ICICI Prudential launches US bluechip equity fund

ICICI Prudential AMC today launched its first equity fund -- 'ICICI Prudential US Bluechip Equity Fund'-- which will directly invest in blue-chip companies in the US.

The new fund has an investment strategy of investing in top 20-25 ideas among the blue chips listed on the New York Stock Exchange and Nasdaq.

"This new fund will invest in those companies with minimum $4 billion of market capitalisation with distinct competitive advantage," ICICI Prudential AMC Vice-President and product and communication head Himanshu Pandya told reporters here.

He also said companies in healthcare and medicine along with technology is on the radar of the fund house.

The new fund offer will stay open for subscription till July 2, 2012 in which retail investors can invest through systemic investment plan (SIP) with a minimum application amount of Rs 5,000.

As per the fund house, the current US market reflects political stability, strong corporate governance, sound financial accounting and fewer challenges in comparison to other markets which will help in diversifying the portfolio of investors through this investment.

On the currency-based risks involved in this product, Pandya said this will be evened out in the long-term.

The company has also entered into a three-year exclusive arrangement with research house Morning Star which will provide it with research inputs regarding the US market, he added.

ICICI Prudential, which is a joint venture between ICICI Bank and the England-based Prudential, is one of the largest fund houses with an investor base of around 2 million.