BOB Mutual Fund has launched a diversified equity fund. Named as Baroda Global Fund, it will basically be a multi-cap fund which will invest in stocks across market capitalisations. The fund will be initially available for subscription from February 6 to March 7, 2006.
As per the stated asset allocation, the fund will invest 35-100 per cent of its assets in large-cap stocks, while investing up to 65 per cent of its assets in stocks of mid- and small-cap companies. It can also invest up to 35 per cent of its assets in money market instruments. For this purpose, the fund defines a large-cap stock as the one which has market capitalisation of more than Rs 2,000 crore. Mid-cap stocks will be the ones which have market capitalisation in the range of 200-2,000 crore, while the ones with less than Rs 200 crore will be classified as small-cap stocks. The fund will be benchmarked against BSE Sensex index.
During the new fund offer period, the fund will not charge any entry load. For investments below Rs 5 crore, an exit load of 2.25 per cent will be charged upon redemption within six months from the date of re-opening of the scheme. This load will be reduced to 1.25 per cent if the redemption is made after 6 months but within 12 months, while no load will be charged for redemption after 12 months. For investments of Rs 5 crore and above, an exit load of 1 per cent will be charged upon redemption within 3 months from the date of re-opening of the scheme.
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