BIRLA Mutual Fund is planning to launch an Index fund that will invest in Nifty stocks with a view to outperforming the index through a judicious use of portfolio balancing and hedging strategies.
Once approved by SEBI, the fund will be an open-ended scheme aiming at long-term growth of capital by allocating mostly to equities and various derivative instruments like stock index futures and options on stocks and stock indices. The fund intends to invest upto 100 per cent of its portfolio in Nifty scrips but if it so deems fit can invest up to 50 per cent of its assets in derivatives.
There will be no entry load on the fund. However, an exit load of 2 per cent will be charged on investments below Rs 1 crore, in case the request for such redemption is received before 1 year from the date of purchase.
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