The new fund offer is open for subscription from April 15, 2014 to April 28, 2014.
Religare Invesco Mutual Fund has launched its open ended fund of fund called Religare Invesco Global Equity Income Fund. The NFO is currently open for subscription and closes on April 28, 2014.
The fund seeks to provide capital appreciation by investing in Invesco Global Equity Income Fund (underlying fund); a Luxembourg domiciled fund having asset under management of USD 525.23 million, which invests primarily in equities of companies worldwide.
In a press release, Saurabh Nanavati, Managing Director & Chief Executive Officer, Religare Invesco MF said, “The fund presents a perfect start for all investors seeking to invest in overseas equity markets and should be considered at the core of all offshore investments. A globally diversified portfolio benefits from the performance of various underlying markets and limits exposure to a single overseas market, theme or sector thereby reducing country-specific risks and volatility.”
On the investment strategy, the company press release said, “The underlying fund follows an unconstrained, valuation-led, bottom-up investment approach focusing on constructing a portfolio of the best global quality income ideas, which offer a compelling mix of income, dividend growth and capital appreciation.”
Invesco Global Equity Income scheme has delivered CAGR (in dollar terms) of 25% and 15% against 21 % and 9% of their respective benchmarks for the period one and three year respectively as on February 28, 2014. Since inception, the scheme has delivered (in dollar terms) 8% returns as against 6% by its benchmark. The scheme has exposure of 31% to North America, 40% to Europe (excluding UK) and 20% to UK as on February 28, 2014.
Benchmarked against MSCI World Index- Net Dividend, the scheme will charge an exit load of 1% if redeemed within 18 months from the date of allotment. No exit load will be charged thereafter. The minimum application amount is Rs. 5000. Neelesh Dhamnaskar will manage the fund.
