HDFC Mutual Fund has launched a close-ended diversified equity fund. Named as HDFC Long Term Equity Fund, it will have a maturity period of 5 years, after which it will be converted into an open-ended fund. The fund will be initially available for subscription from December 30, 2005 to January 27, 2006.
HDFC Long Term Equity Fund will invest 70-100 per cent of its assets in equities, while it can also invest up to 30 per cent of its assets in fixed income securities. On an ongoing basis, the fund will offer redemption facility on a half-yearly basis at the prevailing NAV. An investor will be able to redeem his units only during the first five business days immediately after the end of each calendar half year. The first redemption window will be available from July 3 to 7, 2006.
The fund will not charge any entry load, while the exit load will be charged as per the following schedule upon redemption before the maturity of the scheme.
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