Tata Mutual Fund has renamed Tata Select Sector Fund as Tata Select Equity. According to the Mutual Fund, they have done this to do away with the investment restrictions (limitations in terms of number of sectors) which stopped the fund from taking a bottom-up approach which could be relevant across market cycles. Earlier the fund could invest in any five sectors at any point of time.
This fund is getting renamed for the third time. It was launched as Tata Core Sector Fund but was converted to a technology fund-Tata IT Fund, around the tech boom. Again it was rechristened as Tata Select Sector Fund when the fund realised that the technology dreams had turned sour.