Stocks

Navi Mutual files document for electric vehicles fund

Our Bureau Chennai | Updated on September 17, 2021

Aims to launch three more schemes

Navi Mutual Fund has filed draft documents for four more funds, including an electric vehicles fund.

The Sachin Bansal-backed fund house has filed a scheme information document with the Securities and Exchange Board of India (SEBI) to launch Navi Electric Vehicles and Driving Technology Fund of Fund (FoF).

“The investment objective of the scheme is to provide long-term capital appreciation by investing in units of overseas ETFs (exchange traded funds and/or index funds that invest in electric vehicles and driving technology),” the draft documents said. The fund of funds will be benchmarked against the STOXX Global Electric Vehicles & Driving Technology NET Index.

Other funds

Navi Mutual Fund has also filed scheme information documents (SIDs) with SEBI for two more international funds — Navi S&P 500 FoF and Navi Total China Index FoF.

Besides this, it is planning to launch Navi Nifty India Manufacturing Index Fund according to documents filed with SEBI.

On a roll

Since August, Navu Mutual Fund has filed draft papers with SEBI for 15 funds that include Total US Stock Market Fund of Fund, Nasdaq 100 Fund of Fund, Navi Nifty Next 50 Index Fund, Navi Nifty Midcap 150 Index Fund, Navi Nifty Midcap 150 Index Fund and Navi Nifty Bank Index Fund.

Published on September 17, 2021

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