Business Daily from THE HINDU group of publications
Tuesday, Jul 17, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 17, 2007 ePaper |
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Markets
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New Fund Offer
Our Bureau Mumbai, July 16 JM Financial Mutual Fund has launched JM Contra Fund, which aims to provide capital appreciation by following the contrarian style of investing. The fund will buy into fundamentally sound stocks that have been overlooked by the market and wait for the market to give these stocks their real value in due course of time. “During the past one year, we have seen markets being excessively volatile resulting in high risk aversion among investors. Sharp downsides seen in the market on back of uncertainties in global events, economic growth, etc, has resulted in extreme scepticism. All such events have created huge opportunity for generating future returns,” said Mr Nimesh Kampani, Chairman, JM Financial Group. The fund is an open-ended equity oriented fund. The new fund offer opens on July 16 and closes on August 14. The minimum application amount will be Rs 5,000 and the fund will provide the dividend and the growth option. The scheme has been benchmarked against the BSE 500 index. Focus
The fund will focus on high potential under owned sectors. It will also play on the relative attractiveness of mid-caps and large- caps. The fund will go long on certain stocks and apply the shorting mechanism for other stocks. No long position will exceed 9 per cent of the fund at cost and there will be a 25 per cent limit on sector exposures. The maximum exposure for short position will be 5 per cent of the fund at cost. Asset base
Speaking on the growth of the asset management business, Mr Kampani said, “We want to grow our equity asset base to around Rs 5,000 crore in the next 2-3 years.” “We have increased our presence to 35 cities in the past three months and grown our sales team to over 100 people,” he added.
More Stories on : New Fund Offer | Mutual Funds
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