The New Fund Offer opens on 28 April 2011 and will close on 12 May 2011. The scheme will reopen for continuous subscription on 26 May 2011.
The Quantum Gold Savings Fund enables investors to invest in the scheme through lump sum investment or Systematic Investment Plans (available after the scheme reopens).This fund addresses investors who wish to invest in gold, but do not have a Demat or trading account required for investing via Exchange Traded Funds (ETFs).
Commenting on giving investors some much needed respite from purity concerns, security issues and additional making charges and premiums by launching such an investment vehicle for gold, Chirag Mehta, Fund Manager - Commodities, said, “Gold has always been a much trusted investment avenue which works as a brilliant keeper of value. Even when the markets crashed in 2008, and the Sensex returns were in negative-52%, gold stood strong at 31% in INR valuation. Investors are increasingly recognizing this ability of gold to serve as a safe haven asset, but requisites like a Demat and Trading account often stop them short of investing in gold through convenient channels like ETFs. At Quantum, we believe investing is simple. And through the Quantum Gold Savings Fund we have attempted to launch a fund to ensure investing in gold retains its simplicity and cost effectiveness.”
Even though the Quantum Gold Savings Fund in turn invests in the Quantum Gold Fund (ETF), there will be no investment management fee charged in the Quantum Gold Savings Fund, so that investors do not have to bear the expenses for both the schemes. Thus presenting investors with a truly cost efficient option.
The scheme offers growth option.
The scheme would allocate 95% to 100% of assets in Units of Quantum Gold Fund. On the other side it would allocate upto 5% of assets in Money Market instruments, Short-term Corporate debt securities, CBLO and units of Debt and Liquid Schemes of Mutual Funds.
The minimum application amount is Rs 500 and in multiples of Rs 1 thereafter. The Mutual Fund seeks to collect a minimum subscription amount of Rs 25 lakh under the scheme during the NFO period.
Entry load charge will be nil for the scheme. Exit load charge will be 1.5% if redeemed or switch out on or before 1 year from the date of allotment of units.
The scheme's performance will be benchmarked against the domestic price of gold.
The fund manager of the scheme will be Mr. Chirag Mehta.
Source: http://www.adityabirlamoney.com/news/471380/10/22,24/Mutual-Funds-Reports/Quantum-MF-Launches-Quantum-Gold-Savings-Fund-
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