ICICI Prudential Mutual Fund has launched 'ICICI Prudential Value Fund Series 3', which is a closed ended equity fund that will invest in stocks that trade at a discount to their true value.
The new fund offer, which is opened for subscription on February 28, will close on March 14, 2014, a company release said.
As per the fund house, the new scheme aims at adopting the 'value investing' approach where low priced stocks with higher fundamentals are identified and invested for long-term capital appreciation.
"While the economy will get impacted from global measures and domestic challenges, the most compelling story of the continuation of the reforms process with a strong belief in FDI, will crystallise post the 2014 union elections.
"The change is likely to nurture foreign investment and will uplift the market. Hence, using the value strategy in the current scenario makes compelling sense," Managing Director and Chief Executive Officer of ICICI Prudential MF, Nimesh Shah said.
ICICI Prudential MF is the joint venture between ICICI Bank and UK based financial services group, Prudential Plc in which ICICI Bank holds the majority stake.
It has an average assets under management of Rs 97,190 crore by the end of December quarter of this fiscal.