The Lotus India AGILE Fund is India's first ever Quant-based fund. This means that the stocks selected by the fund would be solely on the basis of a mathematical model.
The primary objective of this fund is to generate capital appreciation by investing in a passive portfolio of stocks selected from the industry leaders. The portfolio of the scheme will constitute of stocks which qualify the following conditions.
· The market capitalisation of the stock chosen should not be less than the market capitalisation of the last stock of S&P CNX Nifty.
· The floating stock of the company should not be less than the least floating stock of S&P CNX Nifty.
· The stock should have a price history of at least 1 year before the date of investment.
· The industry represented by the stock should be present in the composition of S&P CNX Nifty
Of all the stocks that meet the above criteria, only the top 11 will be selected for investment. There after, 9 per cent of the total corpus will be invested in each of these stocks and the remaining 1 per cent will be invested in debt and money market instruments.
Scheme Details
Issue Opens: October 25, 2007
Issue Closes: November 23, 2007
Fund Category: Equity Diversified
Type: Open-End, Equity Scheme
Benchmark Index: S&P CNX Nifty
Minimum Investment: Rs. 5000
Load Structure:
Entry load: The fund would charge an entry load of 2.25 per cent for investment less Rs. 5 crores.
Exit load: An exit load of 1 per cent would be charged if the units are redeemed on or before the expiry of 6 months from the date of allotment and 0.60% would be charged if the units are redeemed after 6 months but on or before the expiry of 1 year from the date of allotment.
Performance History: Fund Manager
Nitish Sikand is the designated fund manager for the scheme. He has over 6 years of experience in treasury management, debt research and product development. Nitish started his career with Citicorp Maruti Finance Ltd. in 2000. Prior to joining Lotus India AMC in April 2007, he was working with ICICI Bank Limited where his primary responsibility was product development.
Performance History: Lotus India AMC
Lotus India AMC started its operation in the year 2006. Currently they are managing assets worth Rs. 6,386 crores. The Lotus India AGILE Fund is the seventh equity offering by the fund house. The funds have a brief performance history in which they have not made a significant mark so far.
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