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With GDP growth at its lowest, the close-ended fund aims to benefit from any rebound in the market in the near future
After the financial meltdown of 2008, the buzz in the equities market has been restricted to select sectors like FMCG, healthcare and information technology, making them value picks.
In an attempt to tap these attractively valued stocks that can turn out to be potential winners, ICICI Prudential has launched a close-ended scheme, ICICI Prudential Value Fund.
While the fund house already has a value-theme-based fund in its basket — ICICI Prudential Discovery manages assets of about . 2,500 crore — its new offering is intended to be different in that it will have a more concentrated portfolio of 25-30 stocks.
The scheme is being launched at a time the GDP growth is at its lowest point, so that it can benefit from any recovery in the market in the near future.
The scheme will concentrate its synergies on value stocks in sectors such as engineering, capital goods, metals, automobiles and others that have been badly bruised in the past couple of years, over sectors such as consumer non-durables, healthcare and information technology (IT) that are currently fairly expensive.
Also, since the scheme will be close-ended with a lock-in period of three years, the fund manger will have room to take challenging investment calls without the fear of redemption.
Post the lock-in, investors will be allowed to either redeem their investments or switch to any other existing equity schemes of the fund house. During the lock-in period, the investor will get periodic dividends as the scheme comes with just the dividend payout option.
Given the investment rationale, the Value Fund aims to recreate the magic of Discovery Fund that turned out to be fairly successful post the financial crisis with annualised returns of over 30% over a five-year period against the category average of 20% annualised and Nifty returns of 19% annualised during the period.
But whether the new fund will script the same kind of success will largely depend on the economic recovery in future.
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