Financial Daily from THE HINDU group of publications
Sunday, Apr 18, 2004
Financial Daily from THE HINDU group of publications Sunday, Apr 18, 2004 |
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Markets
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Mutual Funds Pru-ICICI MF lines up `value stock' scheme Our Bureau
Kolkata , April 17 PRUDENTIAL ICICI Mutual Fund has lined up an equity scheme that will seek to create a diversified portfolio of `value stocks.' The proposed Prudential ICICI Value Fund will try to generate returns through a combination of dividend income and capital growth by investing in stocks carrying attractive valuations relative to earnings or book value or current/future dividends. The fund will offer investors the two usual choices - dividend (with reinvestment facility) and growth. At least 80 per cent of its assets will be under normal circumstances invested in equity or equity-related instruments carrying a relatively high-risk profile. The MF has sent a draft offer document to SEBI for approval. Pru ICICI MF has also worked out a scheme aimed at investing in mainly mid-cap stocks. `Mid-cap,' according to the offer document filed with SEBI, imply stocks that have a market capitalisation in the Rs 300-2,000 crore range. The idea is to create an actively-managed and well-diversified fund, which will be free to invest up to 95 per cent in promising mid-cap names. There will be only a limited exposure to debt/money market instruments and cash.
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