IDBI Mutual Fund has mopped up over Rs.230 crore from the NFO of newly launched balanced fund called IDBI Prudence Fund, says a press release issued by the company.
Dilip Mandal, Managing Director and Chief Executive Officer, IDBI MF said: “We launched IDBI Prudence Fund to fill the need in the market for balanced products. The encouraging response received by our NFO confirms this and re-affirms investors’ belief in the IDBI Brand. In these times of economic uncertainty, IDBI Prudence Fund offers asset diversification within one Fund through a balance between equity and debt.”
The investment objective of the scheme is to generate opportunities for capital appreciation along with income by investing in a diversified basket of equity and equity related instruments, debt and money market instruments.
The NFO was open between October 3, 2016 and October 17, 2016.
Balanced funds continue to appeal to investors. AMFI data shows that net inflows in balanced funds stood at Rs. 3,385 crore in October. This is the highest monthly inflow this calendar year. Last year, in December, the industry received net inflows of Rs. 4,500 crore in balanced funds.
