On March 1, 2021, The State Bank of India (SBI) Mutual Funds has launched its first overseas offering namely “SBI International Access-US Equity FoF” which is an open-ended Fund of Fund (FoF) scheme that would invest in mutual fund schemes /ETFs (exchange-traded fund) that invest in the United States (US) markets. The offering will close on March 15, 2021.
- The underlying scheme of investment would be Amundi Funds – US Pioneer Fund, which fully integrates ESG (Environment, Social Governance).
- The scheme will invest 95-100% of its net assets in Amundi Funds – US Pioneer Fund which invests predominantly in the US markets.
Top 5 sectors- IT (Information Technology), consumer discretionary, health care, financials, and industrials are the top five sectors in which scheme is invested.
Top 10 Holders – Top 10 holdings of the underlying scheme (as of January 31, 2021) are Microsoft, Apple, Alphabet, Amazon.com, Visa, Analog Devices, International Flavours and Fragrances, Elanco Animal Health, Mastercard and Schlumberger.
Key Points:
i.The minimum subscription amount is Rs 5,000 and in multiples of Re 1 thereafter.
ii. Amundi 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.
iii. This SBI fund will provide an opportunity to investors to get exposure in the US market.
iv. It also enables the investors to invest in themes not available in the Indian market.
Recent Related News:
i.On January 7, 2021, Indian Oil Corporation Limited(IOCL) in partnership with SBI launched ‘IndianOil – SBI co-branded RuPay Debit Card’. This contactless card can be used anywhere in India.
ii.On December 1, 2020, State Bank of India (SBI) in collaboration with National Payments Corporation of India (NPCI) and Japan’s JCB (formerly Japan Credit Bureau) International Co. Ltd. unveiled “SBI RuPay JCB Platinum Contactless Debit Card” with a unique dual interface feature.
About SBI Mutual Fund(SBIFMPL):
SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company.
CEO & Managing Director -Mr. Vinay M. Tonse
Headquarters– Mumbai, Maharashtra
Founded – 1987
