Axis Mutual Fund launches Axis Nasdaq 100 Fund of Funds

The new fund offer opens for subscription on October 7 and closes on October 21.

The fund will focus on replicating the performance of the NASDAQ 100 TRI by investing in ETFs whose primary objective will be to track/replicate the performance of the NASDAQ 100 TRI.

Minimum application amount will be 500 per application and in multiples of 1 after that. The fund manager is Hitesh Das and the fund will be benchmarked against NASDAQ 100 TRI (INR).

According to the press release, the NASDAQ 100 Index includes the 100 largest non-financial companies on the NASDAQ stock market by market capitalization. It is the home of global growth and innovation. The current NASDAQ 100 index is a tech-heavy index and has exposure to new economy sectors such as healthcare, technology and consumer. It is primarily led by some of the most innovative and rapidly expanding non-financial companies across the globe that generate the bulk of their revenues from different countries. It added that apart from delivering the benefits of global exposure and mitigating potential geographic risk for investors, NASDAQ-100 can also act as an edge against INR depreciation.

Chandresh Nigam, MD & CEO, Axis AMC said, “As investors are maturing and taking an active interest in their wealth creation journey, the asset allocation paradigm is also changing dynamically. With global borders slowly blurring, investors are eager to gain access to some international growth stories that may not have been so effortlessly before. With the Axis Nasdaq 100 Fund of Funds, we are providing investors an opportunity to gain global exposure. We are confident that the fund’s philosophy and underlying structure will make it a valuable addition to investors.”