30 June, 2023: Axis Mutual Fund, one among the fastest growing fund houses in India, announced the launch of their New Fund Offer – Axis Nifty IT Index Fund, an open-ended index fund tracking the NIFTY IT TRI. Mr. Hitesh Das (Fund Manager) would be managing the fund. Axis Nifty IT Index Fund will track the NIFTY IT TRI and aim to provide returns before expenses that correspond to the total returns of the NIFTY IT TRI, subject to tracking errors. The minimum investment amount is Rs. 5,000 and in multiples of Re.1/- thereof.
Some Key Attributes of the Fund include:
· Low cost passive investment solution - A hassle free solution for investors looking for a low cost equity product that will allow them exposure to a particular sector
· Elimination of bias - As the fund invests in the underlying index, it eliminates fund manager bias while purchasing/selling securities
· Equity taxation - As maximum investments will be made in Equity instruments covered by Nifty IT TRI, the scheme is subject to Equity taxation
· Endeavour for minimal tracking error - The passively managed fund endeavours for minimal tracking error as it aims to replicate the benchmark
B. Gopkumar, MD & CEO, Axis AMC said, “India has been a leader in driving change through technology across sectors. This has been more visible in the last three years, post Covid where we showed our resilience and resurgence. We are in the cusp of rewriting our growth story led by technological innovations. Increasingly all companies will be operating in this digital arena. With the launch of the Axis Nifty IT Index Fund, we are expanding our bouquet of products, more importantly, offering our investors an opportunity to be part of India’s tech enabled story.”
Given the mutual fund structure, investors can look to invest through various systematic options like SIPs, STP’s & lumpsum investments. The NFO opens for subscription from 27th June 2023 to 11th July 2023.
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