The Hindu Business Line : UTI MF launches new scheme

UTI Mutual Fund on Monday announced the launch of its close-ended equity scheme `UTI Wealth Builder Fund'. The scheme aims at achieving long-term capital appreciation by investing in a diversified portfolio of equity and related instruments.

The fund offers two options namely Growth and Dividend-Payout option. The new fund offer opens on September 7 and closes on October 11. Units can be purchased only during the fund offer period.

The face value of each unit is Rs 10. The duration of the scheme is five years from the date of allotment. Minimum initial investment required is Rs 5,000 and in multiples of Re 1, thereafter without any upper limit.

"The scheme will invest in equity and equity-related instruments to the extent of 65-100 per cent and 0-35 per cent in debt and money market instruments and upon maturity it would be automatically converted into an open-ended scheme. Apart from being a five-year close-ended equity scheme, it will also utilise derivatives to hedge the portfolio and the extent to which the portfolio will be hedged will be linked to index levels,'' said the press note quoting Mr U.K. Sinha, Chairman and Managing Director, UTI.

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