The Hindu Business Line : Update

JM Financial Mutual Fund has launched an equity-oriented interval fund. Named JM Arbitrage Advantage Fund, the scheme will seek to capitalise on arbitrage opportunities from mis-pricing between the cash and derivatives market. Investments can be made on all business days; redemptions are possible intermittently at interval periods.

The scheme offers dividend and growth options with a minimum investment of Rs 5000. During the offer period, the fund will not attract any entry load, while an exit load of 1 per cent will be charged if redemption is made within three months of allotment. The new fund offer is open from June 1-30.

Chola Mutual Fund has been re-named DBS Chola Mutual following the conversion of the fund's sponsor Cholamandalam Investment and Finance, into Cholamandalam DBS Finance.

Kotak Mutual plans to launch a three-year close-ended fund that aims at securing growth by taking exposure to stock and index futures. There will be no exposure to options. The fund, called Kotak Futures Advantage Scheme Series I, will provide a liquidity window on select days each year till maturity.

HDFC Mutual plans to come out with a five-year close-ended fund. The proposed HDFC Prudence Dynamic Fund will be automatically converted into an open-ended scheme upon maturity. The fund will invest in a blend of equity and debt instruments and alter its allocation based on market valuations.

To be benchmarked against the Crisil Balanced Fund Index, the fund will charge an exit load of 4 per cent if redemption is made before 12 months from the date of allotment of units.

Redemption or switch-out made after 36 months but before 48 months will be required to pay 1 per cent. There will be no load for exit after 54 months up to date of maturity.

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