Publish Date:
Navi Mutual Fund has introduced a new scheme – Navi Nifty India Manufacturing Index Fund
It is an open-ended equity scheme replicating / tracking Nifty India Manufacturing Index.
Accordingly, the investment objective of the scheme is to achieve return equivalent to Nifty India Manufacturing Index by investing in stocks of companies comprising Nifty India Manufacturing Index, subject to tracking error.
However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns.
Under normal circumstances, Navi Nifty India Manufacturing Index Fund will hold an allocation of 95% to 100% of its assets in Equities and equity related securities covered by Nifty India Manufacturing Index and 0% to 5% of its assets in Debt & Money Market Instruments.
As per the Scheme Information Document, the Scheme endeavours to invest in stocks in proportion to the weightages of these stocks in the Nifty India Manufacturing Index. The performance of the Scheme may not be commensurate with the performance of the respective benchmark of the Schemes on any given day or over any given period. Such variations are commonly referred to as the tracking error. The Scheme intends to maintain a low tracking error by actively managing the portfolio in line with the index.
A small portion of the net assets will be held as cash or will be invested in debt and money market instruments permitted by SEBI/RBI including TREPS or in alternative investment for the TREPS as may be provided by the RBI, subject to prior approval, if any, to meet the liquidity requirements under the Scheme.
Navi Nifty India Manufacturing Index Fund’s performance will be benchmarked against Nifty India Manufacturing TRI
The scheme will be managed by Mr. Aditya Mulki
The NFO opens for subscription on August 12, 2022 and closes on August 23, 2022. The scheme will reopen for continuous sale and repurchase Within 5 business days from date of allotment.
The fund’s NAV is priced at Rs 10/- per unit during the NFO period. The minimum subscription amount is Rs 500 and in multiples of Re.1 thereafter.
The scheme offers Regular Plan and Direct Plan each plan offers Growth and Income Distribution cum Capital Withdrawal option.
[Read: Navi Nifty India Manufacturing Index Fund: Should You Invest?]