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Over a dozen mutual funds from various fund houses plan to hit the capital market soon. Various asset management companies (AMCs) including SBI Mutual Fund, Axis Mutual Fund, and Mahindra have filed scheme information documents (SIDs) with market regulator SEBI since May 1.
The schemes mainly concentrate on equities with various themes. For instance, SBI Mutual Private Bank ETF’s (exchange traded fund) investment objective is to provide returns that closely correspond to the total returns of the underlying index (Nifty Private Bank Index), subject to tracking error. Harsh Sethi will be the fund manager of the scheme.
Similarly, SBI is planning to launch SBI-ETF Consumption, an open-ended scheme, tracking the Nifty India Consumption Index. Harsh Sethi will be the fund manager of this scheme too.
Global FOF from Axis Mutual
Axis Global Disruption Fund of Funds (FOF) aims at capital appreciation over the long term. It will invest in Schroder International Selection Fund Global Disruption, an equity fund that aims to provide capital growth by investing in companies worldwide which benefit from disruption. The benchmark index is MSCI ACWI Net Return (TRI) (in INR terms). Hitesh Das (for foreign securities) and R Sivakumar (for debt) will be the managers for this open-ended FOF scheme.
ICICI Prudential has filed for Alpha Low Vol 30 ETF that aims to provide returns that closely correspond to the returns provided by Nifty Alpha Low-Volatility 30 Index. The top 10 stocks in the index are Hindustan Unilever, Nestle, Asian Paints, Dabur India, HDFC Bank, PowerGrid, Shree Cement, Pidilite Industries, HCL Technologies and Reliance Industries. Kayzad Eghlim will handle the scheme for ICICI Prudential.
Mahindra Mutual Fund is launching Mahindra Focussed Equity Yojana, which aims to invest in equity and equity-related instruments in a concentrated portfolio of a maximum 30 stocks across market capitalisations. NSE 200 TRI will be its benchmark index while Srinivasan Ramamurthy will be the fund manager of the scheme.
Similarly, the fund house is launching Mahindra Arbitrage Yojana, an open-ended scheme that aims to capitalise on arbitrage opportunities. According to its SID, the scheme is suitable for investors who are seeking income over the short term and income through arbitrage opportunities between the cash and derivatives markets and arbitrage opportunities within the derivative segment. Nifty 50 Arbitrage Index is the benchmark index for the scheme. Srinivasan Ramamurthy and Rahul Pal will handle the scheme.
Besides, Motilal Oswal has filed documents for Multi Asset Fund, HSBC for Mid Cap Equity Fund, Axis Mutual for Banking ETF and Principal Mutual Fund for Large Cap Fund. Axis MF also plans to launch the close-ended Axis Capital Protection Oriented Fund.
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