Axis MF unveils Income Saver Fund

By SiliconIndia   |   Thursday, May 27, 2010   |    1 Comments
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Mumbai: Axis Mutual Fund has launched a new open ended income fund - Axis Income Saver Fund. The New Fund Offer (NFO) is open for subscription from May 24, 2010 till June 16, 2010. The scheme re-opens for continuous sale and repurchase on July 16, 2010. The units will be available at Rs.10 each during the NFO period. The investment objective of the scheme is to generate regular income through investments in debt and money market instruments, along with capital appreciation through limited exposure to equity and equity related instruments. It also aims to manage risk through active asset allocation. The scheme will offer growth and dividend options. Dividend option further offers payout and reinvestment facility on a quarterly, half yearly and annual option. The Fund will be managed by Ninad Deshpande (for the debt component of the portfolio) and Pankaj Murarka (for the equity component of the portfolio). The minimum investment amount is Rs.5000 and multiples of Re.1 thereafter. Additional purchases Rs.1000 and in multiples of Re.1 thereafter. There will be no entry load, while exit load of one percent if redeemed or switched out within one year from the date of allotment. The scheme would allocate 65-99 percent of assets in money market instruments and debt instruments securitized debt. It will invest 1-35 percent in equity and equity related instruments with high risk profile. The scheme will be benchmarked against CRISIL MIP Blended Fund Index.
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