Mutual Funds News 26th Feb 2008
ING MF collects Rs.200 crore through its 91-day plan
ING Mutual Fund has collected Rs 200 crore through its ING Fixed Maturity Fund- Series 42 during its initial offer period from 14 February 2008 to 19 February 2008. The ING Fixed Maturity Fund- Series 42, which is a close-ended bond scheme offering an investment plan of 91 days maturity, investing in a portfolio of government securities, or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities and the value at maturity.
ING Fixed Maturity Fund- Series 42 will offer two plans i.e. retail and institutional plan with a sub-option of growth, dividend. The scheme shall invest up to 100% in debt securities and money market instruments including call money and reverse repo. The debt securities may include securitised debt up to 100% of the net assets. The investments in derivatives instruments shall be to a maximum of 50% of the net assets of the scheme.
Reliance MF declares dividend
Reliance Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Reliance Interval Fund - Monthly Interval Fund - Series II under both retail and institutional plan. The record date is set as 28 February 2008. The fund house has decided to distribute 100% of surplus available under both plans as on record date. The NAV for the scheme under retail plan was Rs. 10.0614 as on 21 February 2008. The NAV for the scheme under institutional plan was Rs. 10.0613 as on 21 February 2008. Reliance Interval Fund - Monthly Interval Fund - Series II is a debt oriented interval scheme. The investment objective of the scheme is to generate regular returns and growth capital by investing in a diversified portfolio of central and state government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility.
UTI MF garners Rs.500 crore through its interval fund
UTI Mutual Fund has collected Rs 500 crore through its UTI Fixed Maturity Plan -Quarterly Plan during its initial offer period from 1 February 2008 to 19 February 2008. UTI Fixed Maturity Plan -Quarterly Plan is a close-ended plan with an investment in fixed income securities maturing in line with the scheme.
HSBC MF extends NFO period for Emerging Markets Fund
HSBC mutual fund has extended the new fund-offering (NFO) period of HSBC Emerging Markets Fund from 25 February to 26 February 2008. HSBC Emerging Markets Fund is an open-ended scheme. The NFO price for the fund is Rs 10 per unit. The minimum investment is Rs 10,000 and in multiple of Re 1 thereafter. The primary objective of the scheme is to provide long-term capital appreciation by investing in India and in the emerging markets, in equity and equity related instruments, share classes, and units/securities issued by overseas mutual funds or unit trusts.
Kotak MF declares dividend
Kotak Mutual Fund has announced 28 February 2008 as the record date for declaration of dividend under dividend option of Kotak Mahindra 30 Unit Scheme. The quantum of dividend is 30% i.e. Rs. 3.00 per unit on the face value of Rs. 10. The NAV for the scheme was Rs. 38.517 as on 20 February 2008. Kotak Mahindra 30 Unit Scheme is an open-ended equity growth scheme. The investment objective of the scheme is to generate capital appreciation from a portfolio of predominantly equity and equity related securities with investment in 30 companies which may go up to 39 companies.
Tata MF declares dividend
Tata Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Tata Fixed Income Portfolio Fund - Scheme B2 under quarterly dividend option. The record date is set as 27 February 2008. The fund house has decided to distribute 100% of surplus available under option as on record date. The NAV for the scheme under regular plan was Rs. 10.1744 as on 20 February 2008. The NAV for the scheme under institutional plan was Rs. 10.1744 as on 20 February 2008. Tata Fixed Income Portfolio - Scheme B2 Fund is an open-ended debt oriented scheme. The investment objective of the scheme is to generate returns and / or capital appreciation along with minimisation of interest rate risk. In order to achieve its investment objective, the scheme will invest predominantly in a portfolio of debt and money market instruments.
JM Financial MF garners Rs.300 crore through its interval fund
JM Financial Mutual Fund has collected Rs 300 crore through its JM Interval Fund-Quarterly Plan 4 during its initial offer period from 31 January 2008 to 20 February 2008. The JM Interval Fund-Quarterly Plan 4, which is close-ended debt oriented interval schemes, was opened for subscription between 31 January-20 February 2008. The objective of the scheme is to seek to generate regular returns through investment into money market securities / debt securities normally maturing in line with the time profile of the plan. The JM Interval Fund-Quarterly Plan 4 will offer two plans - regular plan and institutional plan. This plan will have dividend and growth option. Under the dividend option, an investor may choose for payout or reinvestment of the dividend amount.
Franklin Templeton MF declares dividend
Franklin Templeton Mutual Fund has announced the declaration of dividend on the face value of Rs 10 per unit for Templeton Quarterly Interval Plan- Plan B. The record date is set as 29 February 2008. The fund house has decided to distribute 100% of surplus available under option as on record date.
Templeton Quarterly Interval Plan- Plan B is an interval income fund that seeks to generate returns and reduce interest rate volatility, through a portfolio of fixed income securities.
ABN Amro MF declares dividend
ABN Amro Mutual Fund has announced 29 February 2008 as the record date for declaration of dividend under dividend option of ABN Amro Tax Advantage Plan-ELSS.
The quantum of dividend is 20% i.e. Rs. 2.00 per unit on the face value of Rs. 10. The NAV for the scheme was Rs. 15.055 as on 22 February 2008.
ABN Amro Tax Advantage Plan-ELSS is a open-ended scheme offering an investment objective to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities along with income tax rebate, as may be prevalent from time to time.
ABN Amro adds dividend option for its interval plan
ABN Amro Mutual Fund has announced that investors of ABN Amro Interval Fund-Monthly Plan A may get an additional dividend option viz. calendar monthly dividend option with effect from forthcoming interval period.
ABN Amro Interval Fund-Monthly Plan A seeks an investment objective to generate steady returns through investments made in a basket of fixed income securities, with a provision to offer liquidity at periodic interval.
AIG MF launches Short Term Fund
Name of Fund: AIG Short Term Fund
Scheme: It is an open-ended income scheme.
Objective: The primary objective of the scheme is to seek to generate income from a portfolio constituted of short to medium term debt and money market securities.
Asset Allocation: The fund will invest up to 40%-100% in debt and money market securities with maturity less than equal to 370 days or have put options within a period not exceeding 370 days. It will have investment of 0-60% in debt instruments including government securities, corporate debt and other debt instruments with maturity greater than 370 days. Investment in securitised debt may be up to 75% of the net assets of the scheme.
Fund Opens: 29 February 2008
Fund Closes: 4 March 2008
Face Value: Rs 1000 per unit
Investment Options: The scheme will have two-investment plans viz. retail plan and institutional plan with growth, bonus and dividend options under each plan. The dividend option under both plans will have the facility of monthly dividend payout and weekly and monthly dividend reinvestment.
Entry Load: No entry load will be charged during the new fund offer of the scheme.
Exit Load: The scheme may levy 0.25% an exit load on redemption of investment within 15 days under both the plans.
Minimum Investment Amount: The minimum investment amount under retail plan is Rs 1000 and in multiples of Re 1 thereafter. Under institutional plan, the minimum investment amount is Rs 1 lakh and in multiples of Re 1 thereafter.
Benchmark Index: CRISIL Short term Bond Index.
Fund Manager: Mr. Sandeep Bagla.
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