UTI Mutual Fund launches 'UTI-India Lifestyle Fund'

Hyderabad, Jul 2 (UNI) UTI Mutual Fund today announced the launch of a new scheme, UTI-India Lifestyle Fund and the New Fund Offer (NFO), which opened today, would close on July 25.

Purchase of units would be available only during NFO period.

In a statement here, UTI Chief Marketing Officer Jaideep Bhattacharya said UTI-India Lifestyle Fund is a three-year close-ended Equity Oriented scheme with an investment objective to provide long-term capital appreciation and or income distribution from a diversified portfolio of equity and equity-related instruments of companies, were expected to benefit from changing Indian demographics, Indian lifestyles and rising consumption pattern.

Mr Bhattacharya said over the last few years, due to rising income levels, the Indian consumers have changed their attitude towards money and quality of lifestyle.

Indian Consumers were showing a marked preference for new products and services that deliver higher levels of quality than conventional items, he said, adding this has changed the scale of demand for household goods and services such as autos, home goods, telecom, consumer finance, leisure, entertainment, media, among others.

UTI-India Lifestyle Fund endeavours to invest in companies, which benefit directly from changing lifestyles of people in India.

UTI Chief Investment Officer A K Sridhar said the broad Investment strategy of the scheme would be to benefit from the momentum of a consumption-led growing economy. The scheme aims to build and maintain a diversified portfolio of equity stocks that has potential to appreciate in the long run, he added.

The face value of units was Rs 10 and the maturity of the scheme was three years from the date of allotment. Upon maturity, the scheme would automatically be converted into an open-ended scheme.

The minimum investment is Rs 5000 and in multiples of Rs One thereafter without any upper limit.

UNI