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The Union Asset Management Company, a subsidiary of Union Bank of India, has launched an open-ended equity scheme Union Focused Fund on Monday.
The fund will invest in a focussed portfolio of maximum 30 stocks across market-caps. The new fund offer will close on July 29.
The scheme reopens for continuous sale and repurchase on August 13 and minimum investment is ₹5,000.
Union Mutual Fund is co-sponsored by Dai-ichi Life Holdings Inc, Japan.
G Pradeepkumar, Chief Executive Officer, Union AMC, said with the launch of Union Focused Fund, the fund house has taken an important step to enhance its product basket and provide differentiated investment solutions to investors.
The fund house has put in a robust investment process which is based on fundamental research and fair value approach. The result of this approach is visible in most of the funds’ performance, he said.
ITI MF NFO
ITI Mutual Fund has launched a tax-saving ITI Long Term Equity Fund on Monday. The NFO will close on October 14. The Fund will track Nifty 500 Total Return Index and will have a diversified portfolio. It will be market-cap and sector agnostic in its investment approach. This is the third scheme launched by the fund house.
George Heber Joseph, CEO and CIO, ITI Mutual Fund, said the new fund will not only help investors save tax but also generate wealth.
The fund will follow a bottom up approach in picking stocks taking a long-term view and follow ‘growth at reasonable price style’ approach, he said.
The scheme aims to generate long-term capital appreciation through a diversified portfolio of equity and equity-related securities. The minimum initial investment is ₹500 and in multiples of ₹500 thereafter.
The scheme will invest a minimum of 80 per cent in equities and equity-related securities and maximum 20 per cent will be invested in short-term debt and money market instruments, said the fund house.
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