1.Religare Invesco Medium Term Bond Fund announces change in the load structure
Religare Invesco Mutual Fund has announced change in the load structure of Religare Invesco Medium Term Bond Fund. Accordingly, the revised load structure will be:
Entry load: Nil (no change) Exit load:
In respect of each purchase/switch-in of units, an exit load of 0.50% is payable if units are redeemed/switched-out on or before 3 months from the date of allotment.
In respect of each purchase/switch-in of units, no exit load is payable if units are redeemed/switched-out after 3 months from the date of allotment. Switch between the pans under the scheme: For switch to direct plan: transaction not routed through distributor-nil and transaction routed through distributor-applicable exit load
For switch from direct plan: Nil
The aforesaid change will be applicable on a prospective basis from 20 November 2013 in respect of investments made in the scheme on or after the effective date.
News Source – NAV INDIA.
Mutual funds (MFs) sold shares worth a net Rs 32.40 crore on Thursday, 14 November 2013, compared with net outflow of Rs 54.20 crore on Wednesday, 13 November 2013.
The net outflow of Rs 32.40 crore on Thursday, 14 November 2013, was a result of gross purchases of Rs 382.20 crore and gross sales of Rs 414.60 crore. The S&P BSE Sensex had jumped 205.02 points or 1.02% to settle at 20,399.42 on that day, its highest closing level since 11 November 2013. Mutual funds have sold shares worth a net Rs 1099.40 crore in November 2013 so far (till 14 November 2013).
News Source – NAV INDIA.
NEW FUND LAUNCH
Axis Asset Management Co. Ltd. (Axis AMC) announced the launch of Axis Small Cap Fund a 5 year close ended equity scheme (including the date of allotment) that seeks to generate long-term capital appreciation from a diversified portfolio of predominantly equity & equity related instruments of small cap companies. The scheme will become open-ended on completion of 5 years. Axis Small Cap Fund closes for subscription on 25th November, 2013. The minimum amount that investors can invest in this fund is Rs 5000/-
The initial 5 year closed ended structure seeks to address liquidity of small caps. The subsequent open ended nature further seeks to provide flexibility to investors who can either choose to remain invested for a longer tenure. One of the most prevalent perception in the minds of retail investors in India is that Small caps are risky and during the current situation inappropriate to invest in. Internal research has demonstrated that while dispersion in performance is bigger for small caps as compared to large cap stocks quality small caps have typically a lower beta and have the potential to out-perform large caps.
News Source – INDIA INFOLINE.