ICICI Prudential India Recovery Fund - Series
We are in a very interesting situation as we are witnessing an improvement in all the Economic Indicators.We believe this trend would continue and we are at a cusp of an all round Economic Recovery.
An economic recovery phase is typically characterized by high levels of growth in real GDP, employment and profit margins. We believe that the Indian economy is expected to move towards high growth phase over the next 3 to 5 years and this strengthens our conviction in launching ICICI Prudential India Recovery Fund - Series 1, a 3.5 year close ended equity fund that aims to provide long-term capital appreciation by taking exposure in those stocks/sectors that are more levered to the economy and are likely to grow at a faster pace.
Indian economy is in the transition phase and is moving from a vicious to a virtuous economic cycle. Following indicators clearly show that the current trend is on recovery trajectory:
- Macro indicators like inflation, current account deficit, growth rates, etc. have shown signs of improvement over the past 1 year.
- We have witnessed early signs of revival in capex with new capex announcement up 3x on year on year basis, which is at a 5 year high. Project completion rate has increased from 17.5% in June to 33.30% in Dec'14.
- The Cabinet Committee on Investments (CCI) has also cleared 193 projects, worth Rs. 6.5trn (over 5% of GDP), out of the 491 accepted for consideration.
- Most sentiment indicators have also shown an uptick and purchasing managers' index (PMI) has been above 50 (denoting expansion), driven more by manufacturing recently, though the services index has also been robust.
With improvement in the macro indicators, focus on new and existing projects, uptick in business sentiment and governments thrust on reforms, we believe the economy has reached the inflection point and is expected to recover in the future.
Opportunities in the Current Scenario:We believe the current environment presents a huge investment opportunity in the following space
- Capital Goods
- Banks
- Public Sector Undertakings (PSU's)
- Railways
- Ports
- Roads
- Power
The Scheme is a 3.5 year close ended equity scheme that aims to provide long-term capital appreciation by taking exposure in those stocks/sectors that are more levered to the economy and are likely to grow at a faster pace. The Scheme aims to:
· Invest in high conviction stocks.
· Invest across market cap and being sector agnostic
· Declare commensurate dividends*.
*Dividends will be declared subject to availability of distributable surplus and approval from Trustees.
| Type of scheme | A Close ended equity scheme |
| NFO Period | 9th March to 23rd March 2015 |
| Investment Objective | The investment objective of the Scheme is to provide capital appreciation by investing in equity and equity related securities that are likely to benefit from recovery in the Indian economy. However, there can be no assurance that the investment objective of the Scheme will be realized. |
| Options | Direct Plan – Dividend payout Option Regular Plan – Dividend payout Option |
| Minimum Application Amt. | Rs.5,000 (plus in multiple of Rs.10) |
| Entry & Exit Load | Not Applicable |
| Benchmark Index | S&P BSE 500 Index |
| Fund Manager* | Mrinal Singh and Rajat Chandak |
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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