Axis MF Unveils Axis MidCap Fund

Axis Mutual Fund has unveiled a new fund named as Axis MidCap Fund, an open ended equity scheme. During the New Fund Offer (NFO) period units will be offered at Rs 10 each and NAV based price during the continuous offer. The new issue will be open for subscription from 31 January and close on 14 February 2011.

Axis MidCap Fund seeks to achieve long term capital appreciation by investing predominantly in equity & equity related instruments of mid size companies. The focus of the fund would be to invest in relatively larger companies within this category.

It would allocate upto 80% to 100% of assets in equity & equity related instruments of midcap companies of which 75% to 100% allocation would be in larger midcap companies, upto 25% allocation would be in smaller midcap companies. It would allocate upto 20% of assets in equity and equity related instruments of non midcap companies and upto 20% of assets in debt and money market instruments.

The scheme offers two options viz. growth and dividend option.

The minimum application amount is Rs 5000 and in multiples of Rs 1 thereafter.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 1 crore under the scheme during the NFO period.

An exit load of 1% is payable if units are redeemed / switched-out within 1 year from the date of allotment.

Benchmark Index for the scheme will be BSE Midcap index and will be managed by Mr. Pankaj Murarka.

Source: http://www.adityabirlamoney.com/news/451336/10/22,24/Mutual-Funds-Reports/Axis-MF-Unveils-Axis-MidCap-Fund