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The latest one to join the European bandwagon is DSP BlackRock Mutual Fund. The fund house has filed a draft offer document with SEBI to launch its open-ended feeder fund – DSP BlackRock European Fund. This fund will invest predominantly in the units of BlackRock Global Funds – European Fund. The fund performance is proposed to be benchmarked to MSCI Europe (net) Index. Jay Kothari and Laukik Bagwe will manage the fund. The fund house seeks to mobilise a minimum corpus of ₹10 crore from the issue.
A new yardstick
JP Morgan Mutual Fund has announced a change in the benchmark for its India Government Securities Fund. The fund performance, which was hitherto measured relative to the CRISIL Gilt Index, will be benchmarked to I-Sec Mi-BEX Index from May 6, 2014.
Exit easy
Axis Mutual Fund has revised the exit load for select equity and debt schemes. The fund house has made early redemption easy in these schemes. The exit load for two of its equity schemes, Axis Focussed 25 and Midcap Fund, has been reduced.
If you wish to redeem your investment in these two funds within a year, you will have to forego only 1 per cent of the total investment value. This is a change from the earlier 3 per cent and 2 per cent penal charges for redemption within six months and one year, respectively. Likewise, investments in Axis Triple Advantage and Axis Income Saver Fund will attract exit load of 1 per cent, if redeemed within a year. Earlier, exit load was applicable to all redemptions made within two years from the allotment date.
Change of guard
Motilal Oswal Asset Management has announced a change in fund manager for its recently launched MOSt Focussed Multicap 35 Fund. Effective May 5, 2014, Gautam Sinha Roy is managing the scheme’s equity portion.
Merger
UTI Mutual Fund has announced the merger of its flagship large-cap fund UTI Master Plus Unit into UTI Leadership Equity Fund. If you do not wish to stay invested any longer, you can redeem your investments between June 11, 2014 and July 10, 2014 without paying any load.
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