Mutual Fund News : BOI AXA Mutual Fund launches BOI AXA Overnight Fund

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BOI AXA Mutual Fund has launched BOI AXA Overnight Fund. It is an open ended debt scheme investing in overnight securities having maturity of 1 day.

The investment objective of the scheme is to generate income commensurate with low risk and high liquidity by investing in overnight securities having residual maturity of 1 business day. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not assure or guarantee any returns.

The performance of the fund will be benchmarked against CRISIL Overnight Index.

The fund will be managed by Mr Amit Modani.

The NFO opens for subscription on January 27, 2020 and closes on January 28, 2020. The scheme will reopen for continuous sale and repurchase on January 29, 2020.

The New Fund Offer is priced at Rs 1,000 per unit and the minimum application amount for initial purchase is Rs 5,000 and in multiples of Re 1 thereafter.

The scheme offers growth and dividend options and seeks to collect a Minimum Target Amount of Rs 20 crore.