Axis Mutual Fund is launching a new multi-asset open-ended equity fund which will focus on equity, hedged equity (arbitrage) and debt. The Axis Equity Saver Fund will be open for subscription between July 27 and August 10 and hopes to garner between ₹500-600 crore. The fund will then reopen on August 20. With the risk rated as moderately high, the fund can invest a maximum of 45 per cent in equities with the remaining spread between fixed income and arbitrage opportunities. The asset allocation also saves on taxes for the investor. The minimum application amount is ₹5,000.