Dundee Mf Equity Fund Launched

Dundee Mutual Fund, sponsored by Bancorp Inc, the Canadian investment management company which looks after assets worth nearly Rs 43,500 crore, launched its first equity fund in India called the 'Dundee Balanced Fund'. The fund will invest 51-80 per cent in equities and 49-20 per cent in debt.

Bhupinder Sethi, associate vice-president of Dundee, said, "We would be looking at top 20-25 companies from media, telecom, Internet which are from the high growth areas apart from pharma and FMCG majors."

Anil Sehgal, vice-president of Dundee, said, "We expect to garner approximately Rs 50 crore plus from the Balanced Fund and would be targeting annualised returns between 17 and 18 per cent."

 

The Dundee Balanced Fund is an open-ended scheme offering two options namely dividend and appreciation.

It also offers recurring investment and withdrawal facility with minimum application for investment for both the options at Rs 5,000. Tax benefits are available under section 54 EA and 54 EB of the Income Tax Act, 1961 and the scheme will not pay tax on dividends distributed for a period of three years commencing from 2000-2001.