Axis Mutual Fund has launched a new fund named as Axis Gold Fund, an open ended fund of funds scheme. The New Fund Offer price is Rs. 10 per unit. The new issue is open for subscription from 30 September and close subscription on 14 October 2011.
Investment objective: To generate returns that closely corresponds to returns generated by Axis Gold ETF.
Plans/Options offered: Growth and Dividend option. Dividend option further offers Payout Facility and Reinvestment Facility. Benchmark: Domestic price of gold.
Loads: Entry load is not applicable and the scheme charge an exit load of 1% if units are redeemed /switched out within 1 year from the date of allotment.
Minimum Application Amount: Rs. 5,000 and in multiples of Re. 1/- thereafter
Minimum Target Amount: Rs. 20 lakh
Asset Allocation: The scheme shall invest 95-100% in the units of gold ETFs (primary axis gold ETF) with medium risk profile and invest upto 5% in the money market instruments with low to medium risk profile.
Fund Managers: Mr. Anurag Mittal.
Source: http://www.indiainfoline.com/Markets/News/Axis-Gold-Fund-floats-on/3948507332
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