NFO Alert: Nippon India Mutual Fund launches two index funds
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Synopsis
Nippon India Mutual Fund will launch two index funds: Nippon India Nifty Realty and Nifty Auto Index Funds. The NFO opens from November 14 to 28, with a minimum investment of Rs 1,000. Both funds aim for long-term capital growth.
By Surbhi Khanna, ET Online
Nippon India Mutual Fund has announced the launch of two index funds: Nippon India Nifty Realty Index Fund and Nippon India Nifty Auto Index Fund
The minimum application amount for both the schemes will be Rs 1,000 and in multiples of Re 1 thereafter. Both schemes will be managed by Himanshu Mange.
The schemes will be suitable for investors who are seeking long term capital growth and want investments in equity and equity related securities and portfolios replicating the composition of the underlying index, subject to tracking errors.
Nippon India Nifty Realty Index Fund will be an open-ended scheme replicating/tracking Nifty Realty Index.
The investment objective of the scheme is to provide investment returns that commensurate to the total returns of the securities as represented by the Nifty Realty Index before expenses, subject to tracking errors.
The scheme will be benchmarked against Nifty Auto TRI. The scheme will allocate 95-100% in securities constituting Nifty Auto Index and 0-5% in cash and cash equivalents and money market instruments, and/or schemes which invest predominantly in the money market securities or liquid schemes.
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The new fund offer or NFO of the schemes will open for subscription on November 14 and will close on November 28. The schemes will reopen for continuous sale and repurchase on December 10.The minimum application amount for both the schemes will be Rs 1,000 and in multiples of Re 1 thereafter. Both schemes will be managed by Himanshu Mange.
The schemes will be suitable for investors who are seeking long term capital growth and want investments in equity and equity related securities and portfolios replicating the composition of the underlying index, subject to tracking errors.
FEATURED FUNDS
Nippon India Nifty Realty Index Fund
Nippon India Nifty Realty Index Fund will be an open-ended scheme replicating/tracking Nifty Realty Index. The investment objective of the scheme is to provide investment returns that commensurate to the total returns of the securities as represented by the Nifty Realty Index before expenses, subject to tracking errors.
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The scheme will be benchmarked against Nifty Realty TRI. The scheme will allocate 95-100% in securities constituting Nifty Realty Index and 0-5% in cash and cash equivalents and money market instruments, and/or schemes which invest predominantly in the money market securities or liquid schemesNippon India Nifty Auto Index Fund
Nippon India Nifty Auto Index Fund will be an open-ended scheme replicating/tracking Nifty Auto Index.ADVERTISEMENT
The investment objective of the scheme is to provide investment returns that commensurate to the total returns of the securities as represented by the Nifty Auto Index before expenses, subject to tracking errors.The scheme will be benchmarked against Nifty Auto TRI. The scheme will allocate 95-100% in securities constituting Nifty Auto Index and 0-5% in cash and cash equivalents and money market instruments, and/or schemes which invest predominantly in the money market securities or liquid schemes.
