|L&T Mutual Fund has launched a new fund named L&T Nifty Next 50 Index Fund, An open ended equity scheme tracking nifty next 50 index. The new issue will be open for subscription from 24 March 2020 to 31 March 2020.
The investment objective of the scheme will invest in stocks comprising the Nifty Next 50 index in the same proportion as in the index with the objective of achieving returns equivalent to the Total Returns Index of Nifty Next 50 index by minimizing the performance difference between the benchmark index and the scheme. The Total Returns Index is an index that reflects the returns on the index from index gain/ loss plus dividend payments by the constituent stocks.
The scheme offers growth and dividend option with dividend payout & dividend reinvestment facility.
The scheme would invest 95% - 100% of its assets in equity and equity related securities covered by Nifty Next 50 Index with medium to high risk profile, invest upto 5% of assets in debt and money market instruments with low to medium risk profile.
Minimum application amount is Rs 5000 per application.
Minimum additional application amount is Rs 1000 per application.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry load: Nil
Exit Load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (the limited) within 1 year from the date of allotment: Nil
If the units redeemed or switched out are over and above the limit within 1 year from the date of allotment: 1% of applicable NAV
If the units redeemed or switched out on or after 1 year from the date of allotment: Nil
Benchmark Index for the scheme is Nifty Next 50 Index TRI
The fund manager of the scheme is Praveen Ayathan.
Powered by Capital Market - Live News