ICICI Prudential AMC has launched a new fund called ICICI Prudential Strategic Metal and Energy Equity Fund of Fund in collaboration with First Trust Advisors L.P., an American financial services firm and a leading provider of actively managed Exchange Traded Funds. First Trust manages $ 216.52 billion as of November 2021.
The strategy provides global exposure and also provides diversification by taking exposure to stocks whose performance is dependent on oil and gold movement. The underlying funds has invested in 124 stocks of which 43 are gold stocks and 81 oil stocks.
The fund will invest in First Trust Strategic Metal and Energy Equity UCITS Fund. Benchmarked against NYSE Arca Gold Miners Index and the S&P Oil & Gas Exploration & Production Select Industry Index, the fund has delivered 17.21% CAGR since inception as of September 2021. The benchmark has delivered 11.94% during the same period.
Some of the top holdings of the scheme are Chevron Corp, ConocoPhillips, ExxonMobil, EOG Resources, Inc., Canadian Natural Resources, Pioneer Natural Resources Company, Marathon Petroleum Corporation, among others. In terms of geographic exposure, these companies are spread across the U.S, Canada, Australia, Colombia, Mexico, Russia, Peru, and South Africa.
The fund opens for subscription on January 17, 2022, and closes on January 31, 2022.
