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Birla Sun Life launches long term product

Written by: Staff
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Kolkata, Aug 9 (UNI) Birla Sun Life Mutual Fund today announced the launch of its latest close-ended equity product called 'Birla Long Term Advantage Fund', which aims at providing better capital appreciation.

Announcing the entry of the new product into the country's fast growing Mutual Fund market, Birla Sun Life Vice-President (Marketing&Strategy) Raghavendra Nath here today said, ''The fund, which is opened for subscription till September 8 with an minimum investment of Rs 5000, is also aimed at investing dominantly in a diversified portfolio, equity and equity related security, besides, at reasonably priced stocks which are expected to post attractive growth in three to five years time.'' ''This five-year close-ended equity fund is particulatly aimed at those investors who wanted to get maximum returns without being worried over the volatility of the Indian stock market,'' Mr Nath said.

He said the new fund, which is thirty second in the line of Birla Sun Life MF diversified portfolio, would use derivatives to the extent of 50 per cent of the portfolio and would create hedges during the volatile time.

Derivatives, when used for hedging, could go a long way in reducing the uncertainty of the portfolio, Mr Nath pointed out and claimed that the investors could benefit from the same level of return but at a reduced risk.

Referring to other unique features of the new fund, the Vice-President of Birla Sunlife, whose asset under management has crossed Rs 17,000 crore last year, said despite being a close-ended fund, the long term advantage fund would remain open to the investors for the first five days of every month to enable them to withdraw the entire money they had invested in cases of emergency.

To a query, Mr Nath said that they were planning to launch two more equity and debt related MF products before the end of this year catering to the diversified needs of investors.

UNI ABA JYN RN1817

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