Quantum Mutual Fund has filed an offer document with market regulator Securities and Exchange Board of India (Sebi) for the launch of its Quantum Gold Savings Fund.
It is an open ended Fund of Fund (FOF). As of now, there are no gold FoFs, but three of them, Benchmark, Reliance and UTI, apart from Quantum, have filed offer documents with the market regulator.
The fund would invest up to 100 per cent in units of Quantum Gold Fund – Exchange Traded Fund while it would invest up to 10 per cent in money market instruments, short term corporate debt securities and units of debt and liquid schemes of mutual funds.
The only other fund which is like Quantum Gold Advantage Fund is Benchmark Benchmark Gold FoF which filed an offer document with Sebi recently. The latter would also invest invest in its Gold Benchmark ETF.
The other two funds -- Reliance Gold Savings FoF and UTI Master Gold FoF would invest in any Gold ETFs.
The Quantum Gold Savings Fund has been benchmarked against the price of physical gold in the domestic market. The fund offers only growth option.
The fund would be managed by Chirag Mehta who is a MMS (Finance) and M.Com from Mumbai University. He also holds a six years experience in financial services industry. He is also the fund manager of Quantum Gold Fund.
The minimum application amount (Non SIP) would be Rs 500 while 1.5 per cent exit load would be applicable if redeemed before one year.
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