HDFC Mutual Fund launches HDFC Technology fund; here's all you need to know

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HDFC Asset ManagementCompany (HDFC AMC), investment manager to HDFC Mutual Fund (HDFC MF), announced the launch of open-ended equity scheme - HDFC Technology Fund. The scheme intends to invest in technology and technology related companies with a bottom-up approach for stock selection. It aims to embrace the techvolution and invest in the potential of the future.

The captioned NFO opened on August 25, 2023 and closes on September 05, 2023 In a statement on Wednesday, HDFC AMC said that one of the key reasons to consider investing in the HDFC Technology Fund is the strategic positioning of the Indian IT landscape. With a track record as a consistent market share gainer across technology cycles, the Indian IT sector continues to demonstrate resilience and adaptability in an ever-evolving global marketplace. Good growth, better return ratios and dividend yield at reasonable valuations are some of the key characteristics that make this sector investible, according to the investment manager.

“We are excited about the launch of HDFC Technology Fund, which presents an interesting opportunity for investors. Increase in tech spending across the world and offshoring will continue to be a medium term tailwind for growth. India’s technology space is a vibrant one with a large universe of investable companies with healthy fundamentals,'' said Balakumar B, Fund Manager and Senior Equity Analyst, HDFC Asset Management Company Limited.