ICICI Prudential Mutual Fund has come up with an interesting concept of STPs. This new idea is called the booster Systematic Transfer Plan (Booster STP).
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ICICI Prudential healthcare ETF aims to provide returns that closely correspond to the returns provided by the Nifty Healthcare Index in the same proportions, subject to tracking errors.
The fund will provide investors a choice to take exposure to multiple facets of healthcare through this product, the fund house said in a statement without disclosing what will be the target of the fund.
The company said the new ETF is timely given the rising health problems, lifestyle choices and outbreak of the pandemic and the sector has a strong potential to grow steadily in the coming decade.
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The portfolios which you manage are centred around buying into utilities. They are cheap and are big beneficiaries of low interest rates. What is the way forward for utilities which normally do well when rates are coming down rather than a pro inflation environment?
Actually we were looking at it recently. We researched stocks where valuations are very cheap relative to history and we came out with utilities. It is still the cheapest sector relative to history at this point of time. And that continues despite the move in the last three months because you have to look at how it is on a one-year basis or a three-year basis and I believe that what Covid showed us in the last one year is that there are things which you cannot live without electricity, IT and telecom. These are the three things which you cannot live without and that is why utilities have to get rerated more.
Overall on the domestic front, how do you see things improving?
The economy is picking up compared to where we were six or nine months back and from that point of view, things are in a much better shape. Clearly one does not know how the second wave of Covid, which seems to be focussed significantly on Maharashtra, will shape up. The reality is that valuations are not what used to be one year back when the market was really cheap. Now markets are not that cheap and clearly we are going to see volatility ahead. That will continue as long as there is news of Covid.