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Business EconomyPosted at: Oct 1 2022 2:18PM


ICICI Prudential MF launches 2 funds

Mumbai, Oct 1 (UNI) ICICI Prudential Mutual Fund said it has launched two target maturity funds -- ICICI Prudential Nifty SDL Dec 2028 Index Fund and ICICI Prudential Nifty G-Sec Dec 2030 Index Fund.
Target Maturity Index Funds are open-ended passively managed funds that replicate the underlying debt index having a specific maturity date. The constituents of the index are generally hold-till-maturity.
ICICI Prudential Nifty SDL Dec 2028 Index Fund invests in the constituents of Nifty SDL Dec 2028 index while ICICI Prudential Nifty G-Sec Dec 2030 Index Fund invests in the constituents of Nifty G-Sec Dec 2030 Index.
Both the offering aims to provide returns that closely correspond to the total return of the underlying index, subject to tracking errors.
Chintan Haria, Head-Product Development and Strategy, ICICI Prudential AMC, said: ''In a rising interest rate scenario, investors looking for fixed duration returns within a specific maturity bucket can consider investing in Target Maturity Index Funds.
"Some of the key features of the target maturity funds is that it largely adopts a hold-to-maturity approach as it replicates the underlying index which constitutes of State Development Loans of various states or Union Territories or G-Secs depending on the type of the offering chosen. If held for more than three years, investors get the benefit of indexation which significantly increases the post-tax returns of those in higher tax brackets.''
ICICI Prudential Nifty SDL Dec 2028 Index Fund will open for subscription on October 4 and will close on October 11. The Maturity date of the Scheme December 31, 2030.
ICICI Prudential Nifty G-Sec Dec 2030 Index Fund will open for subscription on October 4 and will close on October 10. The Maturity date of the Scheme December 31, 2030.
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