UTI Nifty 200 Momentum 30 Index Fund Details
UTI Mutual Fund plans to launch Nifty 200 Momentum 30 Index Fund on 18th Feb 2021. This is the 7th largest asset management company in India. However, the index is designed to track the performance of 30 high momentum stocks that are part of the Nifty 200 index.
However, the scheme is the first it’s kind of mutual fund schemes to be launched in India. According to the source, the fund will explicitly follow a rule-based momentum strategy and invest in stocks that display good momentum.
Moreover, a source said that a few balanced funds or balanced advantage funds do have momentum characteristics. Even so, those funds do not explicitly follow momentum investing.
Furthermore, the scheme will close for subscription on March 4th, 2021. Moreover, it will re-open on 12th March 2021 for redemption or continue purchase. On the other hand, offer of units of Rs. 10/- each for cash during the NFO. Moreover, the continuous offer for units at Net Asset Value-based prices. As expects that the scheme will outperform the Nifty 200 Index.
Basic Details of Fund:
|NFO Name||Nifty 200 Momentum 30 Index Fund|
|Subscription Period||Feb 18th, 2021 – March 4th, 2021|
|Benchmark||Nifty 200 Momentum|
|Fund Manager||Sharwan Kumar Goyal|
Objective of the Scheme:
The main aim of the UTI Mutual Fund’s upcoming NFO is to provide returns before expenses, closely correspond to the total returns of the securities as represented by the underlying index.
Besides, the investors who want to invest in this scheme should invest a minimum of Rs. 5,000 and in multiples of Re. 1/- thereafter. Moreover, the additional purchase and minimum redemption amount should stand at Rs. 1,000 and in multiples of Re. 1/-. However, the scheme is available in the Systematic Investment Plan method.
Further, the entry load and exit load not applicable to the scheme. Even so, the scheme is available in regular and direct along with growth options.
The scheme is suitable for investors who look for creating capital growth in tune with index returns.
Disclaimer: Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Before investment, refer to the SID and statement of additional information available free of cost at any of the Investor Service Centres or distributors.