Comments
Axis Asset Management expects the overall asset under management to increase 15 per cent to ₹3 lakh crore in next four months under the new management headed by Gop Kumar who took over the mantle in March.
The fund house has reworked its growth-oriented investment strategy and reduced the cash holding in most of the schemes to deliver better returns.
“The changes we have made in the scheme portfolio are working out well and this is reflected in improved performance in most of our funds. With the bullish sentiments all around we are expecting our AUM to touch Rs 3 lakh crore from Rs 2.60 lakh crore (as of September-end),” said Gop Kumar, MD, Axis Asset Management, on the sideline of an event to launch Axis India Manufacturing Fund which opens for subscription on Friday.
The fund house is focusing on improving inflows through independent financial advisors and other distribution channels as it currently gets 30-34 per cent of inflows channelled through its parent Axis Bank.
“We have spruced up investors connect through fintech and our app is among the top rated in the mutual fund space. The fund has registered 9 per cent growth in SIP inflows,” said Kumar.
Riding the wave
The Manufacturing Fund is well suited to ride the economic wave and benefit from the GDP target of $5 trillion set by the Government. Kumar said the manufacturing fund arrives at a critical juncture where India’s economy is being fuelled by strategic initiatives like ‘Make in India’ and a spate of reforms.
This thematic fund is designed to capitalise on India’s growing momentum, focusing on sectors that stand to redefine India’s industrial contours, he added.
Raghav Iyengar, Chief Business Officer, Axis Asset Management, said the fund house targets to garner about ₹2,500 crore from the new fund offer given the high demand in the smaller cities.
While investors from the bigger cities can only gain knowledge on improved manufacturing activities, he said people in the small cities are really seeing investment being made on the ground and factories being set up in their neighbourhood making them more bullish on manufacturing as a theme.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.