Principal PNB Mutual Fund has launched the Dividend Yield Fund. The IPO period for the fund will be from September 6 to September 27, 2004. The minimum application amount has been stipulated at Rs 5,000. The fund would be available under two Investment plans - The Growth Plan for investors looking at capital appreciation and the Dividend Plan for investors who are looking at dividend income.
The Principal Dividend Yield Fund would invest at least 65 per cent of its assets in stocks with a dividend yield of more than 1.50 times the dividend yield of the NSE Nifty. According to the company's own research, this criterion itself would be sufficient to ensure adequate diversification of the portfolio.
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