NFO NEST
March 2015
The NFO deluge
There
is a deluge of NFOs with barely a fortnight before the proposal to cap upfront commissions
to distributors is put into practice from April 1, 2015. It is raining NFOs. As
many as 23 new fund offers (NFOs) are open for subscription or will be launched
later this month as fund houses scamper to garner maximum money by paying steep
commissions to distributors to sell their products. Of the new fund launches,
14 are equity schemes. Four of these NFOs are without any lock-in period, also
known as open-ended funds; the rest are close-ended with a lock-in period of
three or five years. Many fund houses continue to pay 5-6% upfront commission
to distributors for getting fresh money from investors. The Association of
Mutual Funds in India (AMFI), the industry body, has urged funds to limit
upfront commission to 1% starting April 1, 2015.
Canara Robeco India Opportunities Fund – Series 2
Opens: March 2, 2015
Closes: March 16, 2015
Canara Robeco Mutual Fund has
launched a new fund named as Canara Robeco India Opportunities Fund-Series 2, a
close-ended equity fund. The tenure of the fund is 3 years (1095 days) from the
date of allotment of units. The investment objective of the fund is to generate
capital appreciation by investing predominantly in equity and equity related
instruments of mid cap companies. The fund will invest 65-100% in mid- and
small cap equity and equity related instruments, 0-35% in large cap equity and
equity related instruments, up to 10% in microcap equity and equity related instruments
with high risk profile and up to 25% in debt and money market instruments with
low risk profile. Benchmark index for the fund is CNX Midcap. The fund managers
will be Ravi Gopalakrishnan-Head Equities and Krishna Sanghavi-Senior Fund Manager
- Equities. They will also manage the debt portion of the fund.
Baroda Pioneer Hybrid Fund – Series 1
Opens: March
2, 2015
Closes: March 17, 2015
Baroda Pioneer
Mutual Fund announced the launch of Baroda Pioneer Hybrid Fund-Series I, a
close-ended hybrid fund. The primary objective of the fund is to generate
income by investing in fixed income securities maturing on or before the date
of the maturity of the fund and to generate capital appreciation by investing
in equity and equity related instruments. This fund is aimed at combining
income generation with potential capital preservation. It is predominantly a
fixed income product as more than 65% of the corpus will be invested in debt and
money market instruments. A maximum of 30% will be invested in equity or equity
linked instruments, with an endeavor to generate return. Mr. Dipak Acharya will
be managing the equity segment while Mr. Alok Sahoo will be managing the debt
part of the investment.
DWS Large Cap Fund – Series 1
Opens: March 4,
2015
Closes: March 18, 2015
Deutsche
Mutual Fund has launched a new fund as DWS Large Cap Fund - Series 1, a
close-ended equity fund. The tenure of the fund is 1281 days from the date of
allotment of units. The objective of the fund is to generate capital
appreciation from a diversified portfolio of equity and equity related
securities of large cap companies in India. The fund will invest 70%-100% of
assets in equity and equity related instruments of large cap companies, invest
up to 30% of assets in equity and equity related instruments of non-large cap
companies with high risk profile, and invest up to 10% of assets in debt and
money market instruments with low to medium risk profile. The benchmark index
for the fund will be CNX Nifty Index. The fund manager is Akash Singhania.
ICICI Prudential Multiple Yield Fund – Series 8 Plan G
Opens: March 5,
2015
Closes: March 19, 2015
ICICI Prudential Mutual Fund has
launched a new fund named as ICICI Prudential Multiple Yield Fund - Series 8 -
1284 Days Plan G, a close-ended income fund. The tenure of the fund is 1284
days from the date of allotment of units. The primary objective of the fund is
to seek to generate returns by investing in a portfolio of fixed income securities/debt
instruments. The secondary objective of the fund is to generate long term
capital appreciation by investing a portion of the fund's assets in equity and
equity related instruments. The fund will allocate 65% to 95% of assets in debt
securities (including government securities) with low to medium risk profile.
