ICICI Prudential Mutual Fund is coming up with a New Fund Offer. This new fund is called ICICI Prudential Real Estate Securities Fund.
(The scheme will not be directly owning or holding real estate properties) is a 3-yr. close-ended debt fund, offering you an investment vehicle which seeks to gain from this opportunity. The scheme will invest in both high yielding debt securities (51% to 100%) and in equity (up to 49%) of companies that benefit directly or indirectly from the Real Estate Sector or have substantial investments in property (incl. land holdings).
The new fund offer of this scheme closes on December 14, 2007
December 1st, 2007
Investors who wish to opt for resumption in less than 6 months will now have to pay an exit load. Starting October 8, 2007, an exit load of 0.50% will be applicable on resumptions made in less than 6 months of investment in ICICI Prudential Infrastructure Fund, ICICI Prudential Dynamic Plan and ICICI Prudential Equity and Derivatives Fund - Wealth Optimiser Plan
October 11th, 2007
Seems ICICI Prudential is treating Emerging STAR and FMCG funds as couples. The fund house has announced a dividend for the two funds (like it did in January 2007).
A dividend of 25 %( i.e. Rs 2.5 per unit on the face value of Rs 10) is announced for ICICI Prudential Emerging STAR fund while 20% (i.e. Rs 2 per unit on the face value of Rs 10) is announced for ICICI Prudential FMCG Fund.
The record date for the dividends will be July 20, 2007
July 20th, 2007
If you would like to invest in Mutual Funds and do not have enough funds even for the minimum application amount, there is good news for you. ICICI Prudential has announced MicroSIP that allows investors to put in money as investments for as low as Rs. 50 and Rs. 100. Of course, units purchased via the MicroSIP route will be put in Growth option only. Entry loads will be 2.25% while Exit loads differs depends on the time and amount being invested. All other terms and conditions of SIP will apply for MicroSIP as well.
Introducing MicroSIP investments with low starting amounts are believed to increase the investor base as well as the volume of investments that goes into mutual funds.
April 18th, 2007
The latest to file draft prospectus for Gold Exchange Traded Fund is Prudential ICICI. The fund is an open-ended fund listed on one or more of the Stock Exchanges in the form of Gold Exchange Traded Fund (ETF) tracking the Gold bullion.
One section of the draft document on the SEBI’s website is highlighted that catches immediate attention:
The Mutual Fund Scheme shall not make any investment in:
1. any unlisted security of an associate or group company of the Sponsor; or
2. any security issued by way of private placement by an associate or group company of the Sponsor; or
3. the listed securities of group companies of the Sponsor which is in excess of 25% of its net assets.
Some key points from the draft prospectus:
Highlights
The scheme is an Open Ended Fund, which will be listed on one or more of the Exchange in the form of a Gold Exchange Traded Fund (ETF) tracking domestic prices of gold through investments physical Gold.
1. It is designed to provide returns that, closely correspond to the Returns provided by Gold subject to tracking errors. Each unit of scheme being offered will have a face value of Rs. 10 each subject to the applicable entry load.
2. Units of Gold ETF can be bought/sold like any other stock on the Bombay Stock Exchange Ltd (BSE) or on any other exchange where it is listed. Investors can also choose to buy units from the Fund directly, on each business day, however the redemptions from the Fund would be allowed only during the liquidity period.
3. Gold ETF will be available only in dematerialized form. This will help in consolidating with Other portfolio holdings and will eliminate need for physical storage thereby eliminating Risk.
4. AMC reserves a right to appoint an authorized participant in future.
Investment Objectives - To provide investment returns that, before expenses, closely track the performance and yield of domestic prices of Gold derived from the LBMA AM fixing prices.
Transparency – AMC will calculate and disclose the first NAV not later than 30 days from the closure of the New Fund Offer Period. Subsequently, the NAV will be calculated and disclosed at the close of every Business Day. In addition, the AMC will disclose details of the portfolio at least on a half-yearly basis.
Load
Entry Load- 1%
Exit Load- Not exceeding 0.5%.
Minimum Application Amount
Rs. 5000 and in multiples of Re. 1 thereafter
Minimum Additional Application Amount
Rs. 500 and in multiples of Re. 1 thereafter
De materialization
(a) PruICICI Gold units will be available only in the dematerialized form.
(b) Applicants under the scheme will be required to have a beneficiary account with a DP of NSDL/ CDSL and will be required to indicate in the application the DP’s name, DP ID number and its beneficiary account number with the DP.
(c) Since PruICICI Gold units are to be issued / repurchased and traded compulsorily in dematerialized form, no request for rematerialisation of PruICICI Gold units will be entertained. Liquidity Period 27th, 28th, 29th day of odd months i.e. January, March, May, July, September and November. If 29th happens to be a non business day, the next business day after 29th
January 18th, 2007