Midcaps are the flavour of the season and JM Mutual Fund is set to become the sixth AMC to have a madcap fund. The fund house has filed an offer document with the Securities and Exchange Board of India for the launch of a mid-cap fund by the name of JM Emerging Leaders Fund.
The fund will predominantly invest in a portfolio consisting of mid-cap and small-cap stocks. The fund aims to seek long-term capital appreciation from investment in a portfolio of stocks, which offer above average earnings growth prospects. It could also invest up to 20 per cent of the corpus into money market instruments.
The fund would join a club of six other mid-cap funds, including Birla Midcap, Chola Midcap, Franklin Prima, Sundaram Select Midcap, Prudential ICICI Emerging Star and UTI Midcap fund. Interestingly, of the six existing midcap funds, three were launched this year only.
JM Mutual is predominantly a debt AMC. The 26 funds it manages have total assets of Rs 3,378.63 crore as on September 30, 2004. Of these assets, its five equity funds account for a mere 2.51 per cent (Rs 84.83 crore) of the total assets.
This year, the fund house has so far launched seven funds, including two sector funds namely JM Auto Sector and JM Healthcare Sector fund.
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