SBI Mutual Fund has launched the Magnum NRI Investment Fund. The scheme would be open for subscription from December 15, 2003 to January 13, 2004. The fund offer three plans: Short-term Bond, Long-term Bond and Flexi Asset Plan. The minimum investment for all the plans is Rs. 50,000 and in multiples of Rs. 1000 thereafter. The Long Term Bond Plan would not charge any entry load but an exit load of 0.50 per cent if redeemed within six months, the Flexi Asset Plan would charge an entry load of 1 per cent but no exit load while the Short-term Bond Plan would be a no load fund.
The Short Term Bond Plan and Long Term bond Plan would invest in corporate bonds and debentures. The average maturity of the Short Term Bond under normal conditions would be around 365 days and would be ideal for investors with an investment horizon of six months to one year. The average maturity of the Long Term Bond Plan will normally not exceed three years and would be ideal for investors with an investment horizon of more than an year.
The Flexi Asset Plan would follow an Asset Allocation Model. It would have a minimum of 10 per cent investments in equity related instruments which can be increased upto 80 per cent depending on market fundamentals. The investment universe for equity stocks would be limited to only those stocks that form a part of BSE 100.
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