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Mirae Asset Investment Managers has launched an open-ended debt scheme, Banking and PSU Debt Fund, which opened for subscription on Wednesday will close on July 20.
It will invest in the debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds. The fund will be benchmarked with the Nifty Banking and PSU Debt Index.
The fund will seek to take advantage of the interest rate outlook over 2-5 years.
Swarup Mohanty, CEO, Mirae Asset Investment Managers, said given the present scenario, investors may wish to increase allocation to relatively safer fixed income portfolios and the new fund aims to generate income with moderate risk. It is suitable for investors looking at savings in a debt fund for an investment horizon of 1-2 years, he said.
The minimum initial investment in the scheme is ₹5,000 during the NFO and will re-open for continuous sale and repurchase from July 27.
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