Pramerica Mutual Fund has unveiled a new fund named as Pramerica Short Term Income Fund, an open ended income scheme. This scheme is a short-term investment option that provides the flexibility to counter a dynamic environment by actively managing its portfolio in line with the evolving interest rate scenario. The scheme will follow an active duration management strategy. The face value of the new issue will be Rs. 1000 per unit. The new issue will be open for subscription from 27 January and will close on 3 February 2011.
Pramerica Short Term Income Fund would invest 65% to 100% of assets in debt and money market instruments with residual maturity upto 3 years with low to medium risk profile. It would further allocate upto 35% of assets in debt and money market instruments with residual maturity not exceeding 5 years and 3 years with low to medium risk profile.
The investment objective of the scheme is to generate regular returns with moderate level of risk by investing primarily into a portfolio of debt securities and money market instruments of short term maturity.
The scheme shall offer two options - growth and dividend option.
The minimum application amount is Rs. 5000 and in multiples of Rs. 1 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs. 1 crore under the scheme during the NFO period.
Entry load charge will be nil for the scheme, while the exit load charge will be 0.25% for redemption / switch-out before 3 months from the date of allotment and Nil for redemptions / switches on or after 3 months from the date of allotment.
Benchmark Index will be CRISIL Short Term Bond Fund Index.
The scheme will be managed by Mahendra Jajoo.
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