Axis Mutual Fund has launched an open ended fund of fund scheme called Axis Gold Fund
Mumbai: The NFO will be open from September 30, 2011 to October 14, 2011
The investment objective is to generate a return that closely corresponds to returns generated by Axis Gold ETF. The scheme will allocate 95 to 100 per cent of assets in units of Axis Gold Exchange Traded Fund with medium risk profile. It would further allocate up to 5 per cent of assets in money market instrument with low to medium risk profile.
The minimum application amount will be Rs 5,000. The scheme will charge 1 per cent as exit load if investments are redeemed within 1 year from the date of allotment. The scheme will be managed by Anurag Mittal. It will be benchmarked against the price of physical gold.
