Kotak Mutual Fund is planning to launch three new funds - Kotak Midcap Fund, Kotak Floater Long Term Fund and Kotak Income Plus - Aggressive Scheme.
Kotak Midcap Fund would be an open-ended diversified equity fund which will invest predominantly (at least 65 per cent of its net assets) in midcap stocks, that is, stocks of companies having a market capitalisation between Rs 150 crore and Rs 1500 crore. It will be benchmarked against the CNX Nifty Junior.
Kotak Floater Long Term Fund would be an open-ended floating rate debt fund which will invest predominantly in floating rate securities, money market instruments and also use appropriate derivatives. Its strategy would be aimed at reducing interest rate risk. The fund will be benchmarked against the CRISIL Liquid Fund Index.
Kotak Income Plus - Aggressive Scheme would be an open-ended monthly income fund which will invest predominantly in debt and money market instruments (upto 100 per cent) and at the same time attempting to enhance returns through investments in equity and equity related instruments (upto 30 per cent). The scheme will be benchmarked against the CRISIL MIP Blended Index.