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Edelweiss Asset Management launches technology fund

Edelweiss Asset Management launches technology fund

| @indiablooms | 15 Feb 2024, 09:23 pm

Mumbai: Edelweiss Asset Management Limited (EAMC/EMF) announced the launch of the Edelweiss Technology Fund, an open-ended equity scheme investing in technology and technology–related companies.

The new fund offer (NFO) is open for subscription from 14th February 2024 to 28th February 2024.

“The Edelweiss Technology Fund aims to offer investors exposure to both Indian as well as global technology and tech-enabled companies. Investors can RIDE the technology wave across traditional as well as new-age technology companies in India, specifically in Renewables, IT services, Digital, and Electronics manufacturing services (RIDE),” said a media statement.

The exposure to Indian technology companies will be approximately 70-80%.

The allocation to global technology companies is expected to be in the range of 20-30%, achieved through an internal rule-based methodology in key US technology companies, encompassing AI, internet companies, semiconductors, etc.

The fund's performance will be assessed against the S&P BSE TECk TRI benchmark.

Commenting on the launch, Ms. Radhika Gupta, MD & CEO, Edelweiss Mutual Fund, stated, “This offering provides investors an opportunity to tap into dynamic Indian and US-based tech stocks in a unique and tax efficient manner. Our proven success in running a US Technology Fund of Fund in collaboration with JP Morgan underscores our commitment to providing diverse investment avenues and navigating the ever-evolving tech landscape.”

Edelweiss Mutual Fund President & CIO-Equities Trideep Bhattacharya added, “We anticipate a substantial increase in technology penetration across all industries globally over the next decade. Our approach to participate in this trend will be through our Edelweiss Technology Fund, where we aim to take meaningful exposure to global industry leaders spanning various sub-sectors of technology along with Indian IT services and new-age tech companies."

The scheme will be managed by Trideep Bhattacharya, Sahil Shah (Co-Fund Manager), and Amit Vora (Overseas securities).

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