Peerless MF launches Income Plus Fund

Peerless Mutual Fund has launched a new open ended debt scheme as Peerless Income Plus Fund. The investment objective of the scheme is to generate regular income through a portfolio of predominantly high quality fixed income securities and with a marginal exposure to equity and equity related instruments.

The New Fund Offer (NFO) will open for subscription from June 9, 2010 to July 8, 2010. The scheme re-opens for continuous sale and repurchase within 30 days from the date of closure of New Fund Offer. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. (View - New Fund Offers open NOW)

Speaking on the launch, Akshay Gupta, CEO, Peerless Mutual Fund said, “Peerless group has a captive base of 8 million customers predominantly in tier 2 and tier 3 towns. It has also serviced 5 crore customers thus far. These customers are untapped for such products and have immense loyalties for the trusted Peerless Brand. Accordingly for the benefit of such customers we have tried to capture the essence of their investment behavior and saving habits, and then customise our new fund and service offering so that every Indian gets an opportunity to be a part of this new capital market revolution”.

Stressing on the value-add services part Mr. Gupta said “We are ready with multi-lingual call centers, multi-lingual statement of accounts, vernacular customer education programs. This is to ensure that all new to industry customers will be comfortable with Mutual Funds”. In terms of the style of management of these funds he said “We will be managing this fund conservatively so as to ensure minimum volatility and consistent returns. This is practically possible if we are dynamic in managing the equity component and remain cautious on the maturity of debt component.”The scheme offer growth and dividend option. Dividend option offers pay out and re-investment facility.

The minimum application amount is Rs 1000 and in multiples of Re 1 thereafter. For additional purchases Rs 100 and in multiples of Re 1 thereafter.

Entry load Nil, Exit load 1% if redeemed before a period of 1 year.

The scheme would invest 80% to 98% of assets in debt & money market instruments. Securitized debt cumulative allocation shall not exceed 25% of the net assets of the scheme (excluding foreign securitized debt). Investment in derivatives shall be up to 50% of the net assets of the scheme. It would further allocate 2% to 20% of assets in equity and equity related instruments and/ or units of equity mutual fund schemes.

The scheme's performance would be benchmarked against CRISIL MIP Blended Fund Index.

The scheme will be managed by Ganti N Murthy and Kaushik Dani.

Source: http://www.moneycontrol.com/news/mf-news/peerless-mf-launches-income-plus-fund-_463105.html