Fund Update

Sundaram Mutual Fund has launched a new fund named Sundaram Equity Plus, an open ended equity scheme. The objective of the scheme is to seek capital appreciation by investing in equity and gold-ETF as primary asset classes. The scheme will allocate 65-85 per cent of assets in equity and equity related instrument, up to 15-35 per cent in Gold ETF and up to 20 per cent in fixed income and money market instruments. An exit load of 1 per cent will be charged if the units are redeemed within 12 months from the date of allotment. The performance of the scheme will be benchmarked against the S&P CNX Nifty Index for the equity and equity-related investments and the rest of the portfolio will be benchmarked against prices of gold. The new fund offer price will be Rs 10 per unit. The issue will be open for subscription till May 16.

UTI Mutual Fund has declared dividend under UTI Banking Sector Fund, on the face value of Rs 10 per unit. The quantum of dividend decided for distribution is Rs 2.50 per unit. The record date for dividend distribution is May 9.

Kotak Mutual Fund has revised the exit load structure under Kotak Equity Arbitrage Fund, an open ended growth scheme. As per the revised structure an exit load of 0.50 per cent will be charged if the units are redeemed or switched out within 90 days from the date of allotment. The revised structure has been in effect from May 5.

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