mutual-fund

ABSL Business Cycle Fund garners ₹2,200 crore; gets 1,17,800 applications

ABSL Business Cycle Fund garners ₹2,200 crore; gets 1,17,800 applications

Asset management company (AMC), Aditya Birla Sun Life Mutual Fund (ABSLMF), on Tuesday said its business cycle fund has garnered over ₹2,200 crore during the new fund offer (NFO) period, making it one of the largest funds in the category. The fund also received more than 1,17,800 applications during the phase. The Aditya Birla Sun Life Business Cycle Fund, an equity scheme that follows business cycle-based investing theme was open for subscription during 15-29 November. Since it is an open-equity fund, the scheme has reopened for subscription. Speaking on the interest received, A Balasubramanian, managing director and chief executive officer, ABSLMF, said: “Courtesy its strong value proposition, Aditya Birla Sun Life Business Cycle Fund has attracted over 1,17,800 applications, covering more than 10,500 pin codes across T30, B30 and emerging markets. “The economic activity is picking pace after the pandemic-led disruptions. And as the economy swings between these contractionary and expansionary phases, it opens up investment opportunities in different sectors. Our fund looks to identify these investment opportunities and manage allocation through various business cycles, he added. Fund managers to the scheme are Vineet Maloo, Nitesh Jain and Vinod Bhat (for overseas investments). According to the fund house, Aditya Birla Sun Life Business Cycle Fund factors in both the macro-economic phases, as well as the industry-specific developments in its investment strategy. Through dynamic allocation between various sectors and market-caps, ABSL Business Cycle Fund aims to provide long-term capital appreciation to risk-aware equity investors. With no sectoral and market-cap bias, the business cycle fund will look to actively identify investment opportunities and manage allocation through various business cycles to generate returns. Another AMC, ICICI Prudential Mutual Fund, had earlier this year launched a business cycle fund. As per data available with ValueResearchOnline, ICICI Prudential Business Cycle Fund has assets under management of ₹5,959 crore as of 30 November and has delivered a return of 22.30% since its launch in January 2021. Download.

mutual-fund 2021-12-21 Livemint