Axis Mutual Fund has launched Axis NIFTY Midcap 50 Index Fund, an open ended index fund tracking the NIFTY Midcap 50 Index.
The fund will track the NIFTY Midcap 50 Index TRI. The index consists of top 50 companies based on full market capitalization from NIFTY Midcap 150 index with preference given to those stocks on which derivative contracts are available on National Stock Exchange (NSE). The index is rebalanced on a semi-annual basis (March and September) using average data of the last six months.
The fund will follow a rule-based passive investing strategy Chandresh Nigam, MD & CEO, Axis MF said, “In the broader market, midcaps have consistently outperformed making them ideal for long term wealth creation. Along with an attractive entry point for long term investors, they also offer a favourable risk-reward quotient. The fund aligns with our belief of offering quality products to investors that suits their risk appetite. We believe it will be a notable addition to our portfolio of passive offerings.”
