Mutual Funds News - 3rd March 2008

ICICI MF revises load structure

ICICI mutual fund has declared the revision in the load structures in following schemes: ICICI Prudential Infrastructure Fund, ICICI Prudential Power, ICICI Prudential Growth Plan, ICICI Prudential Discovery Fund, ICICI Prudential Services Industries Fund, ICICI Prudential Dynamic Plan, ICICI Prudential Balanced Fund, ICICI Prudential Emerging S.T.A.R. (Stocks Targeted At Returns) Fund and ICICI Prudential Income Plan.

         

Standard Chartered MF files an offer document with SEBI

Standard Chartered Mutual Fund files an offer document with SEBI to launch SC FMP Yearly Series. It is a close-ended income scheme. The scheme has three plans, each with duration of 1 year. These three plans in the scheme namely Standard Chartered Fixed Maturity Plan Yearly Series 23, Standard Chartered Fixed Maturity Plan Yearly Series 24 and Standard Chartered Fixed Maturity Plan Yearly Series 25. The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments. The fund will invest 100% in debt and money market instruments. Investments in securitised debts can be up to 50% of the net assets.

 

HDFC MF launches 13M and 90D March plans under HDFC FMP -Series VII

HDFC Mutual Fund launched HDFC Fixed Maturity Plan 13 Months March 2008 and HDFC Fixed Maturity Plan 90 Days March 2008. The investment objective of the fund is to generate regular income through investments in debt, money market instruments, and government securities. Both HDFC Fixed Maturity Plans- 13 Months March and 90 Days March 2008 offers wholesale plan and retail plan with growth and dividend option.

 

Mirae Asset MF plans to unveil new scheme

Mirae Asset MF is looking at rolling out Mirae Asset FTP-Series A- 382 Days and it is a close-ended debt scheme. The objective of the scheme is to seek to generate returns with low volatility through a portfolio of debt instruments normally maturing in line with time profile of the Scheme and money market instruments. The fund will invest 0-100% in money market instruments. It may invest in debt instruments up to 100% of net assets. Debt instruments include securitized debt up to 100% of net assets. The scheme may invest in derivatives up to 50% of the net assets of the scheme. The fund offers two plans - retail and institutional plan. Each plan offers growth and dividend options. The dividend option offers dividend payout and dividend re-investment option. Minimum investment under retail plan is Rs 5,000 and in multiple of Re 1 thereafter. Under institutional plan, minimum investment is Rs 1 crore and in multiples of Re.1 thereafter.

         

Lotus India MF to unveil new scheme

Lotus India MF is mulling unveil a new fund called Lotus India FMP - 3 Months - Series XXVII and XXVIII. These are close-ended debt schemes. The objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme. The fund will invest 0%-85% in money market instruments including reverse repo. The investment in government securities issued by the central government and/or state government(s) will be 0%-50%. The fund will invest 15%-100% debt instruments such as bonds and debentures. The investment in securitised debt will be up to 50%. The investment in fixed income derivatives will be up to 50% of the net assets of the scheme. Lotus India Fixed Maturity Plan - 3 Months - Series XXVII and XXVIII offers two options i.e. growth and dividend reinvestment options.

 

ABN Amro MF files offer document

ABN Amro MF plans to roll out ABN Amro Infrastructure Fund and it will be a open- ended equity scheme. The objective of the fund is to provide long-term capital appreciation by primarily investing in equity and equity related securities across industries and companies involved directly or indirectly in infrastructure development in India. Presently, the scheme will have only regular plan. This plan offers growth option and dividend option. The dividend option offers dividend payout and dividend re-investment facilities. The minimum application amount under regular plan is Rs. 5000 and in multiple of Re 1 thereafter. The scheme may not levy any exit load in case of investments of Rs.5 crore or above.

