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Tuesday, March 24, 2009

Kotak Gold Fund waits for Sebi approval to launch

Investment will be in units of Gold Exchange Traded Funds

Kotak Mutual Fund has filed an offer document with Securities and Exchange Board of India (SEBI) to launch Kotak Gold Fund. It is an open ended Fund of Funds scheme. The new fund offer (NFO) price for the scheme is Rs 10 per unit

The investment objective of the scheme is to generate returns reasonably in line with returns generated by investment in physical gold.

The scheme shall offer growth and dividend options. Dividend option will offer dividend payout and dividend reinvestment options.

The scheme will invest 90-100% in units of Gold ETF with low risk profile and 0-10% in Debt, Gsec & money market instruments with low risk.

The scheme will charge an entry load of 1.50%. No entry load will be charged for all direct applications received by AMC.

The scheme will levy exit load of 2% if exit before 1 year from the date of allotment, 1% if exit on or after 1year but before 2 years from the date of allotment. No exit load will be charged if exit on or after 2 years from the date of allotment.

The minimum application amount will be Rs 5, 000 and in multiples of Re.1 for purchases and for Re 0.01 for switches.

The Scheme's performance will be benchmarked against the price of physical gold.

Abhishek Bisen will be the fund manager for the scheme.

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