Nine New Mutual Funds Opening for Subscription this Week
This week, nine new mutual funds commonly refer as New Fund Offers (NFOs) will open for subscription. These funds are a mix of index funds, an ETF, a sectoral fund, a thematic fund and a medium-to-long duration debt fund.
Kotak Nifty India Tourism Index Fund
The Kotak Nifty India Tourism Index Fund is an open-ended scheme, which would track the Nifty India Tourism Index. This fund is now open for subscription and it will close on September 10. The fund will allocate 95-100% of its assets in stocks forming part of the Nifty India Tourism Index and up to 5% in debt or money market instruments. The Scheme will be jointly managed by Devender Singhal, Satish Dondapati and Abhishek Bisen.
UTI Nifty 200 Quality 30 Index Fund
The Scheme is an open-ended scheme tracking the Nifty200 Quality 30 Index. The New Fund Offer will remain open for subscription till September 16. The Scheme would invest 95-100% of its assets in companies comprising the Nifty200 Quality 30 Index and up to 5% in debt or money market instruments. Sharwan Kumar Goyal will be the fund manager.
UTI Nifty Private Bank Index Fund
The UTI Nifty Private Bank Index Fund tracks the Nifty Private Bank Index. The new fund offer is open and will remain open till September 16. Like the two index schemes above, this too will invest 95-100% in the same stocks of the index in the same weightage and up to 5% in debt or money market instruments. It is managed by Sharwan Kumar Goyal.
Edelweiss Nifty Bank ETF
The Scheme is an open-ended Exchange-Traded Fund tracking the Nifty Bank Index. The NFO will remain open from September 3 to September 6. The investment objective of the Scheme is to provide returns before expenses that closely correspond to the total return of the underlying securities as represented by the Nifty Bank Index. The scheme will endeavour to achieve the investment objective by investing 95-100% of its assets in securities covered by the Nifty Bank Index and up to 5% in money market instruments or cash equivalents. Bhavesh Jain will manage this ETF.
Bandhan Nifty Midcap 150 Index Fund
Bandhan Nifty Midcap 150 Index Fund: This scheme will follow the Nifty Midcap 150 Index. The new fund offer will stay open from September 3 to September 13. The scheme will allocate 95-100% in companies forming part of the Nifty Midcap 150 Index and 0-5% in debt and money market instruments. Nemish Sheth is the fund manager.
Franklin India Medium to Long Duration Fund
Franklin India Medium to Long Duration Fund: It is a debt scheme that would predominantly invest in instruments whose Macaulay duration is between 4 and 7 years. Hence, it will be high on the interest rate risk profile and moderate in terms of credit risk. The NFO will open on September 3 and will close on September 17. The fund manager will be Chandni Gupta and Anuj Togra.
Invesco India Technology Fund
It is an equity scheme that aims at investing in technology and allied sectors. The NFO will remain open from 3rd September to 17 September. The fund will invest 80-100% in technology companies, while less than a fifth of the corpus can be used for other equities, and similarly for debt instruments. The fund managers are Hiren Jain and Aditya Khemani.
Motilal Oswal Nifty 500 Momentum 50 Index Fund
The scheme is an open-ended fund that will track the Nifty 500 Momentum 50 Index. The NFO will remain open from September 4 to September 18. The fund will invest 95-100% in the Nifty 500 Momentum 50 Index and up to 5% in liquid schemes and money market instruments. The scheme will be managed by Swapnil Mayekar and Rakesh Shetty.
HSBC India Export Opportunities Fund
HSBC India Export Opportunities Fund: A thematic equity scheme that seeks to invest in companies engaged in exports or benefiting from the export business. The NFO is intended to open on September 5 and close on September 19. In its portfolio, it intends to allocate 80-100% of the assets to companies involved in exports, along with smaller allocations to other equities, debt instruments, REITs, or InvITs. The fund managers are Abhishek Gupta and Sonal Gupta.
Conclusion
Each of these nine funds is different in the sectors and indices in which an investor can spread a portfolio.
