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Paul Noronha

(From left) Mr Vineet K. Vohra, Managing Director and CEO, ING Investment Management India, with Mr Arvind Bansal, CIO, at a press conference in Mumbai on Monday. —

Our Bureau

Mumbai, July 28 ING Investment Management India has announced the launch of its open-ended fund of funds scheme called ‘ING Optimix Global Commodities Fund’.

The main objective of the scheme is to achieve long-term capital growth by investing primarily in units of global commodity-oriented mutual funds. The scheme will open on July 29, and close on August 25, 2008.

“In the current scenario of rising inflation and falling equity markets, investing in commodities is a good option as it helps very much to diversify your portfolio,” said Mr Vineet K. Vohra, Managing Director and CEO, ING Investment Management India.

The portfolio mix of the new fund will include investments in energy, metals and minerals, and agriculture and chemicals.

“Exposure to an alternative asset class such as commodities would provide better risk-adjusted returns to an investor’s overall portfolio,” said Mr Arvind Bansal, CIO-Multi Manager Investment Management India.

The fund will be benchmarked to Dow Jones World Basic Materials Index (40 per cent), Dow Jones World Oil and Gas Index (40 per cent) and MSCI AC World in INR terms (20 per cent).

The scheme’s asset allocation would be 65 per cent – 100 per cent in global mutual funds, which invest in commodity-related securities; up to 25 per cent in debt funds, liquid funds, money market funds; and up to 10 per cent in money market securities. The offer document for the fund also adds that ING OptiMix Global Commodities Fund shall not invest in those overseas mutual fund/unit trusts, which have an exposure to Indian securities through participatory notes. The minimum application amount is Rs 5,000 and in multiples of Re 1 thereafter. The minimum additional purchases could be of value Rs 1,000 and in multiples of Re 1 thereafter. The scheme has both dividend and growth options. For applications for below Rs 5 crore, an entry load of 2.5 per cent will be applicable, while for applications of Rs 5 crore and above, there is no entry load. There is no exit load for the scheme.

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