MUMBAI: PGIM India Mutual Fund has announced the launch of its open-ended PGIM India Large and Mid Cap Fund. The scheme seeks to generate long-term capital growth through investments in equity and equity-related securities of predominantly large and mid-cap stocks, from an actively managed portfolio.
The fund will be benchmarked against the Nifty LargeMidcap 250 Index TRI (Total Returns Index) and will invest a minimum of 35% each in large caps and mid-cap stocks, respectively. The portfolio will be built utilizing a combination of the top-down and bottom-up portfolio construction process, focusing on the fundamentals of each stock, including quality of management. The fund manager will aim to build a diversified portfolio with exposure across sectors.
Vinay Paharia, CIO, of PGIM India Mutual Fund, said, “There is a continuing opportunity for investing in high growth and good quality Large and Mid Cap companies which can take advantage of the India growth story. Such companies can continue to compound capital at a rapid pace in a capital-efficient manner for a long period.“
The equity portion of the fund will be managed by Vinay Paharia, Anandha Padmanabhan, Anjeneya, and Utsav Mehta, while the debt portion will be managed by Puneet Pal. Ojasvi Khicha will manage the overseas investments for the scheme.
Ajit Menon, CEO, of PGIM India Mutual Fund, said, “Portfolios following a style with a predominance of good quality and high growth companies have relatively underperformed in recent times. This provides an attractive opportunity for investors to accumulate units in a large and mid-cap fund following this style at the current juncture. This fund is suitable for new investors as well as existing investors looking to rebalance and reduce any concentration risks in their current portfolio.“
The fund opens for subscription on January 24, 2024, and closes on February 07, 2024. The minimum application amount for initial purchase/switch-in is a minimum of Rs. 5,000/- and in multiples of Re. 1/- thereafter. The fund re-opens for continuous sale and repurchase within 5 Business Days from the date of allotment.
Mutual fund investments are subject to market risks, read all scheme-related documents carefully. The product is suitable for investors who are seeking long-term capital growth and investing in equity and equity-related securities of predominantly large-cap and mid-cap stocks. The degree of risk is VERY HIGH.
PGIM India Mutual Fund is a wholly-owned business of PGIM, the global investment management business of the US-based Prudential Financial, Inc. (PFI). PGIM India Asset Management is the full-service investment manager of PGIM India Mutual Fund, offering a broad range of equity and fixed-income solutions to retail and institutional investors throughout the country. The fund house leverages the strength and stability of PGIM’s 145-year legacy to build on its decade-long history in India.
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than US$1.2 trillion in assets under management as of 30 Sept. 2023. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate, and alternatives.
