HDFC Mutual Fund has launched a hybrid debt oriented fund. Named as HDFC Multiple Yield Fund- Plan 2005, the fund will invest around 85 per cent of the corpus in fixed income securities and money market instruments, and the remaining 15 per cent in equity stocks with moderate to high dividend yield.
Initially, the fund will be available for subscription from July 11 to July 26, 2005. During the initial subscription period, the fund will not charge any entry load. However, for investment less than or equal to Rs 2 crore, the fund would charge an exit load of 1 per cent, if the units are redeemed within 15 months from the date of allotment.
On the Equities front, the fund will concentrate on moderate to high dividend-yielding stocks of well-managed companies that have a sound track record and where dividends are expected to be maintained or grow. The debt portion of the portfolio of the fund will invest primarily in bonds maturing in around 15 months time.
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