Companies

Nippon India mops up ₹617 cr via Taiwan equity fund NFO

Suresh P. Iyengar | | Updated on: Dec 08, 2021
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The new fund offer is one of the largest country-specific funds outside the US

The new fund offer (NFO) of Nippon India Taiwan Equity Fund has collected ₹617 crore from 65,500 investors. Among them, high-networth investors have pumped in ₹408 crore through 6,044 applications, while retail investors invested ₹181 crore through 50,720 applications.

The offering has emerged as one of the largest country-specific funds outside the US, with the participation of over 6,200 independent financial advisors. The NFO closed on December 6.

Nippon India Mutual Fund is only one in the industry to offer country-specific funds, including Nippon India ETF Hang Seng BeES, Japan Equity Fund, and now Taiwan Equity Fund.

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Sundeep Sikka, ED and CEO, Nippon India Mutual Fund, said the fund house aims to offer unique products that give investors access to international markets.

“With the launch of Hang Seng BeES, funds focused on Japan and Taiwan equity markets, we continue to add value to investors’ product portfolio by leveraging Nippon Life Insurance global network and working closely with the best asset managers in the world,” he added.

Nippon India Taiwan Equity Fund is India’s first open-ended equity scheme following a Taiwan-focused theme.

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The fund will be advised by Cathay SITE, the largest asset manager in Taiwan with $42.8 billion in asset under management. Cathay SITE is also the largest segregated account manager in the Taiwan Equity market for Taiwan public pensions.

The primary investment objective of Nippon India Taiwan Equity Fund is to provide investors long-term capital appreciation by primarily investing in equity securities listed on the Taiwan Stock Exchange; the fund is benchmarked to Taiwan Capitalization Weighted Stock Index.

It will follow a multi-cap investment strategy, with a focus on new technology trends, and will hold less than 10 per cent investment in a single stock. Taiwan is the second largest country by weight in the MSCI Emerging Market index after China.

Published on December 08, 2021

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