SBI MF's international fund to tap top S&P 500 firms
The underlying scheme of investment would be Amundi Funds-US Pioneer Fund
MUMBAI: SBI Mutual Fund on Monday announced the launch of SBI International Access-US Equity FoF, an open-ended Fund of Fund scheme that would invest in mutual fund schemes /ETFs that invest in US markets. The new fund offer that opened on March 1 will close on March 15.
The underlying scheme of investment would be Amundi Funds-US Pioneer Fund. Amundi Funds–US Pioneer Fund, (domiciled in Luxembourg) benchmarks with the S&P 500 Index and has assets under management of $2.5 billion as of January 31, 2021.
The top 10 holdings as of January 31 are Microsoft, Apple, Alphabet, Amazon.com, Visa, Analog Devices, International Flavours and Fragrances, Elanco Animal Health, Mastercard and Schlumberger.
The top 5 sectors in which the scheme is invested in are IT, consumer discretionary, health care, financials, and industrials. Amundi Funds-US Pioneer Fund has given year to date return of 3.95 per cent. During the last five years the fund has given returns of 22.57 per cent (2020), 30.40 per cent (2019), -2.21 per cent (2018), 21.05 per cent (2017) and 9.08 per cent (2016). Vinay M. Tonse, MD & CEO, said, “SBI International Access - US Equity FoF is the first international offering from our fund house and gives an opportunity to investors to get an expo- sure to the well-diversified US market, which has the largest market capitalisation and is a core component of major global indices.