Tata Mutual Fund has filed an offer document with the market regulator the Securities and Exchange Board of India (SEBI) seeking its approval for the launch of the Tata PSU Equity Fund, an open ended equity fund.
The scheme is looking to invest predominantly (at least 65% of the corpus) in equity/equity-related instruments of public sector undertakings (PSUs). This may even go up to 100 per cent.
The scheme has left it open to invest up to 35 per cent each in other equity/equity-related instruments, foreign securities and debt and money market instruments. Except for debt and money market instruments, the risk profile is high.
The Tata PSU Equity Fund will be a sector-specific fund and the fund house is at pains to explain to the market regulator that none of its other funds matches this mandate.
The fund has been benchmarked against BSE PSU Index.
The fund would be managed by Venugopal M. He holds a MBA (Finance) degree and a BSC (Mathematics) degree. He has a total of 18 years of experience. He also manages other funds of Tata Mutual Fund.
Dinesh Da Costa who holds a B.Com degree, CFA and MBA (Finance) would manage the overseas portfolio.
The fund offers both growth and dividend options.
For non SIP transactions, one per cent exit load would be applicable if redeemed before 365 days.
On non-SIP transactions, one per cent exit load would be applicable if redeemed within 24 months.
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