Mutual Funds News 22 feb 2008
ICICI MF declares dividend
ICICI Mutual Fund has announced 27 February 2008 as the record date for declaration of dividend under dividend option of ICICI Prudential Monthly Income Plan Quarterly and Half Yearly Frequencies and ICICI Prudential Gilt Fund- Treasury Plan-Quarterly Frequency.
The quantum of dividend is as follows:
| Scheme name | Amount of dividend per unit (Rs) | Rate of dividend | NAV as on 20 February 2008 (Per unit) | Face value |
| ICICI Prudential Monthly Income Plan Quarterly Frequency | Re. 0.25 | 2.50% | Rs 12.1520 | Rs 10 |
| ICICI Prudential Monthly Income Plan Half Yearly Frequency | Re. 0.50 | 5% | Rs 12.1651 | |
| ICICI Prudential Gilt Fund- Treasury Plan-Quarterly Frequency | Re. 0.15 | 1.50% | Rs 10.8581 |
ICICI Prudential Monthly Income Plan Quarterly and Half Yearly Frequencies is an open-ended scheme. The investment objective of the scheme is to seek to generate regular income through investment in fixed income securities.
ICICI Prudential Gilt Fund- Treasury Plan-Quarterly Frequency is also an open-ended short-term gilt fund, with an investment objective of generating regular income through investment made in gilts.
Principal PNB MF declares dividend
The Principle PNB mutual fund has announced the declaration of dividend under dividend option of Principle Personal Tax Saver Fund. The record date for dividend will be 26 February 2008.
The quantum of dividend is 200% i.e. Rs. 20 per unit on the face value of Rs. 10. The NAV of the scheme was recorded at Rs 170.44 as on 20 February 2008.
Principle Personal Tax Saver Fund is an open-ended equity linked savings scheme, whose investment objective is to provide long-term growth of capital. It aims to achieve a return on assets in excess of the performance of BSE 100 Index.
Principal PNB MF unveils FMP Series
Principal PNB MF has announced the launch of Principal Pnb Fixed Maturity Plan 460 Days - Series IV and it is a close-ended scheme. The primary objective of the scheme is to build an income-oriented portfolio and provide returns along with regular liquidity to investors. The fund will invest up to 0%-100% in debt securities (including securitized debt) and money market instruments. It will have investment of 0-100% in government securities. Investment in securitised debt may be up to 100% of the net assets of the scheme.
Reliance MF files an offer document with SEBI
Reliance MF plans to launch Reliance Fixed Horizon Fund - IX and it is a close-ended income scheme. The scheme offers 12 Series with different maturity. The offers under Series 1 to 4 having 15 to 18 months duration, Series 5 to 8 having 18 months 1 day to 21 months and Series 9 to 12 with maturity period 21 months 1 day to 25 months.
The primary investment objective of the scheme is to seek to generate regular returns and growth of 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 series with the objective of limiting interest rate volatility. The scheme will invest 0-70% in money market instruments. The scheme will invest 30-100% in government securities issued by central and/or state government & other fixed income/ debt securities including but not limited to corporate bonds and securitised debt. Debt securities will also include securitized debt, which may go up to 100% of the portfolio. The average maturity of the securities will be in line with the maturity profile of the scheme.
JM Financial ML MF declares dividend
The JM Financial ML Financial mutual fund has announced the declaration of dividend under dividend option of the regular and institutional plan of JM ML Fixed Maturity Fund -Series VI- Quarterly Plan 5. The record date for dividend will be 25 February 2008. The AMC plans to distribute realized appreciation in the NAV of the plan / option from 27 December 2007 till the record date as dividend. The NAV of the scheme was recorded at Rs 10.1238 under regular plan and Rs 10.1314 under institutional plan as on 19 February 2008. JM ML Fixed Maturity Plan -Series VI- Quarterly Plan 5 is a close-ended income scheme, whose primary investment objective is to seek to generate regular returns through investment in fixed income securities normally maturing in line with the time profile of the respective plan.
Fund houses woo Aussies to put money in Indian market
Global funds are tapping the large Australian retail investor base to invest in the Indian stock market, which has grown 40%-plus annually in the last three years.
Two funds one from Kotak Mahindra Bank and another from Fidelity have already tapped Australian retail investors. Now, according to Rashmi Hansi Mehrotra, the principal business leader for investment consulting at Mercer, adviser to the worlds largest funds, a third fund will soon tap the Australian retail market for investing in the booming Indian equity markets.
