Mumbai, Jan 11 (Agency) Kotak Mahindra Asset Management Company on Monday announced the launch of Kotak NASDAQ 100 Fund of Fund. The New Fund Offer opens for subscription from January 11, 2021 to January 25, 2021. Kotak Nasdaq 100 Fund of Fund will invest in units of overseas ETFs and or funds like iShares NASDAQ 100 ETF, Lyxor NASDAQ 100 ETF and USA NASDAQ 100 Index fund (as per Scheme Information Document, i.e. SID), which in turn invest in shares listed on the NASDAQ-100.
The investment objective of the scheme is to provide long-term capital appreciation NASDAQ-100 is one of the world’s major large-cap growth indexes. It includes 100 of the largest domestic and international non-financial companies based on market capitalization which are listed on the NASDAQ Stock Exchange. These companies are leaders in information technology, telecom, retail, wholesale trade and biotechnology. Harsha Upadhyaya, President & CIO – Equity, Kotak Mahindra Asset Management Company said, “The Kotak NASDAQ 100 Fund of Fund invests in global leaders. The Kotak NASDAQ 100 Fund of Fund offers an opportunity to invest in world’s leading non-financial companies through units of overseas ETFs and/or index funds based on the NASDAQ-100 index. Thus, an investor in the Kotak NASDAQ 100 Fund of Fund gets an opportunity to participate in the performance of the NASDAQ 100 index.”
Arjun Khanna, Vice President & Fund Manager – Equity, Kotak Mahindra Asset Management Company Limited said, ‘’The combined market capitalization of Apple and Amazon is more than India’s total market capitalization. Currently, 50% weightage of the NASDAQ-100 is from technology stocks. It includes companies such as Apple, Microsoft, Amazon, Tesla, Facebook and Google’s parent company Alphabet.’’