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According to the fund house, the fund is designed with the objective of providing access to emerging technologies that are in the early stages of adoption based in the US.
Edelweiss Asset Management Limited, a group company of Edelweiss, announced the launch of a New Fund Offer of the Edelweiss US Technology Equity Fund of Fund (FOF). The NFO will open on February 14, and close for subscription on February 28. It will re-open for continuous sale and repurchase on or before March 16.
According to the fund house, the fund is designed with the objective of providing access to emerging technologies that are in the early stages of adoption based in the US. This is the first time that Indian investors will be able to take exposure to these emerging technologies across different sectors, through the underlying fund, stated the press release.
The underlying fund, JP Morgan US Technology Fund, is an actively-managed fund with 20 plus years of track record. It invests in technologies that are in the early stages of adoption and are growing at a fast pace compared to technologies that have matured and are in their growth cycle. The underlying fund has a multi-cap strategy and hence, can outperform the popular large-cap based indices in the long run.
In this theme, there are companies that serve various consumers, using technology and catering to varied needs. A few of the top holdings of the underlying fund include Netflix, Synopsys, Microsoft, Tesla, Advanced Micro Devices, Analog Devices, ServiceNow, PayPal Holdings and Alphabet (Google's Parent company).
Radhika Gupta, CEO, Edelweiss Asset Management Limited said, "Technology is a very broad theme and operates in multiple sectors. Most of these companies draw their revenues from across the world, hence have limited country-specific risks. This fund enables investors to be a part of some megatrends in technology and get access to expert research of the JPMorgan Investment Team."
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