KOCHI: The ICICI Prudential Target Returns Fund, an open ended diversified equity fund launched by the ICICI Prudential AMC, has received an overwhelming response from investors and has collected over Rs 800 crore during the New Fund Offer (NFO) period ended on May 14. The fund has witnessed a good response from retail investors with almost 90 percent of the col lection through retail participation.
The ICICI Prudential Target Returns Fund is specially designed an objective of providing investors with trigger options to pre-set their investment objectives by allowing them to re-balance the investment to pre-selected debt funds, once their investment objectives are met. The fund utilises fundamental analysis for individual security selection with a view to invest in equities of companies that are highly liquid with large market capitalisation.
The unique nature of the product has attracted major retail participation. Vikram Kaushal, head, retail sales and distribution, said that the ICICI Prudential AMC had offered investor-focused products to its customers.
``The tremendous response received from retail investors reaffirms their faith in the disciplined investment approach which the ICICI Prudential AMC follow,’’ he said.