Financial Daily from THE HINDU group of publications
Tuesday, Mar 21, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 21, 2006 |
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Markets
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New Fund Offer Franklin Templeton launches diversified equity fund Our Bureau
Fund's feature Up to 50% in global equity NFO opens till April 20 Dr J. Mark Mobius to manage funds along with Mr Chetan Sehgal
MR CHETAN SEHGAL (Right), Director Research and Porfolio Manager of Templeton Emerging Markets Group, and Mr Sandeep Singh, National Sales Head-Franklin Templeton Investments, address a press conference in Mumbai on Monday. - Shashi Ashiwal
Mumbai , March 20 Franklin Templeton Investments launched a new diversified equity fund that would invest in domestic as well as global stocks. The Templeton India Equity Income Fund would invest up to 50 per cent in global dividend yielding stocks. The remaining would be invested in domestic scrips that have current or potential attractive dividend yield, according to Mr Chetan Sehgal, Director - Research, Templeton Equity. The global portion of the fund would largely be invested in equities of other emerging markets, Mr Sehgal said. The fund would be managed by Dr J. Mark Mobius and assisted by Mr Sehgal. Though the offer document of the fund allows up to 50 per cent in global equities, internally the cap has been fixed at 35 per cent because of the ambiguity of tax breaks for funds with less than 65 per cent investment in Indian equities. "Once we receive clarification about whether foreign equities would also qualify, we could increase the exposure to global stocks to 50 per cent," said Mr Sandeep Singh, National Sales Head - India. The new fund offer remains open till April 20 and the fund would be open for ongoing subscription from May 19. The fund offers growth and dividend plans with a minimum investment requirement of Rs 5,000. The fund charges an entry load of 2.25 per cent for investments below Rs 5 crore and 0.5 per cent for investments greater than Rs 5 crore.
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