The trend of mutual funds has increased rapidly in the last few years. There has been a huge jump in the number of people investing in mutual funds, while many mutual fund schemes have also been started. This week three new mutual funds will be open for subscription. SBI Innovative Opportunity Fund and Bajaj Finserv Large Cap Fund have opened, while ICICI Prudential Nifty Metal ETF will open for subscription later this week.
SBI launches new mutual fund scheme
SBI Innovative Opportunity Fund is an open-ended equity scheme. This new NFO opened for subscription on July 29, which will close on August 12. This scheme is benchmarked against Nifty 500. This scheme will be managed by Prasad Padala and Pradeep Kesavan. In this scheme, you can start investing from INR 1,000, while there is no limit on maximum investment in multiples of INR 1.
This mutual fund scheme will be allocated 80-100% in equity and equity-related instruments. In this, 0-20% in other equity and equity-related instruments (including equity derivatives), 0-20% in loan securities (including securitized loans and loan derivatives) and money market instruments, including tri-party repos. Apart from this, 0-10% will be allotted in units issued by REITs and InvITs.
Start with 500 in Bajaj Finserv Large Cap Fund
On the other hand, talking about Bajaj Finserv Large Cap Fund, it has also opened for subscription from 29 July 2024, which will close on 12 August. This large cap mutual fund scheme has been benchmarked to the Total Return Index against Nifty 100. This scheme will be managed by Nimesh Chandran, Saurabh Gupta (Equity Investment) Siddharth Choudhary (Debt Investment).
In this scheme, you can start investing with a minimum amount of INR 500, while there is no limit on maximum investment in multiples of INR 1. The minimum investment amount for SIP is INR 500 with a minimum investment of 6 installments.
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This scheme will invest 80-100% in equity and equity related securities of large caps, while 0-20% will invest in equity and equity related securities of companies other than large caps. Apart from this, 0-10% will be invested in units issued by REITs and InvITs.