SBI Mutual Fund on July 29, 2024 launched the SBI Innovative Opportunities Fund. It will invest in companies that will benefit from the adoption of innovative strategies or are directly engaged in innovative themes.
SBI Mutual Fund has launched SBI Innovative Opportunities Fund. It will invest in companies focusing on innovation. Minimum investment is Rs 5,000. NFO will remain open till August 12
SBI Mutual Fund on July 29, 2024 launched the SBI Innovative Opportunities Fund. It will invest in companies that will benefit from the adoption of innovative strategies or are directly engaged in innovative themes.
The new fund offer (NFO) opened will remain open from July 29 – August 12, 2024.
The minimum investment amount in the lump sum mode is Rs 5,000, and Rs. 1,000 for any additional purchase. For systematic investment plan (SIP), the minimum investment is Rs 500 and in multiples of Re 1 for additional purchases. If units are redeemed within one year from the date of allotment, an exit load of 1 per cent will be imposed.
The fund will invest 80-100 per cent of its assets in stocks that seek to benefit from the adoption of innovative strategies. Up to 20 per cent will be invested in equity or in debt-related instruments within this theme. The fund may also invest in foreign securities and overseas exchange-traded funds (ETFs), subject to regulations.
A minimum of 80 per cent assets will be invested in companies that develop new products or services or significantly invest in R&D for innovations. Companies that innovate new processes, disrupting existing business models will also be focused on, the fund house said.
Shamsher Singh, managing director and CEO, SBI Funds Management emphasised the importance of innovation in India’s fast-growing economy and highlighted government initiatives, such as Start-up India, the Atal Innovation Mission, and India Stack to foster innovation.
“A thriving start-up ecosystem, a large consumer market and a robust digital infrastructure provide tailwinds for our country to become the next big leader on the innovation front,” Singh said.
DP Singh, deputy MD and joint CEO, SBI Funds Management said: “Due to innovation, we have seen disruptions across sectors, such as automobiles, financial services, energy, media and entertainment, technology, healthcare, e-commerce, and industrials. Our country is rightly positioned as a global leader in tech adoption and digital transformation.”