ICICI Prudential Asset Management Company has debuted dividend yield equity fund, an open ended equity fund that seeks to offer medium to long term capital gains and/or dividend distribution.
In order to achieve its financial targets, the fund will invest in a well diversified portfolio of equity and equity related instruments, which offer attractive dividend yield.
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The new fund offer will open for subscription on 25 April 2014 and close on 9 May 2014, the asset management company said in a statement.
ICICI Prudential AMC fund manager Mrinal Singh and Vinay Sharma have been appointed to oversee the fund investment portfolio.
ICICI Prudential Asset Management Company md & CEO Nimesh Shah said, "Companies with a good track record of paying high dividends yields are seen as better investment options. Investing in such companies is also one of Value Investing Strategy."
"In a bull market, such companies could add to the overall capital appreciation and improve gains. In a bear or volatile market, they could compensate for the limited scope of capital appreciation.
"Hence, a high dividend stock could find favor in any market conditions," Shah added.
