The fund has collected Rs. 1 crore during the first day of subscription, claims the fund house.
Mumbai: Franklin Templeton today unveiled its open-ended FT India Feeder – Franklin US Opportunities Fund. The fund opened for subscription today and closes on January 31, 2012. The scheme reopens for subscription on February 14, 2002.
The fund will invest into the Luxembourg domiciled Franklin US Opportunities Fund (master fund), which invests in US based companies across sectors and market capitalizations. Launched in 2000, the master fund manages $ 2 billion in assets.
The master fund follows a combination of bottom up and top down approach and has major exposure to large cap US companies.
According to a senior official, the feeder fund has already collected Rs. 1 crore in its first day of subscription. The fund house is also looking to launch a multi asset fund.
The minimum investment amount is Rs. 5,000. It carries 2% exit load if redeemed before one year. The fund will be benchmarked against Russell 3000 Growth Index. The FT India Feeder will be managed by Roshi Jain while the master fund is managed by Grant Bowers and Conrad Herrmann.
“International diversification is a key ingredient for long term success of an investment portfolio, but Indian investors traditionally have had low exposure to international funds due to the relatively better performance of Indian markets. The increased market volatility since 2008 has increased the acceptance of diversification as a key investment tool,” said Harshendu Bindal, President, Franklin Templeton AMC.
Franklin Templeton manages Rs. 35,641.62 crore as on December 2011.
