The baby of the Indian mutual fund industry, Bharti AXA Mutual Fund has come out with its fourth offering; second one in the diversified equity category. The AMC, which began operations in September 2008, has launched Bharti AXA Tax Advantage Fund, an open-end equity linked savings scheme.
This will be a diversified multi-cap fund. The fund won't be biased towards any sector or market capitalization. It also has a leeway to invest up to 20 per cent in debt and money market instruments.
Fund Manager:
Mr. Prateek Agarwal, the fund manager of the scheme, is also the Equity Head of the fund house. He has an experience of 14 years in research and fund management.
AMC Performance:
Bharti AXA Mutual Fund started its operations in September 2008. Since then it has launched one equity diversified fund which collected a corpus of Rs. 18.36 crores. Apart from that, the fund house has also launched three funds in the debt category. In the month of November, the fund house's AUM stood at Rs. 409.8 crores.
Suitability and Recommendation:
Bharti AXA Equity Fund since its launch (29/10/2008 to 15/12/2008) has delivered an impressive return of 10.54 per cent as against the category average return of 5.59 per cent. But the brief history of this equity fund does not make this new offer a compelling choice as it is difficult to ignore the existing 32 open-end tax saving funds, some of which have impressive track records.
Basic Details:
NFO Opens: December 12, 2008
NFO Closes: February 12, 2009
Plans: Eco & Regular
Options: Growth, Dividend (Payout and Reinvestment)
Benchmark: S&P CNX Nifty Index
Load Structure:
Entry Load: Regular Plan: Purchase amount is less than Rs 2 crore-2.25 per cent
Purchase amount greater than Rs2 crore- Nil
Eco Plan: 2.25 per cent
Exit Load: Nil
Fund Manager: Mr. Prateek Agarwal
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