ICICI Prudential Mutual Fund has announced a new fund offer (NFO) of the ICICI Prudential Overnight Fund. The NFO of this debt scheme with face value of Rs. 100 per unit has started on 14th November and will end on 15th November 2018. The scheme features zero exit load and will allow investors to invest in/redeem their investments on all business days at no additional cost.
ICICI Prudential Overnight Fund will primarily invest in potentially low risk securities that feature overnight maturity. Asset allocation to these overnight securities such as floating rate instruments, reverse REPO, CBLO, commercial bills and treasury bills can be up to 100% of total scheme assets. This overnight fund can also invest in securitized debt with allocation capped at 50% of assets, while derivatives allocation by the fund may be up to 100% of net assets. This scheme is also allowed to invest in units of other liquid funds however it cannot invest in foreign securities.
CRISIL Overnight Index will be used as benchmark for the ICICI Overnight Fund. This index is designed to track the performance of money market portfolio with 100% allocation to TREPS (Triparty Repo Dealing System) which has recently replaced CBLO as the underlying asset tracked by the index. As of 31st October 2018, this index has featured 1 year, 3 year and 5 year returns of 6.03%, 6.24% and 6.98% respectively. These returns are in line with a portfolio of instruments that feature high liquidity and potentially low levels of risk.
ICICI Overnight Fund will be co-managed by Rahul Goswami, Rohan Maru and Nikhil Kabra. Other debt schemes managed by them (either individually or as part of a team) are ICICI Prudential Money Market Fund, ICICI Prudential Liquid Fund, ICICI Prudential Savings Fund and ICICI Prudential Floating Interest Fund. Among these, ICICI Prudential Liquid Fund is the most popular scheme with AUM of Rs. 51,345 crore followed by ICICI Prudential Savings Fund and ICICI Prudential Floating Interest Fund that feature AUM of Rs. 15,817 crore and Rs. 9,016 crore respectively (as of 31st October 2018).
Key Details of the ICICI Prudential Overnight Fund NFO:
| NFO Period | 14th November to 15th November 2018 |
| Minimum NFO Investment | Rs. 100 |
| Benchmark | CRISIL Overnight Index |
| Fund Managers | Rahul Goswami, Rohan Maru and Nikhil Kabra |
Other Funds by ICICI Prudential Asset Management
| Scheme Name | 3Y Returns (%) | AUM (Rs. Cr.) | Category |
| ICICI Prudential US Bluechip Equity Fund | 17.56 | 155.44 | Sectoral/Thematic Fund |
| ICICI Prudential Technology Fund | 16.88 | 366.24 | Sectoral/Thematic Fund |
| ICICI Prudential FMCG Direct Plan | 12.83 | 389.29 | Sectoral/Thematic Fund |
| ICICI Prudential Banking and Financial Services Fund | 12.82 | 2703.9 | Sectoral/Thematic Fund |
| ICICI Prudential Nifty Index Fund | 11.59 | 327.6 | Large Cap Fund |
| ICICI Prudential Asset Allocator Fund (FOF) | 10.5 | 5.74 | Balanced Hybrid Fund |
| ICICI Prudential Bluechip Fund | 10.45 | 17141.91 | Large Cap Fund |
| ICICI Prudential Constant Maturity Gilt Fund | 10.08 | 26.27 | Gilt Fund with 10 year constant duration |
| ICICI Prudential Balanced Advantage Fund | 10.06 | 27123.16 | Dynamic Asset Allocation or Balanced Advantage |
| ICICI Prudential Long Term Bond Fund | 9.89 | 1223.84 | Long Duration Fund |
| ICICI Prudential Global Stable Equity Fund (FOF) | 9.81 | 90.62 | Sectoral/Thematic Fund |
| ICICI Prudential Regular Savings Fund | 9.62 | 1355.69 | Conservative Hybrid Fund |
| ICICI Prudential Regular Gold Savings (FOF) | 9.49 | 44.61 | Gold Funds |
| ICICI Prudential Long Term Equity Fund (Tax Saving) | 9.18 | 5299.48 | ELSS |
| ICICI Prudential All Seasons Bond Fund | 9.09 | 2286.07 | Dynamic Bond Fund |
| ICICI Prudential Gilt Fund | 8.96 | 743.86 | Gilt Fund |
| ICICI Prudential Credit Risk Fund | 8.88 | 10408.93 | Credit Risk Fund |
| ICICI Prudential Child Care Gift Fund | 8.88 | 477.69 | Aggressive Hybrid Fund |
| ICICI Prudential Multicap Fund | 8.52 | 2856.06 | Multi Cap Fund |
| ICICI Prudential Short Term Fund | 8.47 | 9123.29 | Short Duration Fund |
{Data as on Feb 19, 2020; Source: Value Research}