Union AMC has launched an open-ended scheme, Union Large and Midcap Fund. The new fund offer will be open for învestment between Friday (November 15) and November 29.
The allotment would be made on December 6 and the fund will re-open for continuous sale and repurchase from December 13.
The scheme is benchmarked to the S&P BSE 250 Large MidCap index. The minimum investment in the NFO has been fixed at Rs 5,000.
The scheme will predominantly invest in equity and equity-related instruments of large and mid-cap companies.
G Pradeepkumar, Chief Executive Officer, Union Asset Management Company, said the Indian equity markets are fairly valued now and several measures taken by the Government to make India a $5-trillion economy by 2025 augurs well for the equity markets in general.
One of the biggest beneficiaries of this Gross Domestic Product growth could be blue-chip and emerging blue-chip companies. Hence, it makes sense for investors to be part of such an investment strategy, he said.
Union Mutual Fund is co-sponsored by Union Bank of India and Dai-ichi Life Holdings, Inc. of Japan.