SBI Mutual Fund mops up over Rs 6,700 cr from Energy Opportunities Fund

SBI Mutual Fund, the country's largest mutual fund house, has collected over Rs 6,700 crore through its latest offering- Energy Opportunities Fund - beating its internal target of Rs 5,000 crore.

In a statement, the fund house said the NFO has received a widespread response from all distribution channels and the overall number of applications crossed close to 500,000.

The NFO saw a large number of new investors participating which underscores the trust of investors and distributors in SBI Mutual Fund. It also underlines the strong belief that investors have in the energy theme, it said.

The Energy Opportunities Fund is an open-ended equity scheme following the energy theme tracking the energy index of the benchmark Nifty.

The scheme would invest 80-100 per cent of its assets in equity and equity-related instruments of companies engaged in energy (traditional and new) and allied business activities and the balance in other equity and equity-related instruments, including equity derivatives, debt securities, including securitised debt and debt derivatives, and money market instruments.

The fund house appointed Raj Gandhi and Pradeep Kesavan as the dedicated fund managers of the scheme.