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ICICI Prudential has launched a new NFO in the index fund category: ICICI Prudential Midcap 150 Index Fund 

ICICI Mutual Fund is launching a new index fund, ICICI Prudential Midcap 150 Index Fund, that replicates the Nifty Midcap 150 Index. The New Fund Offer (NFO) period for the ICICI Prudential Midcap 150 Index Fund is from December 3rd 2021 to December 17th 2021. The scheme re-opens for continuous repurchases and sale after five days from the date of allotment.

Objective

The fund’s investment objective is to offer investment returns that are closely correlated to the total returns of the stocks that are part of the Nifty Midcap 150 Index before expenses, subject to tracking errors. However, the scheme does not assure or guarantee that the investment objective will be met.

ICICI Midcap 150 Index Fund NFO Details

ICICI Prudential Midcap 150 Index FundDetails
NFO Opening DateDecember 3rd 2021
NFO Closing DateDecember 17th 2021
Re-open DateAfter five days from the date of allotment
Type of FundOpen-ended equity scheme
Fund ManagerMr. Kayzad Eghlim and Mr. Nishit Patel
Minimum Investment AmountINR 100
Minimum Additional Purchase AmountINR 100
Exit LoadNil
SuitabilityVery High
BenchmarkNifty Midcap 150 TRI
Plans and OptionsRegular Plan & Direct Plan

NOTE:

  • All the investment amounts should be multiple of INR 1/-
  • Minimum SIP/SWP/STP for Quarterly frequency is INR 5,000/-

Who Should Invest in ICICI Midcap 150 Index Fund?

ICICI Prudential Midcap 150 Index Fund best suits investors who wish to earn benchmark returns. The fund aims to replicate its benchmark index Nifty Midcap 150, and closely track it. The fund is a pure equity fund that invests in midcap stocks. Therefore, investors who are seeking exposure across midcap stocks and are risk-takers can consider investing in the scheme. Moreover, the scheme is suitable for investors with a longer investment duration of 5+ years.

Explore: New Fund Offers 2021

Fund Managers

Kayzad Eghlim

Mr Kayzad Eghlim has more than 19 years of industry experience. He has been associated with ICICI Prudential for more than a decade. His prior appointments were with IDFC Investment Advisors, Prime Securities, and Canbank Mutual Fund. Mr Eghlim currently manages about 39 schemes at the AMC. He holds B.Com Honours and M.Com degrees.

Nishit Patel

Mr Nishit Patel is a Fund Manager – Passive Fund at ICICI Prudential AMC. He has more than four years of experience in managing passive funds. Prior to joining ICICI AMC, he was Articles Assistant at K.K. Dand & Co. Mr Patel is a co-fund manager for about 26 funds. He is a Chartered Account and holds a B.Com degree from Mithibai College.

Asset Allocation

ICICI Prudential Midcap 150 Index Fund aims to closely replicate the benchmark index with minimum tracking error. Following is the indicative asset allocation of the fund.

Types of InstrumentsIndicative Allocation MinimumIndicative Allocation MaximumRisk Profile
Equity and Equity Related Instruments of companies constituting the underlying index.(Nifty Midcap 150 Index)95%100%Medium to High
Debt and Money Market Instruments05%Low to Medium
Units of Debt ETFs05%Low to Medium

NOTE

Since it is a passive fund, the asset allocation largely replicates the benchmark composition, and the fund managers do not actively make buy and sell decisions.

Concluding Remarks

ICICI Prudential Midcap 150 Index Fund that replicates the Nifty Midcap 150 Index. The fund primarily invests in the same stocks and proportions as the Nifty Midcap 150 Index. It aims to closely track the benchmark’s return with minimum tracking error. Since the fund invests in midcap stocks, it is a high-risk investment option. Historically performance of the benchmark index shows promising returns. However, past returns do not guarantee future returns.  

Investors who understand and are willing to undertake the risk can invest in the scheme. Furthermore, since it’s a pure equity scheme, it is a good strategy to have a long term investment horizon. Since the fund does not guarantee returns, keeping a close eye on the investments is advisable.

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