Axis Tax Saver renamed Axis Long Term Equity Fund
Axis Tax Saver is renamed as Axis Long Term Equity Fund. The new name will be effective September 2, 2011. The type of scheme stands modified to ‘an open ended equity linked savings scheme with a 3 year lock-in’.
Meanwhile, the fund topped the list of tax planning mutual fund schemes for 1-year returns as of June 30, 2011. This is quite a distinction considering the scheme is one of the youngest in the group of ELSS mutual fund scheme.
The scheme invests largely in Large and Midcap stocks and follows a blended style of investing. The date of first allotment of the scheme is December 29, 2009. Chandresh Nigam and Jinesh Gopani are currently managing the scheme. The fund has an average monthly AUM of Rs. 123.13 crore and had a portfolio turnover of 1.25 times in the last 1 year.
The scheme has largely invested in Consumer Non-Durables (15.8%), Banks (14.75%) and Software (7.86%) amongst others. HDFC Bank, ITC, HDFC, ICICI Bank and Infosys Technologies are the top 5 scripts the scheme is invested in.
Add commentAugust 20th, 2011