UTI Mutual Fund has managed to collect ₹770 crore through its close-ended UTI Focussed Equity Fund – Series I. The scheme, which closed for subscription on August 27, attracted over 67,000 applications. Of the total fund collected, about 40 per cent was raised from Tier-II cities.
Leo Puri, Managing Director, UTI AMC, said the excellent mobilisation is a reflection of the continued trust reposed by investors in UTI MF, its fund management capabilities and robust systems and processes.
Suraj Kaeley, Group President – Sales & Marketing, UTI AMC, said, “With this NFO, UTI has set a new benchmark in close-ended equity funds and signals the revival of the interest of retail investors in the Indian equity market. The fund house expects there is enough investment opportunity even after the market peaking out in the last few days.”
“We expect the earnings growth to drive corporate earnings. We believe inflation has peaked and interest rates may soften in the next two quarters leading to better financial performance by companies,” he said.
The UTI-Focussed Equity Fund Series would be investing in a compact portfolio of up to 30 securities. The primary objective of the scheme is to generate long-term capital appreciation by investing predominantly in equity and equity-related securities of listed companies. The scheme will be without any capitalisation bias and will endeavour to invest either in growth stocks or value stocks or both.
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