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Edelweiss Mutual Fund announced the launch of an open-ended equity scheme, Edelweiss Select Midcap Fund. The new fund offer for the scheme opens on August 4 and closes on August 18.
The scheme will invest 80-100 per cent of its corpus in equity and equity related instruments of midcap companies, which are defined as companies having a market capitalisation varying from Rs 2,000 crore to Rs 15,000 crore, said a release from the company. Upto 20 per cent of the corpus is to be invested in equity and equity related instruments and upto 20 per cent in debt and money market instruments.
The fund will adopt a quant-based equity portfolio management approach.
“The quant model of the fund will help to capture the market trend by analysing the factors that are currently driving stock performance. It will also make the fund process-oriented, adaptive in nature and will result in consistent performance across time periods,” said Mr Vikaas M Sachdeva, CEO — Edelweiss AMC.
The minimum investment into the fund will be Rs 5,000 and in multiples of Re 1 thereafter.
The average assets under management of Edelwiess Mutual Fund as of June were Rs 258 crore. The net assets under management under the debt schemes for the AMC were Rs 300 crore, while the net AUM under equity stands at Rs 90 crore.
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