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Monday, March 16, 2009

JM Healthcare Sector Fund changes its fundamental attributes

With effect from 16 April 2009

JM Mutual Fund has approved the change in fundamental attributes of the JM Healthcare Sector Fund and its conversion from an open ended sector scheme to an open ended equity scheme vide their respective resolution dated 5 March 2009. The change in fundamental attributes include change in name, investment objective, investment strategy, benchmark index, asset allocation pattern and other related matters. The proposed changes will be effective from 16 April 2009.

Proposed Changes

Name of the scheme: JM Large Cap Fund.

Investment objective: The investment objective of the scheme will be to generate by predominantly investing in large cap companies which would be top 100 companies on the National Stock Exchange of India in terms of market capitalization.

Asset Allocation: Under normal circumstances the scheme will invest upto 65%-100% in equity and equity related instruments with high risk profile and upto 35% in the money market instruments/ debt securities with low to medium risk profile.

Investment Strategy: JM Large Cap Fund will invest in the top 100 companies on the National Stock Exchange of India based on market capitalization. Being a growth oriented scheme, the scheme seeks to invest a substantial portion of its portfolio in equity and equity related instruments. Under normal circumstances, around 65% of the corpus shall be deployed in such securities and the balance in debt/money market instruments. However, whenever the valuations of securities rise in a sharp manner, the scheme will take advantage of trading opportunities presented and in such a scenario, the fund will have a high turnover rate. The scheme will seek to use a mix of top down and a bottom up approach.

Benchmark index: S&P CNX nifty Index

Fund Manger: The scheme would be managed by Sanjay Chhabaria

The investors of JM Healthcare Sector Fund, who do not agree to the above proposal, can exercise the exit option without any exit load from 16 March 2009 to 15 April 2009 (both days inclusive but upto 3.00 p.m on the last date of the exit option).

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