IDFC unveils capital protection-oriented fund

Mumbai: IDFC Mutual Fund has launched the IDFC Capital Protection Oriented Fund (Series 1), which is a closed-ended mutual fund. The fund seeks to protect capital by investing in high-quality fixed income instruments which mature at the same time as the scheme. It will also seek capital appreciation by investing in equity and equity-related instruments. The tenure of the fund is 36 months.

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The fund manager will invest between 84 percent and 100 percent of the invested funds in high-quality debt instruments. This investment will grow over 36 months of the total initial investment you made in the fund at the time of its inception. The remaining 0-16 percent of amount will be invested in equities. The minimum investment has been fixed at 5,000. The scheme has growth and dividend options.

Benchmark for the scheme is CRISIL MIP blended index. Ashwin Patni is the fund manager to the scheme. There is no entry or exit load. The scheme being a closed-ended scheme, the only exit is through the stock exchange where liquidity is low. As such, there is no guaranteed exit at NAV before the maturity date. The new fund offer closes on March 24, 2010.