Financial Daily from THE HINDU group of publications
Sunday, Mar 06, 2005
Financial Daily from THE HINDU group of publications Sunday, Mar 06, 2005 |
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Markets
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Mutual Funds Principal MF moots new equity scheme Our Bureau
Kolkata , March 5 PRINCIPAL MF has proposed an equity scheme that will mainly invest in companies with a market capitalisation of at least Rs 1,000 crore. The Principal Large Cap Fund, which is pending regulatory approval, will have the 50-share S&P CNX Nifty as its benchmark index. The fund will place a majority of its assets in companies with a large market cap, according to the offer document sent to SEBI for approval. It may, therefore, under-perform during periods when companies with small or mid-sized market cap are performing well. At least 65 per cent of the stocks selected by the fund manager under normal circumstances will have a market cap equal to or greater than Rs 1,000 crore as on the date of investment. Up to 35 per cent of the net assets can be invested in stocks that do not fit this description. Principal Large Cap Fund will add to the equity products managed by the MF. They include Principal Growth, Principal Equity, Principal Resurgent India Equity and Principal Dividend Yield. The asset management company has Punjab National Bank and Vijaya Bank as stakeholders.
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