Financial Daily from THE HINDU group of publications
Tuesday, Aug 23, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 23, 2005 |
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Markets
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Mutual Funds SBI Mutual Fund unveils multi-cap fund Our Bureau
Mr P.G.R. Prasad (left), Managing Director & CEO, SBI Mutual Fund, with Mr Didier Turpin, Deputy Chief Executive Officer & COO, SBI Funds Management, at a press conference held in Mumbai on Monday. - Paul Noronha
Mumbai , Aug 22 CLOSE on the heels of its commodity-based equity fund, SBI Mutual fund today launched a multi-cap fund that would invest a minimum of 50 per cent in equity of large-cap stocks and the rest in small and mid-cap stocks. At least 10 per cent of the fund would be invested in mid-cap stocks. The company is expected to launch its portfolio management service early next month. Mr P.G.R. Prasad, Managing Director and CEO, said that regulatory clearances are in place and the company would be launching non-discretionary advisory services. Speaking at the launch, Mr Sandip Sabharwal, Fund Manager, said that large-cap stocks are roughly classified as those with market capitalisation of around Rs 3,300 crore, while mid-caps would range between Rs 330 crore and Rs 3,300 crore. Small caps are defined as those with market capitalisation less than Rs 330 crore. The minimum application amount for the scheme is Rs 5,000. There is no entry load. The offer remains open till September 16. Despite the current bull run in the bourses, Mr Sabharwal said, the investment strategy should be to stay invested and even invest more in the markets. "Corporate performance and growth expectations justify current valuations."
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