Union KBC Mutual Fund has launched a new fund named as Union KBC Equity Fund, an open ended equity scheme. This is the maiden launch by Union KBC Mutual Fund. The New Fund Offer (NFO) price for the schemes is Rs. 10 per unit. The new issue will be open for subscription from 20 May and will close on 3 June 2011. The scheme re-opens on 17 June 2011.
The investment objective of the scheme is to achieve long-term capital appreciation by investing substantially in a portfolio consisting of equity and equity related securities.
The scheme offers two options viz. growth and dividend option. Dividend option offers reinvestment, payout and sweep facility.
The scheme would allocate 75% to 100% of assets in equity and equity related instruments including equity linked derivatives with medium to high risk profile. On the other side it would allocate upto 25% of assets in debt and money market instruments with low to medium risk profile.
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. Exit load charge will be 1% if redeemed or switched out on or before completion of 1 year from the date of allotments of units. The exit load charge will be nil if redeemed or switched out after completion of 1 year from the date of allotments of units.
Benchmark Index for the scheme is BSE 100.
Ashish Ranawade will be the fund manager for the scheme.
Source: http://www.indiainfoline.com/Markets/News/Union-KBC-MF-Launches-Equity-Fund/3710414477
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