The Hindu Business Line : Update

UTI Asset Management Company has declared a dividend of 8 per cent under the dividend option of UTI-SPrEAD Fund. The record date for the same is February 19.

Kotak Mutual Fund has launched a 14 months Fixed Maturity Plan (FMP).

Kotak FMP 14M Series 3, a close-ended debt scheme.

The investment objective of the scheme is to generate returns through investments in debt and money markets instruments with a view to significantly reduce the interest rate risk.

The fund will invest in debt and money markets instruments and Government securities, normally maturing in line with the maturity profile of the scheme.

The rating profile of the fund is AAA & equivalent and up to 20 per cent below AAA.

Minimum one-time investment under Retail Plan is Rs 5,000 and Institutional Plan is Rs 5,00,000. The fund will charge an exit load of 1.5 per cent if redeemed before maturity of the scheme.

The minimum redemption is Rs 1,000 or hundred units if the holdings are 100 units or Rs 1,000 entire amount will be redeemed.

Any dividend declared under the scheme is tax-free in the hands of investors.

The NFO closes for subscription on February 21.

Birla Sun Life Mutual Fund has recently launched a close-ended diversified equity scheme Pure Value Fund based on the classical value investment style.

The fund plans to invest 85 per cent of the assets in equity and the remaining in fixed income securities.

The scheme would follow a value investment strategy that entails picking stocks that are excellent in business performance, high on earnings quality and economical on valuation. This must also be coupled with a good management team.

The fund would invest in 40-45 stocks across a half a dozen sectors.

The fund offers dividend and growth option under dividend option payout and reinvestment facilities are available.

The fund will not charge any entry load. The fund is benchmarked against BSE 200 and the fund is managed by Mr Ajay Argal.

The minimum investment is Rs 5,000 and the NFO closes for subscription on March 1.

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