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PGIM India starts daily disclosure of short maturity debt portfolios
To increase investor confidence, PGIM India Mutual Fund will give daily portfolio disclosures for four of its short maturity debt portfolios. These funds are PGIM India Overnight, PGIM India Insta Cash, PGIM India Money Market and PGIM India Ultra Short Term Fund. These disclosures will continue for the next few months. Investor confidence in short-term debt funds took a beating after Franklin Templeton wound up six such funds earlier this year. PGIM hopes this move will improve transparency and help build trust.
Mirae MF launches arbitrage fund NFO; scheme open till June 12
Mirae Asset Investment Managers has launched a new fund offer (NFO) for the Mirae Asset Arbitrage Fund. The scheme aims to provide relatively risk-free returns without taking any directional views on the equity market. It is benchmarked to the Nifty 50 Arbitrage Index. This is an open-ended scheme that will invest predominantly in hedged arbitrage opportunities — simultaneous long positions in cash market with a short position in the futures market. A small portion of the fund’s corpus will be invested in other arbitrage opportunities driven by corporate actions.
In case there are limited arbitrage opportunities, then the scheme may invest in high-quality low-duration debt securities, or in money market instruments. The scheme is open for subscription between June 3, 2020 and June 12, 2020. The minimum initial investment amount is ₹5,000.
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