Axis AMC eyes Rs 100 cr from new Nifty midcap 50 index fund
Axis Mutual Fund has announced the launch of the Nifty Midcap 50 index fund and plans to mop up Rs 100 crore during the NFO period from the new open-ended scheme.
Axis Mutual Fund has announced the launch of the Nifty Midcap 50 index fund and plans to mop up Rs 100 crore during the NFO period from the new open-ended scheme.
The fund will open on March 10 and close on 21, the fund house said in a statement on Wednesday.
The fund will be managed by Jinesh Gopani, who heads equities at the AMC. It will track the Nifty midcap 50 index and hopes to garner Rs 100 crore during the offer period, Axis Mutual Fund chief business officer Raghav Iyenger told PTI.
The Nifty midcap 50 index consists of the top 50 companies based on full market capitalisation with a preference on those stocks with derivative contracts are available on NSE. The index is rebalanced on a semi-annual basis (every March and September), using average data of the last six months.
In case F&O stocks are not available for inclusion in the index, securities with the highest average daily turnover will be selected from the top 30 non-F&O constituents of the index, the fund house said.
The fund presents a diversified portfolio for investors and focuses on sustainability, Chandresh Nigam, managing director and chief executive of Axis AMC, said.
Midcaps are consistently outperforming, making them ideal for long-term wealth creation as they offer an attractive entry point for investors, he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
06:25 PM IST