UTI MF launches Wealth Builder Fund
Chennai, Sep 14 (UNI) UTI Wealth Builder Fund, the UTI Mutual Fund's new scheme, is aimed at achieving long-term capital appreciation by investing predominantly in a diversified portfolio of equity and equity-related instruments, UTI Asset Management Company President and Country Head Mohit Sachdev said today.
Addressing a press conference here, he said the scheme would invest in equity and equity-related instruments to the extent of 65 to 100 per cent and 0 to 35 per cent in debt and money market instruments.
The scheme opened on September seven and units could be purchased only till October 11, 2006.
UTI-Wealth Builder Fund was a close-ended scheme with a maturity period of five years with automatic conversion into an open-ended scheme upon maturity.
Stating UTI MF always endeavoured to provide new wealth creation opportunities to its investors, Mr Sachdev said apart from being a five-year close-ended equity scheme, it would also utilise derivatives to hedge the portfolio.
The extent to which the portfolio would be hedged would be linked to index levels.
The face value of units was Rs ten and the scheme would offer redemption of units on an ongoing basis at half-yearly intervals at NAV-based prices. The minimum initial investment was Rs 5,000 and in multiples of Re one thereafter without any upper limit.
It also offered two options -- growth option and dividend payout option. BSE Sensex was the benchmark index for the scheme.
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