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Monday, March 02, 2009

Quantum PEN Equity Fund of Funds waits Sebi's approval

Investment exposure in open-ended diversified equity schemes of mutual funds

Quantum Mutual Fund has filed an offer document with Securities and Exchange Board of India (Sebi) to unveil new fund named as Quantum PEN Equity Fund of Funds, an open-ended equity fund of funds scheme. The face value of the new issue will be Rs 10 per unit.

The investment objective of the scheme is to generate long-term capital appreciation by investing in a portfolio of open-ended diversified equity schemes of mutual funds registered with Sebi.

The scheme offers two plans – growth plan & dividend plan. The dividend plan will in turn have two options, dividend payout option and dividend re-investment option The minimum application amount is Rs 5000 and in multiples of Rs 1 thereafter.

The scheme will not charge an entry load. The fund will charge 1.5% as redemption load if repurchase/ redemption is made within 1 year from the date of allotment. It will charge switch out load if switch out is made within 1 year from the date of allotment.

Quantum PEN Equity Fund of Funds will invest 90-100% in open ended diversified equity schemes of mutual funds registered with Sebi with high-risk profile. Investments in money market instruments will be up to 10% with low to medium risk profile. The Fund shall invest in a mix of diversified equity schemes, mid caps/ small caps/ large caps oriented schemes.

Under normal market conditions, the corpus of the assets of the scheme shall be predominantly invested in open-ended diversified equity schemes as per the asset allocation pattern above. However, depending on the market conditions, the AMC may invest beyond the range set out above. Such deviations shall normally be for a short-term purpose only, for defensive considerations and with the intention of protecting the interests of the unit holders.

The benchmark to evaluate the performance of the scheme shall be the BSE 200.

Quantum PEN Equity Fund of Funds would be managed by Arvind Chari. He also manages Quantum Liquid Fund and Quantum Gold Fund.

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