LIC Mutual Fund has come out with a 36-month closed end hybrid equity fund called LICMF Systematic Asset Allocation Fund. This fund would automatically be converted into an open ended fund after the completion of 36 months from the date of allotment.
The scheme seeks to achieve long term growth by investing subscription initially in debt & money instruments and in a systematic and progressive manner allocating it to equities over the close ended period. This will help to reduce the risk of volatility of the equity market.
The investment approach adopted by the fund will be a mix of top down and bottom up approach. The stock selection will be based on the fundamentals of the business, the industry structure, the quality of management, corporate governance trends, and sensitivity to economic factors, the financial strength of the company and the key earnings drivers.
Between 0% to 100% of the portfolio allocation will be in equities and equity-linked instruments. Debt will comprise 0% to 100% of the portfolio.
Snapshots:
Issue Opens: August 16, 2007
Issue Closes: September 14, 2007
Investment Options: Growth and Dividend
Minimum Investment: Rs 5000
Face Value: Rs. 10
Entry Load: An entry load of 2.25% would be charged for investment upto Rs 2 crores.
Exit Load: Nil
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