Kotak Mahindra Asset Management Company on 25th February, 2011 announced the launch of its latest fund-of-fund named 'Kotak Gold Fund'. It is an open ended fund of fund scheme which will enable investors to take exposure to gold without having a demat account. In addition to this, scheme offers investors the option to invest as little as Rs 1000 per month through the SIP route.
The Kotak Gold Fund will be open for subscription from March 4 to March 18, 2011 and its performance will be benchmarked against the prices of physical gold.
Speaking about the need for this product, Mr. Sandesh Kirkire chief Executive Officer, Kotak Mahindra Asset Management Company said, "We see a lot of potential with Kotak Gold Fund primarily because of two significant factors. One by providing a platform to investors to invest in gold without a demat account and also create a discipline by systematically investing in Gold as an asset class." Mr Kirkire also elaborated, ' In recent times, gold has shown a low correlation with other asset classes while at the same time its returns potential has been similar to equity assets performance. As a result allocation into gold improves portfolio diversification and can minimize the downside risk of the portfolio.'
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