified bluechip companies listed on the New York Stock Exchange and Nasdaq, top company officials said at a news conference.

"We would be allocating funds in companies listed on S&P 500, with market capitalisation in excess of $4 billion" said Nimesh Shah, MD and CEO at ICICI Prudential AMC.

The new fund offer, which will be open for subscription from June 18 to July 2, will

give an opportunity to Indian investors to diversify their portfolio by investing in companies in the US, representing more than 33 per cent of the world market capitalisation.

"We are interested in companies which have competitive advantage in the world such as Microsoft, Yahoo! and pharma companies like Pfizer," said Himanshu Pandya, VP and head – products and communication, ICICI Prudential AMC.

Additionally, the fund provides an opportunity to Indian investors to sectors like semiconductors, aerospace, which may not be available in India, the company said in a media release.

ICICI Prudential AMC has also entered into a tie up with Morningstar, which will provide research inputs on the US firms.

Among the other benefits, the fund offers diversification advantage as it would invest in a low correlated market, while offering an exposure to global currency like the US dollar.

The present US market reflects political stability, strong corporate governance, sound financial accounting and fewer challenges than in other parts of the world. The fund also offers investors the option to invest through a systematic investment plan (SIP).

New product ICICI Prudential US Bluechip Equity Fund will invest in firms listed on the NYSE and Nasdaq Investors can invest in sectors like semiconductor, aerospace, which may not be available in India The new fund offer for the scheme will be open for subscription from June 18 to July 2

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