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Our Bureau

Mumbai , Dec. 18

UTI Mutual Fund has launched a ten-year close-ended equity linked savings scheme, UTI-Long Term Advantage Fund. The new fund offer opens on December 21 and closes on March 20. The scheme will offer a redemption facility after an initial lock-in-period of three years, an official release said.

The fund aims at providing medium- to long-term capital appreciation and income tax benefit.

"The investment strategy of the fund will be to invest in equity and equity-related securities of high quality companies that have the potential to grow at a reasonable rates in the long-term," said Ms Swati Kulkarni, Fund Manager of the scheme.

She added, "The scheme will also invest in emerging growth companies that have potential to offer appreciation greater than the growth in the relevant stock market indices in the long-term. The scheme aims to build and maintain a diversified portfolio."

The fund will invest 80-100 per cent of the corpus in equity and related instruments and 0-20 per cent in debt and money markets. The minimum initial investment is Rs 500. The fund has been benchmarked against the BSE-100 index.

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