Principal Mutual Fund has launched another open-ended equity fund: Principal Infrastructure & Services Industries Fund. It will be open for initial subscription from January 9, 2006 to January 31, 2006.
The fund aims to invest in equity or equity related securities of the companies belonging to the infrastructure and service industries and the balance in debt securities and money market instruments including call money. At any point of time the fund would invest at least 70 per cent of its assets in equity instruments, of which at least 25 per cent would be invested in companies in infrastructure industry and at least 25 per cent in companies in services industry. The fund would benchmark its performance to the S&P CNX Nifty Index. Mr. Shyam Bhatt would manage this fund.
The minimum subscription amount would be Rs 5,000. The fund would charge an entry load of 2.25 per cent for investment below Rs 3 crore and an exit load of 0.50 per cent for investments of Rs 3 crore and less than Rs 5 crore, if redeemed within 90 days from the date of allotment. This load structure would be applicable for investments made during the new fund offer period as well as on an ongoing basis.
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