LIC Nomura Mutual Fund has launched a new fund named as LIC Nomura MF Banking & Financial Services Fund, an open ended banking & financial services sector scheme.
The new fund offer (NFO) price for the scheme is Rs. 10 per unit.
The new issue will be open for subscription from 9 March to 23 March 2015.
The investment objective of the scheme is to generate long-term capital appreciation for unit holders from a portfolio that in invested substantially in equity and equity related securities of companies engaged in banking and financial services sector.
The scheme offers growth and dividend payout options under both regular plan and direct plan. Dividend option has dividend reinvestment & dividend payout facility.
The scheme shall invest 80% to 100% in equity & equity relates securities of banking & financial services companies with high risk profile and up to 20% in cash, debt and money market instruments with low risk profile.
The minimum application amount is Rs. 5,000 .
Entry load: Nil.
Exit load:
1% if redeemed or switched out on or after 18 months and on or before 24 months from the date of allotments of units.
Nil if redeemed or switched out after completion of 24 months from the date of allotments of units.
Benchmark Index for the scheme is S&P BSE Bankex.
Mr. Ramnath Venkateswaran is the fund manager of the scheme.
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