Mutual Funds

It just got stretched

| Updated on August 03, 2014 Published on August 03, 2014

Birla Sun Life Mutual Fund has announced the rollover of FTP Series HI from 367 days to 733 days. The scheme will mature on August 8, 2016. Likewise, Principal Mutual Fund has changed the maturity date of its Fixed Maturity Plan - Series B5. It will now mature on August 1, 2016, 732 days from the date of allotment, as against the earlier 367 days. Kotak Mutual Fund too has announced rollover of its Fixed Maturity Plan Series – 99, 105, 106 and 107. FMP Series 99 will mature on February 10, 2016, as against August 5, 2014 earlier. The revised maturity date for FMP Series 105 and 106 will be August 3, 2014 and August 4, 2014, respectively. Likewise, the new maturity date for FMP Series 107 will be August 8, 2016.

Change of guard

JM Mutual Fund has announced change in fund manager for four of its equity schemes. JM Tax Gain and JM Equity Fund, earlier solely managed by Sanjay Chhabria, will now be jointly managed by him and Chaitanya Choksi. JM Arbitrage Advantage Fund, managed by Chaitanya Choksi, will now be jointly managed by Asit Bhandakar, Sanjay Chhabria and Chaitanya Choksi. Likewise, JM Core 11 Fund managed by Asit Bhandakar until recently will now be jointly managed by him and Chaitanya Choksi.

New offers

Birla Sun Life Mutual has launched Birla Sun Life Capital Protection Oriented Fund – Series 22. The scheme’s duration will be 1,100 days from the date of allotment. The fund will invest at least 80 per cent of its assets in debt and money market instruments at any given time. The scheme’s proposed portfolio structure has been rated CARE AAAmfs (SO) by rating agency CARE, denoting highest safety from the perspective of achieving the objective of capital protection.

Favourable tax treatment — at par with equity schemes — despite the risk profile being a tad better than equity mutual fund schemes has bought arbitrage funds into focus. Following Edelweiss, Axis Mutual Fund has launched its arbitrage fund, Axis Enhanced Arbitrage Fund.

The scheme seeks to generate absolute returns by capitalising on arbitrage opportunities in the cash and derivative segment of the equity markets. Pankaj Murarka and Devang Shah will manage the fund.

Interested? Make up your mind before August 8, 2014.

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