The Hindu Business Line : Fidelity Mutual unveils fund eyeing overseas investments

TAPPING NEW HORIZON: Ms Ashu Suyash, MD & Country Head, Fidelity Fund Management, with Mr Jed Wrigley, Director, Fidelity International, at a press conference to announce the launch of International Opportunities Fund in Mumbai on Monday. - Paul Noronha

Mumbai April 9 Fidelity Fund Management Private Ltd has launched Fidelity International Opportunities Fund, an open-ended equity growth scheme seeking to invest 65 per cent of its corpus in Indian equities and the rest 35 per cent in international equities, with a focus on Asia.

The new fund offer, which opened on Monday will close on April 30. The minimum investment amount is Rs 5,000.

The entry load is 2.25 per cent for a purchase of less than Rs 5 crore. The exit load will be one per cent for redemptions within the first six months. The fund also offers a systematic investment plan.

The benchmark for the portion invested in Indian equities is the BSE-200 index, while for the international equity it is MSCI Asia-Pacific, ex Japan.

The company is awaiting guidelines for the $50,000-remittance scheme of RBI to introduce its other global products.

Mr Jed Wrigley, Director, Fidelity International, said, "In spite of an increasing integration of global markets, the correlation between India and other markets remain low. Different markets and their sectors move to different factors and business cycles. So, diversification reduces risk and brings more consistent returns."