THE last week saw a number of new fund offers on the shelf. While Reliance MF offered a long term close-ended equity fund, HSBC and Lotus mutual funds launched equity-linked saving schemes. Fidelity offered a cash fund and Prudential ICICI a equity & derivatives fund. LIC Mutual Fund has also announced the launch of its 36 months close-ended equity scheme, LIC India Vision Fund.
The investment objective of the LIC scheme is to generate long-term appreciation by identifying growth sectors and investing in the universe of companies within such sectors.
The NFO of the Reliance Long Term Equity Fund will invest in select small and mid-cap stocks. It is a 36-month fund with an automatic conversion into an open-ended scheme at the end of the period. The offer is open till December 11.
Lotus India Asset Management Company’s Lotus India Tax Plan too is on and ends on December 5, 2006.
Also open till December 7, 2006 is Prudential ICICI mutual fund’s Equity & Derivatives fund.
The SBI Mutual Fund also announced launch of its region-specific equity scheme, One India fund, which will invest in diversified stocks while aiming to pick best investment opportunities from all regions of the country and the NFO ends on December 22.
Two funds managed by Reliance Mutual Fund -- Reliance growth and Reliance Vision have been recently ranked top global funds based on their five year performance track record by international fund intelligence agency Lipper. Maybe that explains the sudden rush of NFOs.