Kotak Mahindra Asset Management Company has launched Kotak NASDAQ 100 Fund of Fund that will invest in units of overseas exchange-traded funds (ETF) and schemes such as iShares NASDAQ 100 ETF, Lyxor Nasdaq-100 ETF and USA Nasdaq 100 Index Fund. The shares listed on the Nasdaq 100 are worth $15 trillion.
The new fund offer (NFO), which opened for subscription on Monday, will close on January 25.
Nasdaq-100 is one of the world’s major large-cap growth indices. It includes 100 of the largest domestic and international non-financial companies listed on the Nasdaq Stock Exchange. These companies are leaders in information technology, telecom, retail, wholesale trade and biotechnology.
Harsha Upadhyaya, President and CIO - Equity, Kotak Mahindra AMC, said investors in the new fund offer get an opportunity to participate in the performance of the Nasdaq-100 index.
Arjun Khanna, Fund Manager - Equity, Kotak Mahindra AMC, said the combined market capitalisation of Apple and Amazon is more than India’s total market capitalisation. Currently, 50 per cent weightage of the Nasdaq-100 is from technology stocks including Apple, Microsoft, Amazon, Tesla, Facebook and Google’s parent company Alphabet.