Nippon India Mutual Fund launches Taiwan Equity Fund

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Nippon India Mutual Fund launched the Nippon India Taiwan Equity Fund. The Fund will be India’s first open ended equity scheme following a Taiwan focused theme. This fund will be advised by Cathay SITE, the largest Asset Manager in Taiwan with $42.8 Bn in AUM.

The NFO will open for subscription on November 22 and will close on December 06. The Benchmark Index of the fund is Taiwan Capitalization Weighted Stock Index (TAIEX). The minimum investment required is Rs 500 and in multiples of Re 1 thereafter. The fund will be managed by Kinjal Desai.

According to the press release, the primary investment objective of Nippon India Taiwan Equity Fund is to provide long term capital appreciation to investors by primarily investing in equity securities listed on the Taiwan Stock Exchange. It will follow a multi cap investment strategy with a portfolio comprising growth and value stocks. The fund focus will be on new technology trends and will hold less than 10% investment in a single stock

“The launch of Nippon India Taiwan Equity Fund with Cathay SITE is in line with our objective to become a global asset manager based out of India to provide international diversification to Indian investors leveraging Nippon Life Insurance’s global network. Launch of this fund is a stepping stone to launch multiple products through this collaboration of Nippon Life Insurance Global network. Taiwan is the 2nd largest country by weight in the MSCI EM index after China. We think it is an interesting opportunity for Indian investors,” says Sundeep Sikka, ED and CEO, Nippon India Mutual Fund.

“We are excited about the launch of the first Taiwanese equity Fund in India. Cathay SITE has long been cultivating Taiwan market. It’s our honor to extend our experience in Taiwan equity investment to NIMF and to offer Indian investors the opportunities to ride a wave of the technology mega trend. I am sure this is one of the many new products collaborations we will be doing to get Indian money into Taiwan and launching Indian products in Taiwan,” says Andy Chang, President and CEO, Cathay SITE.