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The State Bank of India (SBI) Mutual Funds has launched its first overseas offering on Monday, 1 March 2021. The fund titled SBI International Access — US Equity FOF is an open-ended fund of funds scheme investing in mutual fund scheme/ETFs that invest in US markets, which are domiciled overseas.
The scheme will invest 95-100 percent of its net assets generally in Amundi Funds – US Pioneer Fund (including ETFs), which invest predominantly in the US markets.
As per the official website, “The underlying scheme will be Amundi Funds – US Pioneer Fund, (domiciled in Luxemburg) that invests predominantly in US market securities. SBI International Access – US Equity FoF may also invest in other mutual funds/ETFs, which are domiciled overseas and invest predominantly in US markets. The scheme will be benchmarked to S&P 500 Index, after converting it to Indian Rupee.”
As per a report by Livemint, DP Singh, chief business officer of SBI Mutual Fund said that Amundi Funds has most of the fast-growing tech companies and follows a strict environmental, social, governance philosophy.
Main features of the scheme include:
The customers interested in the scheme are required to invest at least Rs 5,000 for the first time. However, for additional purchase the minimum application amount is Rs 1,000.
There is no upper cap for the investment in this fund.
(With inputs from Livemint)
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