Pramerica Mutual Fund has filed three offer documents with the market regulator, Securities and Exchange Board of India (SEBI). Pramerica Asset Managers Private Ltd is the Indian asset management venture of US-based Prudential Financial Inc.
All the three products are open ended. One is a diversified equity scheme, the second is a liquid scheme and the third is a short-term debt scheme.
The details of these funds are as follows:
Pramerica Growth Fund: An open-ended scheme, it seeks to achieve long-term capital appreciation by investing in an actively managed diversified portfolio consisting of equity and equity-related securities such as derivatives. A portion will also be invested in debt and money market instruments. The scheme has two plans -- Equity Plan and Dynamic Plan.
Under the Equity Plan 65-100 per cent of the assets will be invested in equity and equity-related instruments. The balance 0-35 per cent will be invested in debt and money market securities. In the Dynamic Plan, there could be an asset allocation of 30-100 per cent in equity and equity-related securities and 0-70 per cent in debt and money market securities. Each plan has a growth and a dividend option.
Pramerica Ultra Short-Term Bond Fund: This scheme will have an asset allocation of 50-100 per cent in money market and debt securities, including government securities, corporate debt, securitised debt (excluding foreign securitised debt) and other debt instruments with average maturity less than or equal to 400 days. The scheme will also make use of put options within a period not exceeding 400 days. The balance 0-50 per cent will be invested in debt instruments including government securities, corporate debt, securitised debt (excluding foreign securitised debt) and other debt instruments with average maturity greater than 400 days.
Pramerica Liquid Fund: It is an open-ended liquid scheme. The objective of the scheme is to deliver reasonable market related returns with low risk and high liquidity through a portfolio of debt and money market instruments. Further, the scheme will allocate 0-100 per cent in debt instruments (including Asset Backed Securities), money market instruments and floaters having a residual maturity of up to 91 days.
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