Kotak Mahindra Asset Management Company has launched Kotak NASDAQ 100 Fund of Fund that will invest in units of overseas exchange-traded funds (ETF) and schemes such as iShares NASDAQ 100 ETF, Lyxor Nasdaq-100 ETF and USA Nasdaq 100 Index Fund. The shares listed on the Nasdaq 100 are worth $15 trillion.
The new fund offer (NFO), which opened for subscription on Monday, will close on January 25.
Nasdaq-100 is one of the world’s major large-cap growth indices. It includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Exchange. These companies are leaders in information technology, telecom, retail, wholesale trade and biotechnology.
Harsha Upadhyaya, President and CIO - Equity, Kotak Mahindra AMC, said investors in the new fund offer get an opportunity to participate in the performance of the Nasdaq-100 index.
Arjun Khanna, Fund Manager - Equity, Kotak Mahindra AMC, said the combined market capitalisation of Apple and Amazon is more than India’s total market capitalisation. Currently, 50 per cent weightage of the Nasdaq-100 is from technology stocks including Apple, Microsoft, Amazon, Tesla, Facebook and Google’s parent company Alphabet.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.