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Mutual fund house Sundaram Mutual is launching a new five-year close-ended equity fund which will allow domestic investors to invest in equity securities listed in overseas exchanges. According to the company, the Sundaram World Brand Fund will invest in IT and big consumer brands that operate across markets and “can sustain pricing power across economic cycles”.
The scheme proposes to invest a minimum of 65 per cent of assets in equity listed overseas and a maximum of 35 per cent in domestic fixed income securities. Over 70 per cent of the fund will be invested in stocks listed in the US, with securities listed on the Japanese and German exchanges also on the radar. The minimum investment amount is ₹5,000 in both the regular and direct plans, and further in multiples of ₹1, with a face value of ₹10 for a unit. Dividends may be declared between net asset value band of ₹12-16. The new fund offer opens for subscription on November 20 and closes on December 2. The fund will be managed by S Bharat and advised by Sundaram AMC Singapore. It will be benchmarked against the MSCI ACWI (all country world index).
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