The Hindu Business Line : JM Financial launches services sector, telecom funds

JM Financial Mutual Fund has launched JM Financial Services Sector Fund and JM Telecom Sector Fund. They are open-ended equity sector funds, which will invest in equities and equity-related instruments in banking, NBFCs, housing finance companies and the telecom sector.

The new fund offer commences on November 2 and closes on November 20.

"The banking sector in India is entering an exciting phase. During the last couple of years, Indian banks have cleaned up their balance sheets and the next phase will involve a significant restructuring of their earnings statements. Return on equity will be the key determinant of performance and Indian banks have several triggers to improve it. Investor apprehensions about the sustainability of earnings growth will be addressed along with several re-rating triggers on valuations," said Mr Jimmy Patel, CEO and COO, JM Financial Mutual Fund.

The fund aims to generate medium to long-term capital growth. The minimum application amount will be Rs 5,000 per scheme.

"Today, the Indian telecom industry is one of the fastest growing and most competitive wireless markets in the world.

The wireless penetration in India currently is only 8 per cent as against countries like China and Brazil with 30 per cent and 46 per cent penetration respectively. Mobile subscriber base in India is expected to be buoyant given the low tele-density and low-tariff regime," said Mr Sandeep Neema, Fund Manager, JM Financial Mutual Fund.

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