UTI Mutual Fund launches an open-ended index scheme tracking the Nifty200 Momentum 30 Index – UTI Nifty200 Momentum 30 Index Fund.
The index aims to track the performance of 30 high momentum stocks from Nifty 200 index. The momentum score for each stock is based on recent 6-month and 12-month price return, adjusted for volatility.
Sharwan Kumar Goyal is the fund manager of the scheme.
In a press release, Sharwan said, “With this fund, we are introducing a smart-beta or factor-based strategy. Globally as well as in India, momentum investing is well accepted investment style. Currently, this investing style is available in India through alternative investment vehicles. We are introducing the same under index fund route for the first time in India.”
