Prudential ICICI Mutual Fund has come out with a new fund: Prudential ICICI Equity & Derivatives Fund. It offers two types of plans:
Income Optimiser Plan
Under this plan, the fund will employ arbitrage and derivative strategies for the equity market and short-term debt with the aim of low volatility returns.
There is no entry load. And, only if the units are redeemed within six months from the date of allotment of the NFO, then a 1 per cent load is levied.
This one has a retail option as well as an institutional option. The minimum application for the retail option is Rs 5,000 and Rs 5 crore for the institutional option.
Wealth Optimiser Plan
This one only has a retail option with the minimum investment being Rs 5,000. Pure equity, equity derivatives and arbitrage opportunities will be utilised to provide capital appreciation and income distribution.
There is a 2.25 per cent entry load and a 1 per cent exit load only if redeemed within six months from date of allotment of the NFO.
All plans offer a growth and dividend (payout or reinvestment) option.
Snapshot
Unit cost during NFO: Rs 10
Type of fund: Open-ended equity
Benchmark for Income Optimiser Plan: Crisil Liquid Fund Index
Benchmark for Wealth Optimiser Plan: Crisil Balanced Fund Index
Fund managers: Yogesh Bhatt, Deven Sangoi, Rahul Goswami, Prashant Kothari
Offer opened: November 8, 2006
Offer closes: December 7, 2006
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