Religare Mutual Fund has uncovered its 8th open ended income scheme – Religare Credit Opportunities Fund. The scheme seeks to generate consistent returns by investing in cash equivalents and fixed income instruments of various maturities.
The fund manager will try to beat the returns of treasury bills by investing at least 65 per cent of the fund’s assets in securities with maturities of less than 1 year and up to 35 per cent of its assets in securities of more than 1 year.
Fund Manager
Nitish Sikand, a commerce graduate and MBA in Finance, is the designated fund manager of the scheme. He has 8 years of experience in fixed income markets and has worked with JM Financial AMC and ICICI Bank earlier.
Although there are no other schemes under his management, he has been the fund manager, on other occasions, of Religare Liquid, Religare Ultra Short Term, Religare AGILE, Religare AGILE Tax and Religare Arbitrage.
Fund Family
Religare Mutual Fund, was set up as Lotus Mutual Fund in May 2005. In July 2009, it had close to Rs 12,300 crore of assets under management. Its 7 open ended income schemes account for almost 92 per cent of its total assets under management. Its Religare Liquid (Retail and Super Institutional plans) and Religare Ultra short Term (Retail and Institutional plans) are rated 3-star by Value Research.
Basic Details
Type: Open-End Income Fund
NFO Opens: August 14, 2009
NFO Closes: August 25, 2009
Plan / Options: Regular and Institutional Plans. Both offer Growth and Monthly Dividend (reinvestment and payout) options.
Minimum Application Amount: Rs. 5,000/- (Regular plan); Rs 1 crore (Institutional plan)
Minimum Additional Purchase / Redemption: Rs 1,000/- (Regular plan); Rs 1 lakh (Institutional plan)
Special Products Available: SIP facility is not available. STP into equity schemes is available on weekly / monthly / quarterly basis (min. Rs 1,000).
Benchmark: CRISIL Short Term Bond Index
Load Structure:
Entry Load: NIL
Exit Load:0.25 per cent for redemptions within 1 month.
Annual Recurring Expense (maximum): 2.25 per cent (Regular plan) and 2 per cent (Institutional plan).This includes Investment Management fee of 1.25 per cent.
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