ICICI Pru Target Returns Fund collects Rs 800 cr during NFO

ICICI Prudential AMC today said its Target Returns Fund has collected over Rs 800 crore during its new fund offer (NFO) period that ended on May 14.

The ICICI Prudential Target Returns Fund is an open- ended diversified equity fund launched on April 15."The fund has seen a significant response from retail investors with almost 90 per cent of the collection coming through retail participation," ICICI Pru AMC's Head, Retail Sales & Distribution, Vikram Kaushal said.  

The scheme is specially designed with the aim of providing investors with trigger options to pre-set their objectives by allowing them to re-balance the investment to selected debt funds, once their investment objectives are met. 

The fund utilises fundamental analysis for individual security selection with a view to invest in equities of companies that are highly liquid with large market capitalisation, Kaushal said.

"We believe we have conceptualised the right product at the right time thus resulting in remarkable investor appetite in the fund. The tremendous response from retail investors reaffirms their faith in the disciplined investment approach the schemes of ICICI Prudential AMC follow," he said.