Axis MF launches a Nasdaq 100 focused Fund of Fund

• Axis Mutual Fund launched a fund of fund focused on the Nasdaq 100 TRI, which would replicate the performance of the index.
• The NASDAQ 100 Index includes 100 of the largest non-financial companies and is a tech-heavy index.
• The index has major weightage to information technology and then to consumer discretionary, communication, consumer staples, healthcare, industrials and utilities.

Axis Mutual Fund launched Axis NASDAQ 100 Fund of Fund, an open ended scheme on Thursday. It will primarily replicate the performance of the US-based Nasdaq 100 TRI by investing in units of ETFs or exchange traded funds.

Hitesh Das, an equity fund manager at the fund house will manage this fund.

The NASDAQ 100 Index includes 100 of the largest non-financial companies and is a tech-heavy index. The index is predominantly led by some of the most innovative and rapidly expanding non-financial companies across the world that generate the bulk of their revenue from different countries.

Its major weightage lies in IT, followed by consumer discretionary, communication, consumer staples, healthcare, industrials and utilities sectors.

The fund house says that the fund may also work as a hedge against INR depreciation.

“With global boundaries slowly blurring, investors are eager to gain access to some international growth stories, which was earlier not feasible so seamlessly. With the Axis NASDAQ 100 Fund of Fund, we are presenting investors with the opportunity to gain global exposure,” said Chandresh Nigam, MD and CEO at Axis Asset Management Company.

ETFs are a type of funds that track an underlying index and are bought and sold just like a stock on the exchange.

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