Edelweiss Mutual Fund has announced the launch of the Edelweiss Income Advantage Fund. This is an open-ended monthly income new fund offer (NFO) and the first such fund to be launched by the fund house.
The scheme is looking to constitute a diversified portfolio made up of debt and money market instruments, securitized debt, Government securities, and equity & equity-related instruments. The fund will look to invest 80-to-100 per cent in debt and money market instruments, but would also leave open an investment window of up to 20 per cent in equity. While the former’s risk profile has been marked as low-to-medium, that of equity investment is high.
The scheme will have a single plan with monthly dividend and growth option - monthly dividend option will have reinvestment, payout & sweep facility.
The fund would be managed by Kapil Punjabi, aged 26. He holds a MMS degree from
The fund will be benchmarked against CRISIL MIP Blended Fund Index.
During the NFO, the units will be offered at a price of Rs 10 per unit.
The minimum application amount would be Rs 5, 000.
One per cent exit load would be applicable if redeemed before 30 days, while no exit load would be applicable after that period. The minimum redemption amount has been set at Rs 1,000.
The NFO opened on February 10, 2010 and will close on February 17, 2010.
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