ICICI Prudential MF launches Energy Opportunities Fund: Check details

Scheme will invest in equity and equity-related instruments of energy companies

ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Energy Opportunities Fund, an open-ended equity scheme focused on the energy industry. The new fund offer (NFO) opened on July 2 and will close on July 16, 2024.

 

The scheme aims to generate long-term capital appreciation by investing in equity and equity-related instruments of companies engaged in or benefiting from the growth in both traditional and new energy industries, as well as allied businesses. The energy theme encompasses a wide range of industries, including oil and gas, bioenergy and lubricants, said the company.

 

The performance of the ICICI Prudential Energy Opportunities Fund will be benchmarked to the performance of the Nifty Energy TRI. The minimum investment under the NFO is Rs 5,000. Sankaran Naren and Nitya Mishra will manage the scheme.

 

The scheme will allocate 80-100 per cent in equity and equity-related instruments of companies engaged in energy (traditional / new) and allied sectors, 0-20 per cent in other equity and equity -related securities, 0-20 per cent in debt, units of mutual fund schemes and money market instruments, and 0-10 per cent in units issued by REITs/ InvITs.

 

The NFO of the ICICI Prudential Energy Opportunities Fund is ideal for investors seeking long-term gain. This fund invests primarily in securities of companies engaged in or anticipated to benefit from the development of both traditional and new power and energy sources.

 

"With the ongoing transition towards renewable energy and the government's focus on achieving net-zero emissions, the energy theme offers significant growth potential. Through this scheme, investors can gain access to a diversified portfolio of companies across the energy value chain," said Sankaran Naren, chief investment officer of ICICI Prudential Mutual Fund.