SBI Mutual Fund has launched a new close ended hybrid scheme named ''SBI DUAL ADVANTAGE FUND - SERIES XVI'' with a maturity period of 1100 Days from the date of allotment.
The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on July 01 and will close on July 15.
According to the offer document filed with SEBI, the entry load is not applicable and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will be also not applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode.
The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter. The options available under the plan of the scheme are Growth and Dividend options.
The performance of the scheme was benchmarked against CRISIL MIP Blended Index. Rajeev Radhakrishnan and Dharmendra Grover will be the fund managers of the scheme.
The asset allocation of the scheme will be in such a way that the objective of the scheme to generate Income and seek capital will be met by investing a portion of the portfolio in fixed income securities and corpus in Equity.
Hence, the scheme will allocate 55 to 95 per cent of asset in Debt Instruments, 0 to 10 per cent of asset in money market instruments and 5 per cent to 35 per cent of asset in equity and equity related instruments.