HDFC AMC is set to launch a diversified-equity fund called the Core & Satellite Fund. The asset mix of the fund will comprise of 60-80 per cent in stocks of "blue-chip" companies which are relatively stable but provide only average returns to the portfolio. The balance 20-40 per cent of the fund will be invested in small and mid-sized companies that have a faster return potential, but are less consistent and more volatile.
The AMC is also set to launch the HDFC Multiple Yield Fund which will be a hybrid fund, with 15-25 per cent into equities and the balance into fixed-income securities. On the equities front, the fund would concentrate on high dividend – yielding stocks, while its fixed-income strategy would entail investing in high-yielding papers with maturity less than one year and then adopt a predominantly "buy and hold" strategy. This would ensure that the fund generates a return equal to the coupon yield on the bond.
The IPO period for both funds would be from August 20, 2004 to September 8, 2004.
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