ITI Mutual Fund and Union Mutual Fund have launched new equity funds.
ITI Mutual Fund has launched its ELSS titled ‘ITI Long Term Equity Fund’. The NFO of the fund is open for subscription from July 15, 2019 to October 14, 2019.
George Heber Joseph and Pradeep Gokhale will manage the fund. Benchmarked against Nifty 500 Total Return Index, the fund will have a diversified portfolio and will be market cap and sector agnostic in its investment approach.
In a press release, George Heber Joseph, CEO & CIO, ITI Mutual Fund said, “We are pleased to offer the ITI Long-Term Equity Fund to investors which will help them generate wealth as well as save tax. ITI MF follows the SQL investment philosophy (S for Margin of Safety, Q for Quality of Business and L for Low Leverage) with the objective of long-term wealth creation. The fund will follow a bottom up approach in picking stocks taking a long term view and follow ‘Growth at reasonable price (GARP) style. For sector and market cap based allocation, we use our research driven methodology based on business cycles, earnings growth prospects, market valuations and liquidity.”
The scheme aims to generate long-term capital appreciation through a diversified portfolio of equity and equity-related securities. The fund will generally be minimum 90% invested. The number of stocks envisaged in the fund is between 40 and 70.
Meanwhile, Union Mutual Fund has launched its first equity focused fund - Union Focused Fund Focussed Fund.
The scheme is an open-ended equity fund scheme, which would be investing in a focused portfolio of maximum 30 stocks and has the flexibility to invest across large cap, mid-cap and small cap categories. The scheme aims to build a concentrated portfolio of companies that are selected based on the investment philosophy of the AMC.
The NFO of the scheme is open from July 15, 2019 to July 29, 2019. Vinay Paharia, CIO of the AMC will manage the scheme.
In a press release, G Pradeepkumar, CEO, Union MF said, “With the launch of the fund, Union Mutual Fund is taking an important step in enhancing its product basket to provide differentiated investment solutions to its investors. The fund will be managed by Vinay Paharia, who has a successful long term track record of managing funds across multiple strategies."
He further said, “The last 12 months have been good for Union MF since we have put in place a robust new investment process which is based on fundamental research and fair value approach. The results of this approach are visible over this period in most of our funds."
