The Capital Group New Economy Fund has been authorised by the Securities and Futures Commission (SFC), making it available for sale to retail investors in Hong Kong, according to the regulator’s website. It is also approved for retail sale in Singapore, according to FE.
The fund invests in equities of companies “that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy”, the factsheet noted.
The product was originally launched in the US in 1983 and has $20.84bn in assets, the factsheet shows.
The fund’s co-managers, according to the firm’s website, are Claudia Huntington, Harold La and Timothy Armour.
The new economy-themed product has similarities to the firm’s New Perspective Fund which is for sale in Hong Kong and also invests in global new economy stocks.
The top sector allocation for both is information technology and both funds have Amazon, Facebook, Microsoft, Mastercard, Alphabet and Broadcom in the top ten holdings.
FSA contacted the firm but it was unable to provide more details in time for publication.
New Economy Fund
Rival funds
Other firms like Pictet are also pushing the new economy theme.
Last month, the firm went on a promotional tour of Asia for its three multi-billion dollar security, digital and robotic funds.
Pictet hopes to find a receptive audience in Asia. Other firms have the same idea, judging by several fund launches this year with technology or innovation themes targeted at investors in the region.
These include Value Partners’ Asian Innovation Opportunities Fund, UOB Asset Management’s United Global Innovation Fund, and most recently, Nikko Asset Management’s Ark Disruptive Innovation Fund.
In the last 12 months, multiple fund houses have launched a spate of themed funds in Asia, most recently with Amundi preparing five.
