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The fund is a debt/equity blend and an open-ended fund of funds (FoF)

IDFC Mutual Fund has announced the launch of IDFC Monthly Income Plan (MIP), which is an open-ended fund of funds (FOF).

This is the first MIP launched by IDFC Asset Management Company (AMC). The scheme would invest up to 100 per cent in debt/liquid mutual funds, while it would invest up to 25 per cent in equity funds. The fund will also invest up to 15 per cent in cash or money market instruments. 

According to the fund house, predominant allocation is towards debt securities to generate regular income, while the equity allocation is intended to improve overall returns.

Though it will be benchmarked against CRISIL MIP Blended Index, the fund house reserves the right to change the benchmark for evaluation of performance of the scheme.

The fund would be managed by Ashwin Patni who holds a B.E and a PGDM, IIM, Calcutta. He has over seven years’ experience in wealth management, structured finance, credit & market groups and business consulting. 

The new fund offer (NFO) opened on January 11, 2010 and will close on February 9, 2010. 

The issue is available at Rs 10 per unit during the NFO period.

The fund offers growth and dividend options. 

The minimum application amount would be Rs 5,000.  

Exit load charged will be one per cent if redeemed within one year.