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ICICI Prudential Mutual Fund has introduced the ICICI Prudential Innovation Fund, an open-ended equity scheme that will focus mainly on investing in stocks of companies and units of global mutual funds/ETFs that can reap the benefits of innovative strategies. The fund house states that innovation can range from the creation of the wheel to modern-day techniques such as Artificial Intelligence (AI). Innovation can be categorized into three types: Radical innovation (replacement of an existing product with a completely new one), disruptive innovation (providing new cost-effective products and services to a large customer base), or incremental innovation (improvements to existing products, services, processes, or methodologies).

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According to Chintan Haria, Head – Investment Strategy at ICICI Prudential AMC, “As countries aim to attain greater self-reliance in terms of resources, innovation as a theme is expected to perform well both globally and domestically. With the rollout of 5G technology, a wide range of sectors/industries are likely to benefit, and India already has a strong environment in place to foster innovation. Our research team will monitor sector/theme-specific trends since innovation can happen anywhere.” A press release was issued to announce the fund’s launch.

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