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IDBI mutual fund launches IDBI Gold Fund

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Updated: Tuesday, July 24, 2012, 10:49 [IST]
 
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IDBI MF unveils IDBI Gold Fund

IDBI Mutual Fund has launched a new fund named as IDBI Gold Fund, an open ended fund of funds scheme. The scheme re-opens for continuous sale and repurchase from 23 August 2012.

Investment Objective:

The investment objective of the scheme will be to generate returns that correspond closely to the returns generated by IDBI Gold Exchange Traded Fund (IDBI Gold ETF). Th scheme offers only growth 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 Gold Exchange Traded Fund with medium to high risk profile. On the other side, it would allocate upto 5% of assets in reverse repo / short term fixed deposits / money market instruments and in IDBI Liquid Scheme of IDBI Mutual Fund with low risk profile.

The scheme offers Systematic Investment Plan (SIP) with monthly and quarterly option.

Minimum application amount for Monthly SIP option is Rs 500 for a minimum period of 12 months or Rs 1000 for a minimum period of six months.

Minimum application amount for Quarterly Option is Rs 1500 per quarter for a minimum period of four quarters.

Entry load is not applicable for the scheme. Exit load charge will be 1% for exit within 12 months from the date of allotment.

Benchmark Index for the scheme is domestic price of gold and will be managed by V. Balasubramanian.

Basic Details:

NFO Opens: July 25, 2012
NFO Closes: August 8, 2012
NFO: Rs 10 per unit
Minimum Application Amount: Rs 5000 and in multiples of Rs 1 thereafter.

GoodReturns.in

Topics: mutual funds, gold, idbi
Story first published:  Monday, July 23, 2012, 11:48 [IST]
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