Reliance Capital Asset Management's open-ended equity growth scheme, Reliance Growth Fund, has achieved a net asset value (NAV) of Rs 1,000. This is the first fund in the industry to achieve this NAV level. The fund was launched 21 years ago in October 1995.
"It gives us immense satisfaction that Rs. 1 lakh invested in our fund is valued at Rs 1 crore today, an endorsement of our belief that MFs are the best investment option for long-term value creation," Reliance Mutual Fund CEO Sundeep Sikka said.
"This growth of NAV -- from Rs 10 to Rs 1,000 -- which is a growth of 100 times in 21 years, also substantiates our view that AMCs with the long-term track record of 15-20 years like Reliance MF after sailing through volatile market condition will continue creating wealth for investors," he added.
NAV is the value per share of a mutual fund on a specific date or time. Reliance Growth Fund, a mid-cap oriented fund, is primarily invested in financial, information technology, industrials, and healthcare companies.
Investors that stayed with the fund since inception have been benefited by growing their wealth 100-times till date.
The fund has a corpus of over Rs 5,000 crore from more than six lakh investors. As of March quarter, Reliance Mutual Fund has an assets base of Rs 2,10,890 crore.