 

DSP ML MF files an offer document

DSP ML is looking at rolling out a fund called DSP ML Equity Linked FMP Series. These schemes are of close-ended income nature. DSP Merrill Lynch mutual fund, offering units of four schemes viz. DSP ML Equity Linked Fixed Maturity Plan- 24M- Series 1,2 each having a term of 24 months, DSP ML Equity Linked Fixed Maturity Plan- 36M- Series 1,2 having a term of 36 months, from their respective dates of allotment. The investment objective of theses schemes is to seek to generate income through investment in debt securities with fixed and/or floating payouts linked to equity indices and/or underlying stocks/equity securities, as the case may be. The scheme will invest 80-100% of its portfolio in debt instruments. It will invest 0-20% in money market instruments Debt instruments may include securitised debts up to 100% of the net assets. Debt instruments with fixed and/or floating payouts linked to equity indices and/or underlying stocks/equity securities up to 100% of the net assets.

         

HDFC MF rolls out 14 Months plan under HDFC FMP -Series VII

HDFC Mutual Fund has unveiled a fund called HDFC Fixed Maturity Plan 14 Months-February 2008 and it is a close-ended income fund. The investment objective of the fund is to generate regular income through investments in debt, money market instruments, and government securities. HDFC Fixed Maturity Plan 14 Months February 2008 offers wholesale plan and retail plan with growth and dividend options. The scheme offers investors growth option and dividend option under both the plans. Dividend option offers quarterly dividend option and normal dividend option with payout facility only.

 

DSP Merrill Lynch MF rolls out Natural Resources And New Energy Fund

DSP Merrill Lynch MF has unveiled a scheme called DSP Merrill Lynch Natural Resources And New Energy Fund and it is an open-ended equity growth scheme. The primary investment objective of the scheme is to seek to generate capital appreciation and provide long term growth opportunities by investing in equity and equity related securities of companies domiciled in India whose pre-dominant economic activity is in the discovery, development, production, or distribution of natural resources, viz., energy, mining etc; alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies.

The fund will invest can invest 65-100% in equity and equity related securities of companies domiciled in India, and principally engaged in the discovery, development, production or distribution of natural resources and alternative energy. It may invest 0-35% in equity and equity related securities of companies domiciled overseas, and principally engaged in the discovery, development, production or distribution of natural resources and alternative energy, in units/shares of Merrill Lynch International Investment Funds - New Energy Fund, Merrill Lynch International Investment Funds - World Energy Fund and similar other overseas mutual fund schemes. The scheme may invest 0-20% of the scheme's net assets in debt and money market securities.

 

Morgan Stanley MF extends NFO period for A.C.E. Fund

Morgan Stanley mutual fund has extended the new fund-offering (NFO) period of Morgan Stanley A.C.E. fund from 10 March to 11 March 2008.

Morgan Stanley A.C.E. -Across Capitalisations Equity Fund is an open-ended equity scheme. The NFO price for the fund is Rs 10 per unit plus applicable entry load. The minimum investment amount is Rs. 5000 and in multiples of Re. 1 thereafter.

The investment objective of the scheme is to generate long-term capital growth from an actively managed portfolio of equity and equity-related securities including equity derivatives.

The scheme carries entry load of 2.25% for the purchase s of less than Rs 5. It may not charge an entry load for purchase amount of Rs 5 crore and above.

For purchases of less than Rs 5 crore: The scheme may charge an exit load of 1% for the redemption on or before the expiry of 6 months from the date of allotment. If redemption is done within 6 months but before 1 year from the date of allotment, there will be 0.5% exit load charged.

For purchases of Rs 5 crore and above: There will be 0.5% an exit load charged for redemption within 6 months. No exit load will be levied for redemption after the expiry of 6 months from the date of allotment.

The scheme will invest up to 65-100% in equity and equity-related instruments, and 0-35% in debt and money market instruments including securitised debt. Investment in derivatives may be up to 50% of the net asset of the scheme. Investments in foreign securities will be up to 30% of the net asset of the scheme.

 

Kotak MF ties up with Oriental Bank of Commerce

Kotak Mahindra Asset Management Company entered into a distribution tie-up with Oriental Bank of Commerce (OBC). Under the agreement, OBC will offer the entire bouquet of Kotak Mutual funds products across the banks branches.

Mr. Sandesh Kirkire, Chief Executive Officer, Kotak Mahindra Asset Management Company said, The banking network is one of the best approaches to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value-added services that are offered by banks. As experts in the field of wealth creation in India, our tie-up with OBC will reinforce our commitment to expand retail participation. With this tie-up customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions.