Axis Mutual Fund to launch ‘Axis Equity Fund’ on November 11

Axis Mutual Fund, a wholly-owned subsidiary of Axis Bank, has rolled out a new open ended growth scheme christened ‘Axis Equity Fund’ in the market.

The new issue will remain open for subscription between November 11 to December 8 2009.

The investment goal of the scheme will be to achieve long-term capital appreciation by investing in a broadened portfolio primarily consisting of equity and equity related securities, including derivatives.

The fund would spend 80 to 100% of its assets in equity and equity related instruments with a high-risk profile, and approximately up to 20% of its assets in debt and money market instruments with low to medium risk profile.

The minimum application amount for the scheme will be Rs 5,000. The scheme will charge an exit load of 1% if the units are redeemed within one year from the date of allotment.

The upcoming plan will be benchmarked against S & P CNX Nifty.