Bangalore: Quantum Mutual Fund (MF) has unveiled a new open-ended fund of funds scheme named Quantum Gold Savings Fund. The New Fund Offer opens on Thursday, April 28, 2011 and will close on Thursday, May 12, 2011. The scheme will reopen for continuous subscription on Thursday, May 26, 2011.

The investment objective of the scheme is to provide capital appreciation by predominantly investing in units of Quantum Gold Fund -Exchange Traded Fund. The Units are available at face value of 10 per unit during the NFO and thereafter at applicable NAV based price.

The Quantum Gold Savings Fund enables investors to invest in the scheme through lump sum investment or Systematic Investment Plans (available after the scheme reopens). An exit load of 1 percent is chargeable if the units are redeemed or switched out on or before 1 year from the date of allotment. The performance of the scheme will be benchmarked against the domestic price of gold. The fund will be managed by Chirag Mehta.