Jm Debt Fund Collects Rs 150cr

JM Mutual Fund has managed to collect Rs 150 crore since its 100 per cent debt fund launched on December 23, 1997 went open ended on January 5, 1998. According to sources at JM Mutual Fund, the target corpus for the fund was Rs 1 crore.

When we closed on December 29, we managed to collect Rs 6 crore. Since the scheme has gone open ended, the fund collections have risen sharply. The rise in interest rates and RBI policy measures have all contributed to this boosted collections, the source said.

The debt fund has two plans dividend and growth. Under the dividend plan, the net asset value has risen from 10.0262 on January 5 to 10.1106 on January 22. For the growth plan, the NAV has moved up from 10.0172 to 10.0774.

The annualised return for growth stands at 18 per cent for dividend and around 13 per cent for the growth plans,the source added.