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
Mumbai , June 8 UTI Mutual Fund has launched UTI Spread Fund, a market neutral fund. The fund offer, which opens on June 9 and closes on June 22, seeks to provide investors with returns, unaffected by the rise or fall of equity markets. The fund will reopen for continuous purchase and redemption during the interval periods on July 6. The face value of units is Rs 10 and the minimum investment is Rs 5,000. The fund offers two options - Growth option and Dividend option. The investment objective of the fund is to provide capital appreciation and dividend distribution through arbitrage opportunities arising out of price differences between the cash and derivative markets by investing predominantly in equity and equity-related securities, derivatives, and the rest in debt securities. Mr U.K. Sinha, Chairman and Managing Director, said: "The spread fund is ideal for risk-averse investors as all equity positions will be completely hedged." The fund is open to individuals, institutions, NRIs and FIIs. Crisil Liquid Fund Index is the benchmark index for the fund.
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