ICICI Prudential Mutual Fund has approved the changes in fundamental attributes of the ICICI Prudential Technology Fund and the scheme shall be considered as sectoral fund with effect from 12 January 2009.Change in Type of Scheme,According to the addendum, the benchmark index will be changed to BSE IT from existing BSE Tech Index, and will classify the scheme as sectoral fund Change in Investment Strategy.
The primary investment objective of the funds is to look to generate long term capital appreciation by clearing a portfolio that is invested in equity and equity related securities of technology and technology dependent companies.
A large share of the asset under management would be invested in the stocks under the Benchmark Index, BSE IT. However, the scheme may also invest in companies outside the companies listed in BSE IT but which form part of information technology services industry.
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