Broker and mutual fund distributor Samco Securities is set to make its entry to the Rs 36-trillion MF industry with the launch of Samco Mutual Fund. The company received licence from SEBI in July.
The first launch will be a flexicap scheme for which it is about to file papers with SEBI. Jimeet Modi, the founder and director of Samco AMC, said they expect to launch the scheme in 3-months’ time.
It also plans to soon launch a global active fund and a tax-saving fund.
The fund house said its funds will be actively managed in the true sense and will not indulge in 'index hugging' like most other schemes. A fund is said to be 'index hugging' if its investments are very much similar to the composition of the benchmark.
“Samco Mutual Fund promises to be a truly active stress tested fund. We aim to be at the forefront of leading disruptions on the active segment. We will build funds with high active share so that cost conscious investors get a truly active fund and not a closet index fund when they pay for an active TER," the founder said.
To keep the investors informed, the fund house will be disclosing active share of its portfolios on a daily basis along with NAVs.
The fund houses plans to keep its expense ratio at around 1% for direct plans.
Jimeet Modi said the groups' distribution platform RankMF will remain free to sell schemes from all fund houses. It will sell Samco MF's schemes only if it finds it suitable, he said.
