Mumbai: ING Mutual Fund has decided to revise the fundamental attributes of three of its schemes - ING Midcap Fund, ING Nifty Plus Fund and ING Liquid Fund -- from March 25, 2011.
ING Mutual Fund has revised the investments policy and asset allocation Pattern of ING Midcap Fund, changed investment objective, asset allocation pattern and the name of ING Nifty Plus Fund and also changed the asset allocation pattern of ING Liquid Fund
ING Nifty Fund will be renamed as ING Large Cap Equity Fund and converted into an open ended equity scheme.
Investment Policy:
ING Midcap Fund - The fund seeks to meet the investment objective by investing normally, at least 65 per cent of its total asset in midcap stocks. For the purposes of determining mid cap stocks, the market capitalization of companies would be considered.
Investment Objective:
ING Nifty Plus Fund - The net assets of the scheme will be invested predominantly in stocks constituting the S&P CNX Nifty Index and / or in exchange traded derivatives on the S&P CNX Nifty Index. A small portion of the net assets may also be invested in the securities other than that constituted in the S&P CNX Nifty Index. The scheme may also invest in money market instruments permitted by SEBI / RBI including call money market or in alternative investment for the call money market as may be provided by the RBI, to meet the liquidity requirement of the scheme.
Asset Allocation:
ING Midcap Fund - The scheme would allocate 65 to 100 oer cent of assets in equity and equity related instruments of mid cap companies. Upto 35 per cent of assets would be allocated in equity and equity related instruments of companies other than mid cap companies. Upto 25 per cent of assets would be allocated in money market instruments.
ING Nifty Plus Fund – The scheme would allocate 70 to 100 per cent of the assets in securities constituting the S&P CNX Nifty Index and / or in exchange traded derivatives on the S&P CNX Nifty Index. Upto 20 per cent of the assets would be allocated in securities other than constituents of S&P CNX Nifty Index. Upto 30 per cent of assets would be allocated in cash & money market instruments, including money at call but excluding subscription and redemption cash flow.
ING Liquid Fund - The scheme would allocate upto 100 per cent of assets in money market instruments, debt securities, securities issued / guaranteed by Central or State Governments, and obligations of banks and development finance institutions with residual maturity upto 91 days.
Investors have an option to redeem their units between February 23, 2011 to March 24, 2011, without paying any exit load.
