Mumbai: ICICI Prudential Mutual Fund has decided to convert ICICI Prudential Fusion Fund into an open ended diversified scheme as the close ended scheme completes five years. The change will be from March 24, 2011.
After conversion into an open ended scheme, the changed salient features of the scheme will be as follows:
Scheme Objective: To generate long-term capital appreciation by investing predominantly in equity and equity related instruments of companies across large, mid and small market capitalization.
Minimum Application Amount: Retail Option- Rs 5000 in multiples of Re 1 thereafter and Institutional Option- Rs 1 crore plus in multiple of Rs 1 thereafter
Option / Sub-options: It offers retail option and institutional option. Growth and dividend are sub-option under both the options.
Exit Load: The scheme will charge one per cent as exit load if units are redeemed within one year from the date of allotment
Investors, who do not agree with the revision, have an option to redeem or switch their units within 30 days starting from February 17, 2011, without paying any exit load. The scheme is managed by Munzal Shah and is benchmarked against NIFTY Junior Index.