SBI Mutual Fund on Monday unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and related instruments of companies that are expected to adopt innovation.

The new fund offer (NFO) opened on July 29 and will remain open till August 12, the company said in a media briefing.

The multi-sector portfolio of the fund with up to 40 stocks, will invest more than 80% of its assets in equities and related instruments of companies that “seek to benefit from adoption of innovative strategies and themes” according to a statement from SBI Mutual Fund. The rest would be invested in stocks and related investment of companies that are not necessarily innovators and in debt related instruments. The investment mix will also consist of money market instruments, with exposure mandated by markets regulator SEBI.

The scheme has a “very high” risk rating due to the uncertainty that comes with valuation of the companies in the basket, but has scope for long term returns, SBI MF said.