SEPTEMBER 17, 2021
Indian investors will soon be able to invest in global companies that are part of the electric vehicles and assisted driving technologies sector.
Navi Mutual Fund – founded by Flipkart founder Sachin Bansal – has filed a draft document with capital markets regulator to launch Navi Electric Vehicles and Driving Technology FoF, which will invest in overseas exchange-traded funds (ETFs) and index funds based on STOXX Global Electric Vehicles & Driving Technology NET Index.
The index comprises companies that are involved in the manufacturing of electric and autonomous vehicles, battery suppliers for electric vehicles and other suppliers to the electric and autonomous vehicle segment.
Currently, the index comprises 90 companies including Tesla, Garmin, Samsung, Toyota, Intel Corp, Maruti Suzuki, Nissan, Honda Motor, Daimler, BMW, Ford Motor, General Motors and Volvo among others.
The index has gained nearly 16 per cent in the current calendar year.
Apart from the scheme focused on electric vehicles, Navi MF has also filed the document to launch three other funds as well – Navi S&P 500 Fund of Fund, Navi Nifty India Manufacturing Index Fund and Navi Total China Index Fund of Fund.
Last month, the fund house had filed a draft document with the capital markets regulator for 11 passive fund schemes including, Pharma Index Fund, IT Index Fund, Nifty Bank Index Fund and Nifty Midcap 150 Index Fund among others.