Axis Dynamic Equity Fund, a dynamic asset allocation fund, which was open for subscription till yesterday has mopped up Rs.1,700 crore during its NFO.
Karan Datta, Chief Business Officer, Axis MF, said, “We have collected close to Rs.1,700 crore during the NFO period. Axis Mutual Fund has received over 65,000 applications in the past 15 days.”.
Karan further said, “Almost 99% of the applications came from IFAs, NDs, and banking channel. We have received nearly equal response from small as well as large distributors.”
Talking about what makes this fund different from the existing dynamic equity funds, he says that the fund will focus on P/E ratio, trend and volatility to determine equity and debt exposure. The P/E ratio will measure market valuation, trend will capture market direction and volatility will capture market risk, he added.
Another approach that the fund manager will follow is periodic rebalancing of the portfolio after every 2 months.
As dynamic equity funds tweak their exposure based on market levels, they may contain volatility better than diversified equity funds. The scheme will take exposure in equity, equity derivatives, debt and money market Instruments and also units issued by REITs and InvITs.
Anupam Tiwari and Ashwin Patni will co-manage the equity portion while R. Sivakumar will manage the debt portion.
