"JP Morgan India Hybrid Fund Series 1", floats on; NFO to close on May 21

JP Morgan Mutual Fund launched a new close ended income scheme named "JP Morgan India Hybrid Fund Series 1," with maturity period of 37 months.

The New Fund Offer (NFO) price for the scheme was Rs 10 per unit. NFO opened for subscription on today and will close on May 21.

According to the offer document filed with SEBI, the entry load was nil and since the scheme was planned to be listed on the Stock Exchange or any other exchange, the exit load charge will not be applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode.

The minimum application amount was Rs 5,000 and in multiples of Rs 1 thereafter. The two options were available under the Plan of the Scheme viz. Growth and Dividend Payout option.

The performance of the scheme will be standardized against 15% BSE 200 + 85% CRISIL Composite Bond Fund Index. Namdev Chougule, Ravi Ratanpal, Amit Gadgil and Karan Sikka will be the Fund Manager(s) of the scheme.

The asset allocation of scheme will be in such a way that the objective of the scheme to generate returns and reduce interest rate volatility will be met, through investments in a portfolio of fixed income securities and equity related securities. Hence, the scheme will allocate 65 to 95 per cent of assets in debt and money market instruments and 5 to 35 per cent in equity and equity related instruments.