ICICI Prudential MF adds ICICI Prudential Innovation Fund to its thematic offering

Henil Shah
ICICI Prudential MF adds ICICI Prudential Innovation Fund to its thematic offering

ICICI Prudential Mutual Fund launched ICICI Prudential Innovation Fund on April 10, 2023. Read on to find out more about this fund.

ICICI Prudential Mutual Fund has unveiled an exciting new offering for the discerning investor - the ICICI Prudential Innovation Fund. This innovative, open-ended thematic equity scheme will predominantly invest in equity, equity-related securities of companies, and units of global mutual funds/Exchange Traded Funds (ETFs) that can benefit from cutting-edge innovation strategies and themes. Employing a bottom-up approach, the scheme can take exposure to companies involved in product/services/solution-related innovation across market capitalization, based on suitable opportunities. The subscription window for this intriguing fund will be open from April 10, 2023, to April 24, 2023. 


As history has shown us, companies that prioritize innovation tend to outperform their non-innovating counterparts, offering unparalleled organic growth opportunities that are crucial in today's rapidly evolving market landscape. For instance, it took 66 years for telephones to achieve 50 per cent penetration, while smartphones achieved the same feat in just seven years, underscoring the vital importance of innovation diffusion in modern times. 


It is often assumed that innovation is exclusively a technological pursuit. However, in reality, innovation can range from the invention of the wheel to modern techniques such as Artificial Intelligence (AI). Over the last decade, innovation has gained tremendous momentum compared to previous decades. In general, innovation can be broadly classified into three categories - Radical innovation (where an existing product is replaced with a brand new one), Disruptive Innovation (introducing new affordable products & services catering to a large customer base), or Incremental Innovation (improving existing products/services/processes/methodologies) - each offering unique benefits and growth opportunities. 


Sharing his views on the launch, Chintan Haria, Head - Investment Strategy, ICICI Prudential AMC said, “As countries look to become increasingly self-sufficient in terms of resources, innovation as a theme is likely to do well going forward globally and domestically. With the deployment of 5G technology, a wide gamut of sectors/industries stand to benefit and India already has a robust ecosystem in place for nurturing innovation.” 


“Through this offering, an investor will have access to companies involved in product/service/solution-related innovation both in India and overseas. Given that innovation can happen anywhere, our research team will track sector/theme-specific trends,” he further adds. 

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