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Tuesday, July 24, 2012

IDBI Gold Fund - IDBI Mutual Fund launches New Fund

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IDBI Mutual Fund has launched a new fund named as IDBI Gold Fund, an open ended fund of fund scheme. The face value of the scheme is Rs. 10 per unit. The new issue will be open for subscription from 25th July 2012 and closes on 8th August 2012. The investment objective of the scheme is to provide returns that closely correspond to returns provided by IDBI Gold Exchange Traded Fund. The performance of the scheme will be benchmarked against Domestic Price of Physical Gold and will be managed by V. Balasubramanian. The scheme will allocate 95% to 100% of assets in Units of Gold Exchange Traded Fund with medium to high risk profile. Whereas, it would allocate upto 5% of assets in reverse repo / short term fixed deposits / money market instruments and in IDBI Liquid Scheme of IDBI Mutual Fund with low risk profile. The scheme offers only growth option. Exit load charge will be 1% for exit within 12 months from the date of allotment.  

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