Axis AMC, UTI Mutual Fund to launch equity NFOs, aim wide investments

Axis Special Situations Fund will tap domestic and global markets; UTI Small Cap Fund will invest in small cap stocks.

Two equity new fund offerings (NFOs) will hit the market in December. Axis AMC will launch Axis Special Situations Fund, an open-ended equity scheme that will invest in domestic and global markets as well as across the market cap spectrum. It will be benchmarked to Nifty 500 TRI.

The overseas investments will be advised by Schroder Investment Management based on their disruption philosophy. The NFO will remain open for subscription from December 4-18.

"Our product development is backed by our unique and time tested philosophy of responsible investing with an unflinching focus on quality. As the world transforms around us led by ever accelerating technological change and innovation, investors need to be able to allocate to and benefit from this theme, whether in Indian or global markets," said Chandresh Nigam, MD & CEO, Axis AMC.

UTI Mutual Fund will hit the market with ‘UTI Small Cap Fund’, an open-ended equity scheme that will invest in small cap stocks. The NFO will remain open from December 2-16.

UTI Small Cap Fund will endeavour to invest in companies that have scalable business models and are run by seasoned management.

"In recent years, a wide spectrum of initiatives and opportunities have been set forth by the government to nurture small businesses. So, in the long run, the share of small companies in the economy is likely to expand,” said Ankit Agarwal, fund manager for the scheme.