NFO: ICICI Prudential MF to open Energy Opportunities Fund; check date, features and other important details

ICICI Prudential Mutual Fund (ICICI Prudential MF) announced the launch of the ICICI Prudential Energy Opportunities Fund, an open-ended equity plan focused primarily on energy on Thursday, June 27.

This scheme aims to generate long-term capital appreciation by investing predominantly in equity and equity-related instruments of companies engaged in or benefiting from the growth in traditional and new energy industries/sectors, as well as allied businesses, the AMC said in a statement.

ICICI Prudential Energy Opportunities Fund: Dates

The NFO will open on July 2, 2024, and will close on July 16, 2024.

ICICI Prudential Energy Opportunities Fund: Minimum investment

The minimum investment under this NFO is Rs 5,000.

ICICI Prudential Energy Opportunities Fund: Objective

The Scheme's investment objective is to provide investors with opportunities for long-term capital appreciation by investing in equity and equity-related instruments of companies involved in traditional and new energy exploration, production, distribution, transportation, and processing, including but not limited to industries/sectors such as oil and gas, utilities, and power. However, there is no assurance or guarantee that the scheme's investing objective will be attained.

Speaking at the launch, ED & CIO of ICICI Prudential AMC and the fund manager of the offering, Sankaran Naren, said, “Energy is the cornerstone of industrial growth and economic development. With the ongoing transition towards renewable energy and the government’s focus on achieving net-zero emissions, the energy theme offers significant growth potential. Through this scheme, investors can gain access to a diversified portfolio of companies across the energy value chain.” Adding further on valuations and recent performance.”

“Although Nifty Energy Index has outperformed the broader market recently, the valuations remain reasonable, and investors may consider this scheme from a long-term perspective,” Naren said.

The scheme will be managed by Sankaran Naren and Nitya Mishra, and the benchmark for the scheme will be Nifty Energy TRI.