Canara Robeco Mutual Fund has launched a new fund named as Canara Robeco Yield Advantage Fund, an open ended debt scheme. During the New Fund Offer (NFO) period, units will be offered at Rs. 10 per unit. The new issue will be open for subscription from 1 April and close on 15 April 2011. It would re-open on or before 2 May 2011.
The investment objective of generate regular income by investing in a wide range of debt securities and Money Market Instruments of various maturities and risk profile and a small portion of investment in Equity and Equity Related Instruments.
The scheme would offer options such as Growth, Monthly Dividend (Payout & Reinvestment), Quarterly Dividend (Payout & Reinvestment).
Canara Robeco Yield Advantage Fund would allocate 90% to 100% of assets in Indian debt and money market instruments with low risk profile. On the flipside it would allocate upto 10% of assets in equity and equity related instruments with high risk profile.
The minimum application amount is Rs. 5,000 and in multiples of Rs. 1 thereafter.
The fund seeks to collect a minimum subscription amount of Rs. 1 crore under the scheme during the NFO period.
Entry load charge will be nil for the scheme. Exit load charge will be 1% if redeemed / switched-out within 1 year from the date of allotment. Nil if redeemed or switched out after 1 year from the date of allotment.
Benchmark Index for the scheme will be CRISIL MIP Blended Index.
The fund manager for the scheme will be Ritesh Jain
Source: http://www.indiainfoline.com/Markets/News/Canara-Robeco-MF-Unveils-Yield-Advantage-Fund/3629207043
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