Birla Sun Life Long Term Advantage Fund- Series 1
Birla Sun Life Mutual Fund has recently filed draft offer document before SEBI for its upcoming Birla Sun Life Long Term Advantage Fund- Series 1.
The scheme is actually a closed end diversified equity scheme with a maturity of 3 years. Upon maturity, the scheme shall automatically be converted into an open-ended scheme.
The investment objective of the scheme is as follows:
Birla Sun Life Long Term Advantage Fund- Series 1 seeks to generate consistent long-term capital appreciation by investing predominantly in equity and equity related securities of companies considered to be small and mid cap. “Small and Mid Cap” is defined as any company, which has a market capitalization below that of the top 20% of the S&P CNX 500 index and may or may not be a company forming part of the S&P CNX 500 Index. The Scheme may also invest a certain portion of its corpus in fixed income securities including money market instruments , in order to meet liquidity requirements from time to time.
The minimum of Rs. 5000/ - and in multiples of Re. 1/ - thereafter during the NFO period. Upon conversion into an open-ended scheme (after 3 years from the date of allotment), the minimum will be changed to Rs. 5000/ - and in multiples of Re. 1/ - thereafter on an ongoing basis.
The CNX Midcap Index will be taken as the Benchmark Index.
Birla Sun Life Mutual Fund already has a Midcap fund called the Birla Midcap Fund launched on October 3, 2002. Its investment objective is as follows: An Open-ended growth scheme with the objective to achieve long-term growth of capital at controlled level of risk by primarily investing in midcap stocks. The fund has a corpus of Rs. 232.56 Crores (As on December 29, 2006 as per Connect January 2007).
The NAV of this fund as on 9-Feb-2007 is as follows:
101591;Birla MIDCAP Fund-Plan A (Dividend);24.10
101592;Birla MIDCAP Fund-Plan B (Growth);67.01
Add commentFebruary 10th, 2007