IDBI Mutual Fund announced the launch of IDBI Midcap Fund, an open ended equity scheme. The NFO closes on January 19, 2017.
In a press release issued by the company, Dilip Mandal, MD and CEO, IDBI MF, said: “IDBI Mutual Fund has always designed products with the objective of fulfilling the needs of its investors. With the fiscal budget due next month and investor sentiment intact in the Indian economy, we feel IDBI Midcap Fund is well-timed to cater to those investors who wish to take advantage of opportunities in the midcap space of the equity market. Our research and fund management will be dedicatedly focusing on midcap stocks that can reap maximum benefit of the likely economic recovery and superior return ratios.”
The fund proposes to invest at least 65% of the corpus in equity & equity related instruments of midcap companies. Investments in debt and money market instruments would be up to 35% of the corpus.
Benchmarked against Nifty Free Float Midcap 100, the fund will be well-diversified with a core comprising around 25 to 30 stocks. V Balasubramanian is the fund manager of the scheme.
