DSP BlackRock MF launches World Mining Fund


Mumbai: DSP BlackRock Mutual Fund has launched a new fund as DSP BlackRock World Mining Fund, an open ended fund of funds scheme investing in international fund. The face value of the new fund offer (NFO) will be 10 per unit, reports Moneycontrol.com. The NFO commences on November 23, 2009 and closes on December 18, 2009. The fund will re-open for continuous sale and repurchase not later than January 17, 2010. The primary investment objective of the scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds - World Mining Fund (BGF-WMF). 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 portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. The scheme offers both regular and institutional plan. Each plan offers growth and dividend option, the dividend option offers dividend payout and dividend re-investment facilities. The minimum application amount during NFO and continuous offer is 5000 and in multiples of 1 thereafter for regular plan and 5 crore and in multiples of 1 thereafter for institutional plan. The minimum application amount for additional purchase is 1000 and in multiples of 1 thereafter for both plans. Entry load is nil for both plans. The scheme will invest 80 percent to 100 percent of assets in units of BGF - WMF or other similar overseas mutual fund scheme(s). It would invest up to 0-20 percent of assets in money market securities and units of money market/liquid schemes of DSP BlackRock Mutual Fund. The benchmark index for the scheme will be 'HSBC Global Mining (cap) Index.' Vinit Sambre is appointed as the Fund Manager of the scheme.