On the heels of the Fund of Funds by OptiMix, ABN AMRO has come out with their offering: ABN AMRO Multi Manager Fund - Series 3.
Just like the OptiMix Equity Multi Manager FoF Scheme, this one too is a three-year, close-ended offering.
Being a close-ended fund, your money will be locked in for three years. As of now, the fund will not be listed on any stock exchange. So units can be redeemed during the liquidity window which is the first Monday of every calendar month.
The fund has two options: Growth and Dividend Reinvestment. The growth option will not declare any dividend and the income attributable to the units will continue to remain invested and will be reflected in the NAV. Under the dividend reinvestment option, the dividend will be reinvested automatically.
The fund of funds will invest in equity funds (up to 100 per cent), short term debt / liquid / floating rate schemes (up to 100 per cent) and money market instruments (maximum 10 per cent). The scheme will allocate investments dynamically between such schemes of various funds.
Performance analysis of the schemes will be based on the principle of risk adjusted returns. The fund manager would also consider load structure, overall corpus size, and other such features of the underlying schemes.
Launched on October 30, it will remain open for subscription till November 28, 2006.
Snapshot
Type of fund: Close-ended Fund of Funds
Tenure: 3 years
NFO dates: October 30 - November 28, 2006
Benchmark: Crisil MIP Blended Index
Loads: No entry load. For redemption or repurchase, the proportionate unamortized initial issue expenses shall be recovered.
Cost of unit during NFO: Rs 10
Minimum investment amount: Rs 5,000
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