Yes Mutual Fund has launched its third fund - Yes Overnight Fund. The NFO will be open from August 19 to August 23.
The fund is an open ended debt scheme investing in overnight securities having maturity of one business day. Since the residual maturity of the underlying instrument is up to one business day, there is minimal default and interest rate risk to the capital invested. Piyush Baranwal will manage the fund.
In a press release, Kanwar Vivek, CEO, YES MF said, “YES Overnight Fund will seek to maintain a high credit quality portfolio by analyzing the fundamental credit strength and secondary market liquidity of the issuer, using in-house credit and liquidity models. It is an ideal fund for both Institutional and Retail investors who are looking to invest surplus money for short term and earn reasonable returns.”
