Financial Daily from THE HINDU group of publications
Friday, Jun 09, 2006
Financial Daily from THE HINDU group of publications Friday, Jun 09, 2006 |
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Markets
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New Fund Offer Our Bureau
Kolkata , June 8 Fidelity Mutual Fund will make a foray into the fixed-income space through an open-end income scheme suitable for short to medium term investors. The proposed Fidelity Short Term Income Fund, which will offer two plans (named institutional and non-institutional), will be benchmarked against Crisil Short Term Bond Index; Mr Sameer Kulkarni has been named as its fund manager. The fund management team, notes the offer document filed with SEBI, will "take an active view of the interest rate movement," while investment decisions will be a combination of credit analysis of individual exposures and analysis of macro economic factors. The prevailing interest rate scenario, quality of the security, maturity profile and liquidity will be among the important considerations. Fidelity Short Term Income Fund will invest entirely in debt and money market securities. Debt instruments (including securitised debt) may account for 100 per cent of the allocations. The fund can scale up its exposure to money market instruments to 100 per cent as well. It may invest in various derivatives instruments, subject to limits. The MF's latest move marks the continuation of its engagement with products other than those focused solely on equities. So far, it has introduced three equity funds and a multi-manager cash fund.
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