Anagram Wellington Asset Management, is indicating returns against a benchmark for the entire five-year period for its maiden close-ended fixed income scheme, Anagram Income Scheme 1997, thus becoming the first mutual fund to do so following Sebi's recent decision to permit mutual funds to indicate returns.
The fund is planning to indicate a return against a benchmark, it being the highest return on fixed deposit offered by any bank during the entire period of the fund and Anagram would be indicating a return of a minimum 50 basis points above it.
The fund is initially indicating a return between 15-16 per cent to the unitholders based on paper available today, highly placed officials at the asset management company said.
The mutual fund has already received the formal clearance from the regulator excepting for minor changes, to go ahead with the printing of the offer document.
The scheme is expected to open for subscription by around the last week of this month or by the first week of March.
At an earlier occasion B G Shetge, managing Director, Anagram Wellington Asset management, had said, The choice of offering a fixed income product has been made keeping in mind the current investor preference for such products.
However, there are a lot of new avenues that can be looked since the recommendations of Mutual Fund 2000 have been adopted, he added.
Speaking about the product, Shetge said that they intend to peg the product as something which would offer better returns than a bank deposit but which is less riskier than a capital market instrument.
