Kotak’s NFO received over 72,000 applications and was distributed by more than 6,250 partners, the fund house said in a statement.
The mutual fund firm’s global innovation FoF scheme has tied up to invest in Wellington Global Innovation Fund units, which in turn invests in global innovators such as Alphabet, Facebook, Amazon, Walt Disney, VISA,
, and Netflix.
Kotak Mutual Fund, which is the fifth-largest fund-house in the country, has a total assets base of Rs 247,749.79 crore as of June 2021.
Over the last few years, there has been a growing interest among Indian investors to own the shares of overseas firms listed on global exchanges.
Realising a huge opportunity and rising demand in the domestic market, many home-grown mutual fund companies launched their global funds to serve local investors.
“We launched Kotak Global Innovation Fund of Fund to provide an opportunity to our investors to transit from being consumers of global innovators like Visa, Netflix, Walt Disney, Amazon etc. to investors in such companies.
“Tremendous response from investors confirms their penchant to diversify portfolios and get exposure to global innovators. Our Fund of Fund is a convenient way to get exposure to many innovative businesses which aren’t available in India for investment,” Nilesh Shah, Group President and MD, Kotak Mahindra AMC, said.
Among other global fund schemes that attracted assets under management during their NFOs are Axis Global Equity Alpha Fund of Fund (Rs 1,182 crore), DSP World Gold Fund (Rs 692 crore), HSBC Global Equity Climate Change Fund of Fund (Rs 622 crore), SBI International Access – US Equity FoF (Rs 557 crore), and Kotak Global Emerging Market Fund (Rs 553 crore).