KOLKATA: UTI Mutual Fund has renamed Mastergain Unit Scheme as UTI Equity Fund. There will be no change in its features.
The rechristening will help distinguish the scheme from other 'Master Series' products. It will also "bring clarity to the connotation of the name" with respect to its current positioning as an aggressively managed, open-ended diversified equity fund, a press release issued by the MF has mentioned.
UTI Equity Fund, managed by Mr Vinay Kulkarni, has an asset base of over Rs 1,200 crore. It has over 10 lakh unit holders and allocates at least 80 per cent of its assets in equity and equity-related instruments. The fund, benchmarked against the Sensex, has provided 9.3 per cent (compounded annualised returns) to investors since inception.