Pramerica Mutual Fund has unveiled a new fund named as Pramerica Dynamic Monthly Income Fund, an open ended income scheme. During the New Fund Offer (NFO) period, units of the scheme will be offer at Rs. 10 per unit. The new issue will be open for subscription from 8 March and will close on 22 March 2011.
The investment objective of the scheme is to generate regular returns through investment in debt and money market instruments and to generate capital appreciation by investing in equity and equity related instruments.
Pramerica Dynamic Monthly Income Fund would allocate 70% to 95% of assets in fixed income securities with low to medium risk profile. On the other hand it would allocate 5% to 30% of assets in equity and equity related instruments with high risk profile.
The allocation between equities and debt shall be based on a Valuation Matrix viz., Pramerica Dynamic Asset Rebalancing Tool (Pramerica DART) developed and maintained by the AMC.
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 1% if the units are redeemed / switched-out upto & including 365 days of allotment and nil if the units are redeemed / switched-out after 365 days of allotment.
Benchmark Index will be CRISIL MIP Blended Index.
The scheme will be managed by Mahendra Jajoo and Ravi Gopalakrishnan
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