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Nippon India MF has launched Nippon India Nifty 500 Equal Weight Index Fund, an open-ended scheme which will invest in 500 companies spread across 21 sectors with each stock having equal weight in the portfolio.
The fund would have 20% exposure to large cap stocks, 30% to mid-caps and 50% to small cap stocks.
The NFO opens on August 21 and closes on September 4.
In a press release, Sundeep Sikka, ED and CEO, Nippon India Mutual Fund said, “Building upon our strong track record in passive investments, we are excited to launch the ‘Nippon India Nifty 500 Equal Weight Index Fund’ a Smart-Beta strategy, which would adopt equal weighing approach in contrast to popular indices like Nifty 500, which use Market-cap weighting approach.”
