Mumbai, Jul 25 (IANS): Edelweiss Mutual Fund on Thursday announced it has raised over Rs 1,800 crore after successfully concluding the new fund offer (NFO) for the Edelweiss Business Cycle Fund.

According to one of the country’s fastest-growing asset management companies, the new open-ended equity scheme, which was open for subscription between July 9 and July 23, closed its issue with over 90,000 applications amounting to over Rs 1,800 crore.

“We are delighted by the overwhelming response to the Edelweiss Business Cycle Fund NFO, and we thank our distribution partners and investors for their trust and faith in the brand Edelweiss MF,” said Radhika Gupta, MD and CEO of Edelweiss Mutual Fund.

“This reaffirms our stakeholders' confidence in our 15-year track record of managing factor-based investing strategies and strengthening our position as one of the largest asset managers in this space,” she added.

Investing across various sectors and market caps, the fund offers a robust solution for core allocation with a long-term focus.

The fund deploys a factor investing approach to create three baskets representing quality, growth and value stocks, said the company.

By diversifying across these baskets, the fund minimises the cyclicality of any single factor. Within each basket, the fund selects the highest momentum stocks, resulting in a diversified portfolio of 50-60 stocks.

This was an open-ended equity scheme following the business cycles-based investing theme. This product was suitable for investors seeking capital appreciation over the long term.

Gupta said earlier this week that the concept of indexation has gone away from mutual funds (MFs).