ICICI Pru Mutual Fund unveils PHD Fund
ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential Pharma Healthcare & Diagnostics (PHD) Fund. The scheme aims to capitalize on the long-term growth story of Indian healthcare as a whole. Rising income levels, increased health awareness, improvement in treatment technologies and penetration of health insurance has led to healthcare being one of the fastest growing segments in the country. In fact, India has established itself as a global manufacturing and research hub, which contributes around 10 per cent to the world productive volume. The NFO has opened on June 25 and will close on July 9, 2018. Sharing his views about the fund, Nimesh Shah, MD & CEO, said, “India continues to remain an under-penetrated market in terms of healthcare services and insurance. As such, non-discretionary spend coupled with increasing awareness make the theme a structural story for long period of time. Due to higher growth, the pharma sector has always traded at a premium-relative to the market but the premium has narrowed down significantly in last few years. The recent underperformance of pharma stocks makes a strong case for investing now in this sector.”