Religare MF unveils Religare Gold Fund

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Religare MF unveils Religare Gold Fund
Religare Mutual Fund has unveiled a New Fund Offer (NFO), namely, Religare Gold Fund. It's an open-ended scheme. This is a fund of fund which will invest in its own ETF i.e. in the the units of Religare Gold Exchange Traded Fund (ETF). This fund provides you an option to invest in gold indirectly without holding a Demat Account.

Investment Objective:
The investment objective of the Scheme is to generate returns that closely corresponds to returns provided by Religare Gold Exchange Traded Fund.

The fund targets to raise a minimum subscription of Rs 1 crore under the scheme during the NFO period.

Allocation of funds:
The scheme will invest upto 95%-100% in units of Religare Gold ETF with medium risk profile and invest upto 5% in money market with low to medium risk profile.

Exit Load - In respect of each purchase/switch-in of units, an exit load of 2% is payable if units are redeemed/ switched-out on or before 6 months from the date of allotment.
In respect of each purchase/switch-in of units, an exit load of 1% is payable if units are redeemed/ switched-out after 6 months but before 1 year from the date of allotment.
In respect of each purchase/switch-in of units, no exit load is payable if units are redeemed/ switched-out after 1 year from the date of allotment.

Basic Details:
NFO Opens: November 15, 2011
NFO Closes: November 29, 2011
NFO Price: Rs 10 per unit
Minimum Application Amount: Rs 5,000 and in multiples of Re. 1, thereafter
Options: Growth and Dividend (Payout and re-investment)
Benchmark: Domestic price of gold
Fund Manager: Mr. Nitish Sikand

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Read more about: mutual funds, nfo, gold, etf
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