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UTI Mutual Fund has launched an open-ended scheme – UTI Sensex Index Fund – replicating/tracking the S&P BSE Sensex Total Return Index (TRI). The New Fund Offer opens on 19 January and closes on 24 January The scheme will re-open for subscription and redemption on ongoing basis from 1 February.
The fund will be managed by Sharwan Kumar Goyal for the scheme and will be benchmarked against S&P BSE Sensex TRI.
The investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the underlying index, subject to tracking error.
Sharwan Kumar Goyal, head – Passive, Arbitrage & Quant Strategies, said, “UTI Sensex Index Fund is a low-cost index fund which will track the S&P BSE Sensex Index passively. The scheme endeavours to achieve return equivalent to underlying index while minimizing tracking error. The scheme will aim to offer an opportunity to capitalize on growth of basket of blue-chip companies in a disciplined manner.”
The index offers exposure to diversified portfolio of 30 largest, most liquid and financially sound companies across key sectors of the Indian economy. The fund house says that this index fund is suitable for investors looking for simple yet cost effective way of investing in ‘top30’ companies on the listed universe of BSE.
The minimum initial investment is ₹5,000 and in multiples of ₹1 thereafter. The additional purchase amount is Rs. 1,000 and in multiples of ₹1 thereafter with no upper limit.
The scheme is open to resident individuals and non-resident Indians as well.
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