ICICI Prudential MF launches equity fund

ICICI Prudential Mutual Fund has launched a three-and-a-half-year close ended fund that aims to provide capital appreciation by investing in equity and related securities.

ICICI Prudential Growth Fund - Series 7 opened for subscription on January 5 and will close on January 19, the private fund house said in a release here today.

The sector agnostic fund seeks to provide capital appreciation by investing in around 10 high conviction large- cap and an equal number of mid/small cap stocks with bottom up approach, it said.

"With improving macro-fundamentals backed by political stability, we expect an economic recovery over the next 3-5 years. The new Government's reforms have set the stage for moving Indian economy towards a virtuous economic cycle and may boost corporate earnings," said ICICI Prudential Asset Management Company Managing Director and CEO Nimesh Shah.
 

"We maintain that Indian equities are a suitable asset class and recommend domestic investors to invest with a horizon of three years and above," he added.