ICICI Prudential Asset Management Company has unveiled a new ICICI Prudential Equity Savings Fund to focus on investing in equity securities of companies which seek expansion in return on equity over the next three years.
The new close-ended equity fund will follow a focused approach on select high conviction stocks that gain from factors including the improving economy, regulatory change, change in industry dynamics or company specific factors.
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The fund, which will be run by Manish Gunwani, senior fund manager and Venkatesh Sanjeevi, fund manager, ICICI Prudential Asset Management Company, will be adequately diversified while not restricting itself to the benchmark sector weights.
Additionally, the fund is also valid for tax benefit under the RGESS.
Nimesh Shah, MD & CEO, ICICI Prudential Asset Management Company said: ‘These companies could be ones which are best poised for a bounce-back at the first sight of an improving economy. Such companies with an outlook for improving profits or Return on Equity (ROE) are expected to be good investment opportunities in today’s tough environment. We thus feel that it is an opportune time to make the most of modest equities that will be greatly impacted by the upcoming turn of positive economy indicators.”
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