Mumbai, September 3, 2024: Kotak Mahindra Asset Management Company announced the launch of Kotak Nifty India Tourism Index Fund, an open-ended scheme replicating/tracking the Nifty India Tourism Index. The scheme opens for public subscription on September 2, 2024, and closes on September 16, 2024.
The Kotak Nifty India Tourism Index comprises stocks selected from the Nifty 500 Index, representing the travel and tourism theme. The weight of each stock in the index is based on its free-float market capitalization. The Index includes a portfolio of companies from various sectors driving India’s tourism industry, such as airlines, travel infrastructure, hotels, restaurants, and travel-related services. This index offers investors exposure to the growing tourism sector, capitalizing on changing travel trends like staycations, workcations, and rising business travel and adventure. It provides a relatively cost-effective and transparent way to invest in the tourism landscape, reflecting the ongoing shift in how people travel and experience the world.
Nilesh Shah, Managing Director of KMAMC, said, “At Kotak Mutual Fund, our aim is to offer investment solutions that align with India’s dynamic economic sectors. The Kotak Nifty India Tourism Index Fund opens the door for investors to participate in the booming tourism sector, driven by evolving travel trends and expanding infrastructure. This fund provides an opportunity to benefit from the potential growth of India’s tourism industry.”
Devender Singhal, Executive Vice President & Fund Manager, Kotak Mahindra AMC, added, “India’s tourism sector is emerging as a major economic force, with contributions from multiple industries like airlines, hospitality and transport. The Kotak Nifty India Tourism Index Fund is designed to offer investors exposure to this broad ecosystem of growth within the tourism sector. Through this index-based approach, we provide an accessible, relatively cost-effective way for investors to participate in the long-term growth of the tourism sector.”