The Hindu Business Line : Update

Shinsei Mutual Fund has launched an open ended equity scheme- Shinsei Industry Leaders Fund. The investment objective of the scheme is to generate income and long-term capital appreciation by investing in a diversified portfolio of equity and equity related securities of companies identified as industry leaders. The scheme will be benchmarked against BSE 100 index. The scheme will charge an entry load of 2.25 per cent for an investment of less than Rs 2 crore. An exit load of 1 per cent will be charged if the investment is redeemed within 6 months from allotment; charges for redemption before 1 year will be 0.5 per cent. The fund will remain for open for subscription till August 25.

ICICI Prudential Mutual Fund has launched a 10-year close-ended ELSS fund — ICICI Prudential R.I.G.H.T. (Rewards of Investing and Generation of Healthy Tax Savings). The scheme will be open for investing till September 9. It seeks to generate long-term capital appreciation to unit-holders from a portfolio that is invested predominantly in equity and equity related securities of large-cap companies and emerging mid-cap companies along with income tax benefit. The scheme will charge an entry load of 2.25 per cent for an investment amount less than Rs.5 crores and an exit load of 2 per cent if the investment is redeemed within 2 years after the completion of the 3 year lock in period.

Edelweiss is launching Edelweiss Absolute Return Equity Fund, an open ended equity scheme. The scheme will seek to generate absolute returns with low volatility over a longer tenure of time. The fund will invest in arbitrage opportunities, equity derivative strategies, pure equity investments and the balance in debt and money market instruments. The NFO opens on August 3 and closes on August 7. The fund will reopen for ongoing purchase and redemption from August 24.

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