Financial Daily from THE HINDU group of publications
Wednesday, Jan 07, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jan 07, 2004 |
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Markets
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Mutual Funds Reliance MF plans media, power, pharma funds Our Bureau
Kolkata , Jan. 6 RELIANCE Mutual Fund has mooted three sector funds dedicated to media, power and pharma. The MF, which runs the country's only banking sector fund, has moved SEBI for clearance. Reliance MF's media and power funds, when launched, will be the first schemes of their kind in the country. Rival asset management companies such as UTI, Templeton and SBI already manage a few pharma funds. The proposed Reliance Media Fund may allocate 0-100 per cent of its assets to equity and equity-related instruments in the media sector. Also, there may be 0-100 per cent exposure to fixed income securities issued by media companies and money market instruments. The `most likely' asset allocation is 80 per cent in equities and 20 per cent in debt. The fund will offer investors the basic growth and dividend plans. The former will provide a bonus option as well. Unit holders may utilise value and NAV triggers to secure stop-loss or capital gain.
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