Business Daily from THE HINDU group of publications
Tuesday, Jul 31, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 31, 2007 ePaper |
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Markets
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New Fund Offer
Our Bureau Kolkata, July 30 Fidelity Mutual Fund has mooted a feeder product, consisting of five separate FoFs (Fund of Funds), each of which will invest in an underlying fund. Each of the underlying funds is a Fidelity sub-fund. The proposed Fidelity World Fund Range will offer the following plans: American, European, Pacific, emerging markets and international. Fidelity America Plan will invest in Fidelity Funds - America Fund, an offshore fund launched by Fidelity Funds. It will aim at capital appreciation through investment in a diversified portfolio of US securities. The other underlying funds are Fidelity Funds - Emerging Markets Fund (which mainly invests in securities from Latin America, South-East Asia, Africa, Eastern Europe and West Asia), Fidelity Funds - European Growth Fund, Fidelity Funds - International Fund (which picks stocks from major world markets and smaller emerging markets), Fidelity Funds – Pacific Fund (for investment in equities in countries with a Pacific sea coast, primarily Japan, South-East Asia and the US). Performance benchmark
The offer document filed with SEBI indicates that each plan will use a specific benchmark for comparing performance. For instance, Fidelity America Plan will use Standards & Poor’s 500 Composite Index, Fidelity International Plan will use MSCI World Index and Fidelity Pacific Plan will use Pacific Fund Composite Index. The aggregate investment of all the Fidelity MF schemes in foreign securities will not exceed 10 per cent of the net assets managed by the fund as on March 31 of the relevant year, subject to a maximum investment by each fund of $100 million, the offer document has added. The fund house has also mooted an open-end debt fund. The proposed Fidelity Cash Plus Fund will offer retail, institutional and super-institutional plans. It has named Crisil Liquid Fund index as its benchmark.
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