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PGIM India Mutual Fund targets to raise ₹500 crore from the new fund offer of Balanced Advantage Fund. The NFO closes on January 29. The open-ended dynamic asset allocation fund will invest a minimum of 30 per cent in equity. The product is suitable for investors who are seeking capital appreciation over a long period of time.
The fund will be benchmarked to Crisil Hybrid 50+50 Moderate index. Ajit Menon, CEO, PGIM India Mutual Fund, said the model based approach helps in automatically rebalancing investments between equity and fixed income in a tax efficient manner without investor having to keep track of it. The fund has the potential to deliver consistent long-term risk-adjusted returns, he said.
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