Invesco Mutual Fund Launches New India Technology Fund
Invesco Mutual Fund has introduced the Invesco India Technology Fund, an open-ended equity scheme that shall invest in technology and related sectors. The New Fund Offer opens on September 7 and closes on September 17, 2024. The scheme shall reopen for continuous sale and repurchase within five business days from the date of allotment.
The scheme aims at capital appreciation by predominantly investing in equity and equity-related instruments of companies operating in the technology sector. This would also include companies at the forefront of transformative innovation in areas like automation, robotics, artificial intelligence and cloud computing, among others, which are benefitting from enhanced digital adoption.
Investors may invest either in regular or direct plans, and both growth and IDCW options are available. The minimum investment amount for a lump sum purchase is Rs.1,000 and additional investments are accepted in multiples of Rs 1. In case of switch-in, the minimum investment would also be Rs.1,000 and subsequent amounts in multiples of Rs 0.01.
The scheme shall be benchmarked against the Nifty IT TRI index and managed by Hiten Jain and Aditya Khemani. The scheme shall intend to invest in the following assets: 80%-100% in equity and equity-related instruments in technology sectors, 0%-20% in other equity instruments, 0%-20% in debt and money market instruments, and 0%-10% in units issued by REITs and InviTs.
The maximum limit of TER under Regulation 52(6)(c)1 is up to 2.25%. The exit load for the scheme would be as follows:
- 0.50% if units are redeemed or switched out within three months from the date of allotment.
- Nil after three months.
- No charge for switching from one plan to another within the scheme.
The Fund invests in equities and aims at achieving long-term capital appreciation, mainly for investors interested in the technology and technology-related sectors.