Kotak Mahindra collected $69 million last year through India Equity Fund, which rose by 45% in value $100 million as of December 2007.
The other fund that collected money from Australian retail investors is Fidelitys Fiducian India Fund. There is a big retail investor market waiting to be tapped.
Australia is the fourth largest retail market with 25 million people. The rule that 9% of salaries of Australian investors should be locked in superannuation schemes till 65 years forces them to invest in attractive markets like India.
Fidelitys Fiducian India Fund is a blended portfolio of stocks selected by two Indian fund managers, State Bank of India Funds Management and Sundaram
Indian stock markets have all kinds of investors, including offshore hedge funds, endowment funds and pension funds.
Wall Street banks such as Citigroup, Merrill Lynch, Fidelity, Goldman Sachs, Morgan Stanley, among others, raise funds for India from their overseas clients. They are also managing funds of their Indian clients through the private banking business.
Birla Sun Life MF declares dividend
The Birla Sun Life mutual fund has announced the declaration of dividend under dividend option of Birla Sun Life Interval Income Fund- Quarterly Plan-Series I for its both retail and institutional plan. The AMC plans to distribute 100% of distributable surplus as on record date on the face value of Rs. 10. The record date for dividend is set as 26 February 2008.
The NAV of the scheme was recorded at Rs 10.2060 under retail plan and Rs 10.2085 under institutional plan as on 20 February 2008.
Birla Sun Life Interval Income Fund- Quarterly Plan-Series I is an interval income scheme with an objective to generate regular income through investments in debt and money market instruments. It may not charge an entry. The scheme may charge 0.50% an exit load for redemption before date of maturity.
ING MF declares dividend
ING India Mutual Fund has announced 27 February 2008 as the record date for declaration of dividend under dividend option of ING Fixed Maturity Fund-Series XXX. The AMC plans to distribute entire appreciation in the NAV of dividend option from the date of allotment to 27 February 2008 as dividend. The NAV under retail plan is Rs 10.1549 as on 20 February 2008.
ING Fixed Maturity Fund-Series XXX is a close-ended scheme offering an investment plan of 92 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.
Principal Pnb MF extends NFO period for FMP
Principal Pnb mutual fund has extended the new fund-offering (NFO) period of Principal Pnb Fixed Maturity Plan 460 Days - Series IV from 21 February 2008 to 4 March 2008.
Principal Pnb Fixed Maturity Plan 460 Days - Series IV is a close-ended scheme. The NFO price for the fund is Rs 10 per unit. The minimum investment amount under regular plan is Rs 1000 and any amount thereafter. Under institutional plan, the minimum investment amount is Rs 50 lakh and any amount thereafter.
The primary objective of the scheme is to build an income-oriented portfolio and provide returns along with regular liquidity to investors.
No entry load will be charged during the new fund offer of the scheme. The scheme may levy 1% an exit load on redemption of investment from the date allotment to 400 days. The scheme may not charge an exit load for redemption from 401st day to maturity.
Satyam Computer Services loses by 2.44%
Share prices of Satyam Computer Services went down by 2.44% to Rs. 447.00 reported at BSE at 10.54 a.m. on 22 February 2008 against previous day close of Rs 458.20.
Declining share prices may have negative impact on NAV of mutual fund schemes, which holds their stake in the company. Franklin India Taxshield 99 is likely to lose as it has the highest percentage hold of the stocks of the company compared to its peer groups who have invested in the stocks of the company. Franklin India Taxshield 99 has 14.17% of its total portfolio size invested in the stocks of the company as on 31 January 2008. The scheme holds 16280 units of the company in January 2008 compared to its peer groups who have invested in the stocks of the company.
Other schemes, which may affect includes Franklin Infotech Fund - (G) with 3.47 lakh units (10.66% of its portfolio), UTI-Software Fund (D) with holding of 2.00 lakh units (10.27%) as on 31 January 2008.
Mirae Asset MF appoints new CFO
Mirae Asset mutual fund has appointed Mr. Wan Youn Cho as the Chief Financial Officer with effect from 14 February 2008. Mr. Wan Youn Cho has 12 years of work experience in the field of financial services. He is responsible for the overall financial functions of the Company. Prior to this assignment, Mr Cho was Head of Trustee Division with Mirae Asset Securities Company. He has also been associated with organizations like Samsung Securities Company, Seoul and Boram Bank.
He has done Business administration from Seoul.