ICICI Prudential MF launches Midcap 150 Index Fund. details here

The New Fund Offer (NFO) for ICICI Prudential Midcap 150 Index Fund will be open for subscription from December 3-17.

Speaking on the product launch, Chintan Hariya, Head – Product Development & Strategy, ICICI Prudential AMC said, “ICICI Prudential Midcap 150 Index Fund will provide investors with exposure to the mid-cap segment of the market, as the scheme will invest well – Diversified Nifty Midcap Index constituents spread across major industries. By investing in this fund, investors can participate in the growth story of several mid-cap stocks that have the potential to become large-cap.”

According to the fund house, Nifty Midcap index has consistently outperformed Nifty 50 Total Return Index (TRI) and Nifty Smallcap 250 TRI over the last 10 years (data as on November 24, source MFIE). The index has given better returns than the Nifty 50 index in seven of the last 10 calendar years.

Nifty Midcap 150 TRI has managed to outperform Nifty 50 TRI on one, five, seven and 10 year basis.

Nifty Midcap 150 TRI has one-, five-, seven- and 10-year returns of 60.5%, 20.7%, 17.5%, 20.8% respectively, while Nifty has given 37%, 18.3%, 12.3% and 17.5% returns, respectively. . 50 TRI during the same time frame.

The top constituents in the Nifty Midcap 150 index are Adani Total Gas Limited (2.27%), Tata Power Company Limited (2.08%), SRF Limited (1.76%), SRF Limited (1.76%) and Mindtree Limited (1.65). ,

In terms of sectoral allocation, financial services have the highest weightage at 17.74%, followed by consumer goods (11.11%), industrial manufacturing (9.59%), automobiles (8.64%) and information technology (7.85%).

The minimum application for the scheme during the NFO period will be 100 and thereafter in multiples of Rs. Kayzad Aglim and Nishit Patel are the fund managers of this scheme. The scheme has zero exit load.