Akshaya Tritiya is here and mutual funds houses have a big reason to smile: gold ETFs are selling like hotcakes, reports Mitra Joshi of CNBC-TV18. Gold bars, gold coins, gold biscuits, gold jewellery. Indians love the yellow metal in all forms lately, even Gold Exchange Traded Funds. This craze increases on auspicious days like Akshaya Tritiya and with ETFs giving the consumer relief from quality and taxes on gold; Mutual Funds have hit pay dirt.
Data from MF rating agency Morningstar shows that at the end of FY12, AUMs for Gold ETFs stood at over Rs 9,800 crore, against Rs 4,400 crore at the end of FY11. Fund houses are confident that on the 24th of April, Akshaya Tritiya day, demand for Gold ETFs will be at an all time high.
News Source -Â MONEY CONTROL.
Mutual funds are considered a better investment option due to relatively better safety of capital, but they have also scored over the direct stock market investments in terms of returns to investors. As per a performance analysis of stock market benchmarks and mutual fund equity schemes, as many as 50 large equity MF schemes, with an average asset size of at least Rs 1,000 crore, have given better returns than the market barometer Sensex during the first quarter of 2012.
While the stock market benchmark index Sensex gained 12.6 per cent during the January-March 2012 quarter, the surge was higher for a total of 50 MF schemes and the top three performers belonged to Reliance Mutual Fund. The returns were over 20 per cent for this period for as many as 11 such funds, including five Reliance MF schemes.
News Source -Â ECONOMIC TIMES.
The BSE’s mutual fund platform will function beyond the 3 p.m. cut off on the occasion of Akshaya Tritiya on April 24. Following requests from Asset Management Companies, the BSE Star MF – the mutual fund platform on the BSE will accept transactions in gold funds traded on the exchange.
Similarly, the NSE also extended live trading session on Tuesday on the occasion of Akshaya Tritiya for Gold ETF. However, the NAV of the schemes traded beyond 3 p.m., will be applicable only on April 25. The transactions done between 9 a.m. and 3 p.m. on April 24, will reflect on that day’s NAV.
News Source -Â BUSINESS LINE.
Taurus Mutual Fund has launched a new fund named as Taurus Banking & Financial Services Fund, an open ended sectoral equity scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 2 May and close on 16 May 2012. The scheme re-opens on 30 May 2012.
The primary objective of the scheme is to generate capital appreciation through a portfolio that invests predominantly in equity and equity related instruments of Banking, Financial and Non Banking Financial Companies that form part of the BFSI Sector.
News Source -Â INDIA INFOLINE.