It will allocate up to 30% of assets in money market instruments, cash and cash
equivalents and it will allocate 5% to 35% of the assets in equity or equity
related securities with medium to high risk profile. Of the investments in debt
instruments, 83%-88% will be invested in AA rated non-convertible debentures. The
benchmark index for the fund will be CRISIL MIP Blended Index. The equity
portion will be managed by Vinay Sharma. Rahul Goswami and Chandni Gupta will
jointly manage the debt portion of investments under the fund. The investments
under the ADRs/GDRs and other foreign securities will be managed by Shalya
Shah.
Canara Robeco Capital Protection Oriented Fund – Series 5
Opens: March
9, 2015
Closes: March 20, 2015
Canara Robeco
Mutual Fund has launched Canara Robeco Capital Protection Oriented Fund- Series
5, a close-ended capital protection oriented fund. The fund will have the
tenure ranging between 12 and 66 months from and including the date of
allotment. The fund seeks capital protection by investing in high quality fixed
income securities maturing on or before the maturity of the fund and seeks
capital appreciation by investing in equity and equity related instruments. For
tenure up to 18 months, the fund will invest 90-100% in Indian debt instruments
and money market instruments and up to 10% in equity and equity related
instruments. For tenure of more than 18 but less than or equal to 24 months, the
fund will invest 85-100% in Indian debt instruments and money market
instruments and up to 15% in equity and equity related instruments. For tenure
more than 24 but less than or equal to 36 months, the fund will invest 80-100%
in Indian debt instruments and money market instruments and up to 20% in equity
and equity related instruments. For tenure of more than 36 months but less than
or equal to 66 months, the fund will invest 70-100% in Indian debt instruments
and money market instruments and up to 30% in equity and equity related
instruments. The fund managers are Krishna Sanghavi and Suman Prasad.
ICICI Prudential India Recovery Fund – Series 1
Opens: March 9,
2015
Closes: March 23, 2015
ICICI Prudential Mutual
Fund has launched a new fund as ICICI Prudential India Recovery Fund -
Series 1, a close-ended equity fund. The investment objective of the fund is to
provide capital appreciation by investing in equity and equity related
securities that are likely to benefit from recovery in the Indian economy. The fund
will invest 80-100% in equity and equity related instruments with medium to
high risk profile and up to 20% in debt, money market instruments, and cash
with low to medium risk profile. The benchmark index for the fund will be
S&P BSE 500 Index. The fund managers are Mrinal Singh and Rajat Chandak.
The investments under ADRs/GDRs and other foreign securities will be managed by
Shalya Shah.
LIC Nomura MF Banking & Financial Services Fund
Opens: March
9, 2015
Closes: March 23, 2015
LIC Nomura Mutual Fund has
launched a new fund named LIC Nomura MF Banking & Financial Services Fund,
an open-ended banking & financial services sector fund. The investment
objective of the fund is to generate long-term capital appreciation for unit
holders from a portfolio that is invested substantially in equity and equity
related securities of companies engaged in banking and financial services
sector. The fund will invest 80-100% in equity & equity relates securities
of banking & financial services companies with high risk profile and up to
20% in cash, debt and money market instruments with low risk profile. The
benchmark index for the fund is S&P BSE Bankex. The fund manager will be
Ramnath Venkateswaran.
Reliance Capital Builder Fund II – Series C
Opens: March
9, 2015
Closes: March 23, 2015
Reliance Mutual Fund has launched
a new fund named as Reliance Capital Builder Fund II - Series C, a close-ended
equity oriented fund with a duration of 3 years from the date of allotment. The
investment objective of the fund is to provide capital appreciation to the
investors, which will be in line with their long term savings goal, by
investing in a diversified portfolio of equity & equity related instruments
with small exposure to fixed income securities. The fund will allocate 80%-100%
of assets in diversified equity & equity related instruments with medium to
high risk profile and invest up to 20% of assets in debt and money market
instruments with low to medium risk profile. Benchmark index for the fund is
S&P BSE 200 Index. The fund managers are Samir Rachh and Jahnvee Shah (Fund
manager-overseas investments).
ICICI Prudential Capital Protection Oriented Fund VIII Plan A
Opens: March
10, 2015
Closes: March 23, 2015
ICICI Prudential Mutual Fund has
launched a new fund named as ICICI Prudential Capital Protection Oriented Fund
VIII - Plan A, a close-ended capital protection oriented fund. The tenure of
the fund is 1300 days. The investment objective of the fund is to seek to
protect capital by investing a portion of the portfolio in highest rated debt
securities and money market instruments and also provide capital appreciation
by investing the balance in equity and equity related securities. The
securities would mature on or before the maturity of the plan under the fund. The
fund will allocate 70%-100% of assets in debt securities & money market
instruments with low to medium risk profile and invest up to 30% of assets in
equity and equity related securities with medium to high risk profile. Benchmark
index for the fund is CRISIL MIP Blended Index. The fund managers are Vinay
Sharma (equity portion), Chandni Gupta & Rahul Goswami (debt portion) and
Shalya Shah (for investments in ADR / GDR and other foreign securities).
SBI Dynamic Asset Allocation Fund
Opens: March
10, 2015
Closes: March 24, 2015
SBI Mutual Fund has launched a new fund as SBI Dynamic Asset Allocation Fund, an open-ended dynamic asset allocation fund. The investment objective of the fund is to provide investors with an opportunity to invest in a portfolio of a mix of equity and equity related securities and fixed income instruments. The allocation between fixed income and equity instruments will be managed dynamically so as to provide investors with long term capital appreciation. The fund will invest up to 100% in equity and equity related instruments including foreign securities with high risk profile and up to 100% in debt and money market instruments with low to medium risk profile. The benchmark index for the fund is 50% Crisil 1 year CD Index + 50% BSE S&P Sensex. The fund managers are Dinesh Balachandran and Nidhi Chawla.
Birla Sun Life Capital Protection Oriented Fund – Series 26
Opens: March
11, 2015
Closes: March 26, 2015
Birla Sun Life Mutual Fund has
launched a new fund named as Birla Sun Life Capital Protection Oriented Fund -
Series 26, a close-ended capital protection oriented fund. The tenure of the fund
is 1101 days from the date of allotment. The investment objective of the fund
is to seek capital protection on maturity by investing in fixed income
securities maturing on or before the tenure of the fund and seeking capital
appreciation by investing in equity and equity related instruments. The fund will
allocate 70% to 100% of assets in debt & money market instruments with low
to medium risk profile and up to 30% in options premium with high risk profile,
but limited to the premium paid. The option premium will be for the purpose of
exposure to derivative instruments which will be restricted to long call
options. The option premium offers the actual equity market exposure. However,
the cumulative gross exposure through debt and options premium will not exceed
100% of the net assets of the fund. For this exposure, cash or cash equivalents
with residual maturity of less than 91 days may be treated as not creating any
exposure. Benchmark index for the fund is CRISIL MIP Blended Index. The fund
managers will be Prasad Dhonde and Ajay Garg.
JP Morgan Balanced Advantage Fund
Opens: March
12, 2015
Closes: March 26, 2015
JP Morgan Mutual Fund has launched an
open-ended balanced fund called - JPMorgan India Balanced Advantage Fund. The fund
aims to generate long term capital appreciation and current income from a
portfolio that is invested in equity and equity related securities as well as in
fixed income securities. The fund will invest 30%-60% in equity and equity
related instruments, 5%-10% in net equity arbitrage exposure and 30%-60% in
debt securities and money market instruments. The benchmark of the fund is
CRISIL Balanced Fund Index. The equity portion of the fund will be co-managed
by Amit Gadgil and Karan Sikka while the debt portion will be co-managed by
Namdev Chougule and Ravi Ratanpal.
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