Axis Mutual Fund launches Axis Nifty 500 Index Fund: Check details

The fund will invest in India's largest 500 companies listed on the NSE

Axis Mutual Fund has announced the launch of Axis Nifty 500 Index Fund. The open-ended index fund tracks the performance of the Nifty 500 Total Return Index (TRI), providing investors exposure to India's top 500 companies listed on the National Stock Exchange (NSE).

The new fund offer opens on Wednesday and will close on July 9, 2024. The minimum investment during the NFO period is Rs 100 and in multiples of Re. 1 thereafter. If units are redeemed or switched out within 15 days from the date of allotment, an exit load of 0.25 percent of NAV will apply.

The fund's allocation is approximately 73 per cent in largecap, 17 per cent in midcap, and 10 per cent in smallcap stocks, representing about 92 per cent of India's listed market capitalisation. Axis Nifty 500 will be managed by experienced fund managers Karthik Kumar and Sachin Relekar.

Who Should Invest?

Long-term investors seeking broad market exposure to the top 500 companies in India.

First-time investors looking for a simple and diversified investment option.

Experienced investors aiming to complement their portfolio with a low-cost, passive investment strategy.

“The Axis Nifty 500 Index Fund is a simple passive fund designed to offer investors a simple yet effective way to participate in the growth story of a broad spectrum of Indian companies. We believe that the fund's broad-based approach, coupled with the potential for sustainable long-term returns, will serve as a robust vehicle for wealth creation over the long term, making it an attractive option for both new and experienced investors," said B Gopkumar, managing director and chief executive officer of Axis AMC.

The Nifty 500 Index aims to “capture India’s growth story” through the performance of a broad universe of companies, providing investors with diversified exposure to the Indian equity market, said the fund house.