Chola Mutual Fund is set to launch a contra fund. Named as Chola Contra Fund, the scheme aims to identify fundamentally sound scripts, which have underperformed/not performed to their potential in the recent times. The fund would remain open for initial subscription between January 17 to February 14, 2005.
At any point in time, the fund would invest between 65 to 100 per cent of its assets in equities or related instruments. It can also invest up to 35 per cent of its assets in debt and money market instruments. The minimum investment in the fund is Rs 5,000 and in multiples of Re 1 thereafter.
The fund would charge an entry load of 2.25 per cent for investment up to Rs 1 crore. For investments above Rs 1 crore and up to Rs 5 crore, no entry load would be charged but an exit load of 0.50 per cent would be applicable for redemption within three months of the initial investment.
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