JM Financial mutual fund launches JM Contra fund

Mumbai, July 16: JM financial mutual fund, a part of JM financial group, today came out with its first contra fund- 'JM contra fund'.

This would be an open ended equity oriented fund focussing mainly on fundamentally sound but market overlooked stocks.

The scheme, which would open for subscription from July 16 and close on August 14, has set a minimum investment limit of Rs 5000.

Announcing the launch, group chairman Mr Nimesh Kampani told reporters that the fund would concentrate on stocks in 'out of favour' sectors like Auto, Construction, airlines and Real estate.

''The fund would incubate these stocks until they find favour with the rest of the market. This would give more time for the investor to act.'', he said.

JM financial would come up with two more funds in this fiscal with one of them an equity oriented tax saving scheme, said Sandip Sabharwal, fund manager of JM financial.

The Company has also plans to acquire 25-30 percent stakes in investment banking firms located in United States and Europe to strengthen its overseas operations.

''We are in talks with five to six players in this regard. But nothing has been finalised yet'', said Mr. Kampani.

The company has presence in 35 cities in the country and has registered a 4 fold growth in equity Asset Under Management in financial year 2007.

UNI