This close-ended fund is targeted at investors who have a minimum three year time horizon for investing. It will convert into an open-ended scheme at the end of its three year maturity period.
In its initial days the fund intends keeping the portfolio flexible across stocks of different capitalisation. Hence there will be no capitalisation bias in investing. However, gradually the fund intends to build its position in the mid and small cap stocks. This mid and small cap oriented portfolio will be concentrated on a core portfolio of 25 - 30 stocks.
The fund will offer a liquidity window on a quarterly basis and redemptions will be made on the 15th day at the end of each quarter.
The NFO also offers free group insurance coverage for resident individual participants and the Karta of a Hindu Undivided Family in the 18-50 year age bracket. The cover is for the three year period and is restricted to those who respond to a health questionnaire.
The earlier close-ended offering, launched under the similar Fusion series in February 2006, has returned 25.10 per cent (as on February 15, 2007) since inception. Pru ICICI Fusion is also a mid and small cap oriented fund with 87.8 per cent of its net assets (based on January 31, 2007 portfolio) deployed among mid and small cap stocks.
Snapshot
Unit cost during NFO: Rs 10
Type of fund: Close-ended
Options: Growth, Dividend payout
Minimum investment: Rs 5,000
Benchmark: S&P CNX Nifty
Fund Manager: Anand Shah
Offer opened: February 15, 2007
Offer closes: March 16, 2007
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