Axis Mutual Fund launches its first equity fund

Axis Bank-promoted Axis Mutual Fund has launched its first equity fund, Axis Equity Fund, a diversified equity fund benchmarked to the S&P CNX Nifty.

“We aim to offer total investment solutions to consumers and not just individual products. Our research has shown that there is a huge demand for simplicity and trust in financial services," Axis AMC's Managing Director & CEO Rajiv Anand said in a statement here today.

"We have chosen to launch a simple but effective product in the category of diversified equity funds. Industry data indicates that in the last five years (as on October 30, 2009) all the 85 diversified equity funds have given positive returns with the worst giving 12 per cent per annum and the best 34 per cent per annum. With a simple product and a reputed brand name like Axis, we have an appealing solution for the consumer,” Anand said.

 

Axis Equity Fund will open for subscription on November 11 and close on December 8, the statement said. It will re-open for purchase and redemption on January 7, 2010.

Investors can apply through a lump sum purchase or through Systematic Investment Plans during the NFO. The minimum lump sum purchase is for Rs 5,000.

The scheme is available in two options-growth and dividend and one per cent will be charged as exit load if the investor redeems/switches out from scheme within one-year from the date of allotment.