HSBC Mutual Fund has launched a new fund named as HSBC Brazil Fund (HBF), an open ended funds of fund scheme. The New Fund Offer (NFO) price for the scheme is Rs. 10 per unit. The new issue is open for subscription from 15 April to 29 April 2011.
The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units / shares of HSBC Global Investments Funds (HGIF) Brazil Equity Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain proportion of its corpus in money market instruments and / or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time.
The scheme offers growth and dividend payout option. The dividend option further offers Re-investment and payout option.
The scheme will invest up to 95%-100% Units/shares of HGIF Brazil Equity Fund with medium to high risk profile. And invest upto 5% in Money Market instruments (including CBLO & reverse repo) and/or units of liquid mutual fund schemes with low to medium risk profile.
HBF will not invest in the underlying scheme(s) which invest more than 10% of their net assets in unlisted equity shares or equity related instruments.
The minimum application amount is Rs. 10,000 and in multiples of Rs. 1 thereafter.
The minimum subscription (target) amount for HSBC Brazil Fund shall be Rs. 1 crore.
Entry will be nil for the scheme and the scheme will charge an exit load of 1%, if redeemed /switched out within 1 year from the date of allotment, otherwise nil.
Benchmark Index for the scheme is MSCI Brazil 10/40 Index.
Gaurav Mehrotra, Niren Parekh will be the fund managers for foreign securities and Sanjay shah will be the fund manager for investments in Indian market
Source: http://www.indiainfoline.com/Markets/News/HSBC-MF-Launches-Brazil-Fund/3644675496
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