Edelweiss AMC launches new technology fund

CHENNAI: Edelweiss Asset Management has launched Edelweiss Technology Fund, an open-ended equity scheme investing in technology and technology–related companies. The new fund offer (NFO) is open for subscription from February 14 to February 28, 2024.

The Edelweiss Technology Fund aims at offering investors with exposure to both Indian as well as global technology and tech-enabled companies.

"Investors can ride the technology wave across traditional as well as new-age technology companies in India, specifically in Renewables, IT services, digital and electronics manufacturing services (RIDE)," the company said in a statement.

The exposure to India technology companies will be approximately 70-80%. The allocation to global technology companies is expected to be in the range of 20-30%, achieved through an internal rule-based methodology in key US technology companies across AI, internet companies, semiconductors and others. The fund's performance will be assessed against the S&P BSE TECk TRI benchmark.

"This offering provides investors an opportunity to tap into dynamic Indian and US-based tech stocks in a unique and tax efficient manner. Our proven success in running a US Technology Fund of Fund in collaboration with JP Morgan underscores our commitment to providing diverse investment avenues and navigating the ever-evolving tech landscape," Radhika Gupta, MD & CEO, Edelweiss Mutual Fund, said.