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Prudential ICICI Fusion Fund

It seems close-end equity funds are the latest fad among the mutual fund houses these days. After Franklin Templeton, HDFC and Tata Mutual Fund, it's the turn of Prudential ICICI Mutual Fund to launch one such fund by the name of Prudential ICICI Fusion.

Basically, it's a five-year multi-cap fund that would invest in large-, mid- and small-cap stocks. The fund is open for initial subscription between February 1 and February 27, 2006. The fund is benchmarked against Nifty Junior Index.

Like all the three newly-launched close-end funds, Prudential ICICI Fusion too is not close-ended in true sense. The fund would offer repurchase facility at quarterly intervals on every 15th day from the end of each quarter. However, investors would have to pay exit loads ranging between 5 to 1 per cent for pre-mature redemption depending on their invested period. The fund would not charge any entry load.