INVESCO MUTUAL FUND LAUNCHES INDIA TECHNOLOGY FUND

Published on Sep 06, 2024 10:53

Invesco Mutual Fund has launched its new fund Invesco India Technology Fund, (an open ended equity scheme investing in technology and technology related sectors).

Invesco India Technology Fund seeks to generate capital appreciation by investing 80% - 100% in equity & equity related instruments of companies in technology and technology related sectors, companies focused on driving transformative innovations across technology, automation, robotics, artificial intelligence, cloud computing and other technology companies including those benefiting from increased digital adoption.

This fund will adopt both top down and bottom-up approach and will invest across market capitalization balancing large cap stability with midcap growth and small cap potential. The fund will target investments in Indian Technology Companies alongside global technology leaders and innovators.

The fund will be benchmarked to Nifty IT TRI and will be managed by the fund managers, Hiten Jain and Aditya Khemani.

The minimum investment amount during the NFO is Rs 1,000/- and in multiples of Re 1/- thereafter. For SIP investments, the minimum application amount is Rs 500/- and in multiples of Re 1/- thereafter. The fund will charge an exit load of 0.50% for units redeemed / switched out on or before 3 months from the date of allotment. No exit load will be charged if units are redeemed / switched out after 3 months.

The NFO opened for subscription from 3 September, 2024 and it will close on 17 September 2024.

Speaking at the launch, Taher Badshah, chief investment officer, Invesco Mutual Fund said "After a phase of subdued growth, the global IT services sector appears ready for recovery as the global economic environment stabilises and as conditions build for a potential reversal of the hitherto rising global interest rate cycle. Not only has the Indian IT services sector gained share during this period in helping global companies manage costs, but it is also well positioned to accelerate growth going forward as adoption of new technologies revive global discretionary technology spends."

Hiten Jain, fund manager, Invesco Mutual Fund said "Today`s world is driven by technology, and businesses are embracing newer technologies, creating new growth opportunities for IT companies. The sector is gaining strength, supported by digitalization, government initiatives, and other factors. Moreover, valuations are reasonable, and we anticipate cyclical recovery in earnings driven by improving business sentiment."