Mutual Funds

Edelweiss Asset Management Launches Technology Fund

Posted On : 2024-02-15 22:28:31( TIMEZONE : IST )

Edelweiss Asset Management Launches Technology Fund

Edelweiss Asset Management Limited (EAMC/EMF), one of India's fastest-growing AMCs, announced the launch of Edelweiss Technology Fund, an open-ended equity scheme investing in technology and technology - related companies. The new fund offer (NFO) are open for subscription from 14th February 2024 to 28th February 2024.

The Edelweiss Technology Fund aims to offer investors with exposure to both Indian as well as global technology and tech-enabled companies. Investors can RIDE the technology wave across traditional as well as new-age technology companies in India, specifically in Renewables, IT services, Digital, and Electronics manufacturing services (RIDE). The exposure to India technology companies will be approximately 70-80%. The allocation to global technology companies is expected to be in the range of 20-30%, achieved through an internal rule based methodology in key US technology companies, encompassing AI, internet companies, semiconductors, etc. The fund's performance will be assessed against the S&P BSE TECk TRI benchmark.

Commenting on the launch, Ms. Radhika Gupta, MD & CEO, Edelweiss Mutual Fund, stated, "In an era where technology is integral to our lives, we're thrilled to unveil our latest fund in the technology space. This offering provides investors an opportunity to tap into dynamic Indian and US-based tech stocks in a unique and tax efficient manner. Our proven success in running a US Technology Fund of Fund in collaboration with JP Morgan underscores our commitment to providing diverse investment avenues and navigating the ever-evolving tech landscape".

Mr. Trideep Bhattacharya, President & CIO-Equities, Edelweiss Mutual Fund, added, "We anticipate a substantial increase in technology penetration across all industries globally over the next decade. Our approach to participate in this trend will be through our Edelweiss Technology Fund, where we aim to take meaningful exposure to global industry leaders spanning various sub-sectors of technology along with Indian IT services and new-age tech companies."

The scheme would be managed by Mr. Trideep Bhattacharya, Mr. Sahil Shah (Co-Fund Manager), Mr. Amit Vora (Overseas securities).

Shares of Edelweiss Financial Services Limited was last trading in BSE at Rs. 70.24 as compared to the previous close of Rs. 69.37. The total number of shares traded during the day was 637957 in over 9992 trades.

The stock hit an intraday high of Rs. 71.36 and intraday low of 68.50. The net turnover during the day was Rs. 44857093.00.

Source : Equity Bulls


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