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Taurus Files Gold-Edged MIP offer

The fund would invest in debt, equity as well as Gold ETFs

Taurus Mutual Fund has filed an offer document with the market regulator Securities and Exchange Board of India (Sebi) for the launch of its Taurus Gold Edged Monthly Income Plan (MIP). This is an open ended Income fund.

The fund would invest up to 95 per cent in debt and money market instruments, up to 25 per cent in equity and equity related instruments and also invest up to 25 per cent in Gold Exchange Traded Fund (ETFs).

The fund also has the leeway to invest in foreign securities which would not exceed 20 per cent of its net assets.

Axis Mutual fund had filed a similar offer document with Sebi a few days back seeking the latter’s approval for the launch of its Axis Triple Advantage Fund. Although the investment strategy is similar as the latter would also invest in debt, equity and Gold ETFs, Axis Triple Advantage fund is an open ended hybrid fund. 

UTI Wealth Builder Series II, an open ended fund and is the only existing fund chasing a similar investment strategy.

Pankaj Jain would be fund manager (debt and Gold ETFs) and Mohit Mirchandani would be the fund manager for equity investments. While Jain has previously worked with Edelweiss MF as fund manager Fixed Income, Mirchandani has spent 14 years doing various assignments in equity research and fund management in Indian and Foreign organisations.

The fund offers both growth and dividend options and has been benchmarked against CRISIL MIP Blended Fund Index. The minimum investment amount would be Rs 5,000 (growth option) and Rs 25,000 (dividend option). One per cent exit load would be applicable if exited up to one year while no exit load would be applicable if redeemed after one year.