Canara Robeco Mutual Fund launches Gold Savings Fund

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Canara Robeco MF launches Gold Savings Fund
Canara Robeco Mutual Fund has launched a new fund named as Canara Robeco Gold Savings Fund, an open ended fund of fund scheme.The scheme re-opens on or before 2 July 2012.

Investment Objective:
The investment objective of the scheme is to provide returns that closely correspond to returns provided by Canara Robeco Exchange Traded Fund.

The scheme offers a choice of two options, growth option and dividend option. Dividend re-investment and dividend payout are the sub options under dividend option.

The fund seeks to collect a minimum subscription amount of Rs 10 crore under the scheme during the NFO period.

Allocation of Funds:
The scheme will allocate 95% to 100% of assets in Units of Canara Robeco Gold ETF with medium to high risk profile. On the other side it would allocate upto 5% of assets in debt and money market instruments (including cash equivalent) and the mutual fund schemes which invest predominantly in the money market securities or liquid schemes with low to medium risk profile.

Entry load charge for the scheme is nil. Exit load charge will be 2% if redeemed or switched out on or before completion of 1 year from the date of allotment of units. The exit load charge will be Nil, if redeemed or switched out after the completion of 1 year from the date of allotment of units.

Though SIP route, investors can begin investment with as low as Rs 500. Minimum installment amount is Rs. 500 and Rs. 1,000 respectively for Monthly and Quarterly frequency respectively and in multiples of Rs 1.00 thereafter.

Basic Details:
NFO Opens: June 4, 2012
NFO Closes: June 18, 2012
NFO: Rs 10 per unit
Listing:Domestic Price of Physical Gold.
Minimum Application Amount: Rs 5000 and in multiples of Rs 1 thereafter.
Manager:Akhil Mittal and Kiran Shetty.

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