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Thursday, April 23, 2009

DSP BlackRock World Energy Fund looks Sebi's approval

Open ended fund of funds scheme, investing in international fund

DSP BlackRock Mutual Fund has filed offer document with Securities and Exchange Board of India (Sebi) to launch DSP BlackRock World Energy Fund, an open-ended fund of funds scheme, investing in international fund. The face value of the new issue will be Rs 10 per unit.

The primary investment objective of the scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – New Energy Fund. The scheme may, at the discretion of the investment manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

Features of the scheme

Investment option: The scheme offers two plans viz. regular and institutional plan with growth and dividend option. The dividend option further offers dividend payout and dividend reinvest facility.

Minimum application amount: The minimum investment amount under regular plan will be Rs 5000 and in multiples of Re 1 thereafter and under institutional plan will be Rs 5 crore and in multiples of Re 1 thereafter.

The scheme seeks to collect a minimum subscription amount of Rs 1 crore during NFO period.

Asset allocation: The scheme will invest 50-100% in units of BlackRock Global Funds (BGF)-World Energy Fund (WEF) or other similar overseas mutual fund scheme(s) with high risk profile. It will invest 0- 30% in units of BlackRock Global Funds (BGF)-New Energy Fund (NEF) or other similar overseas mutual fund scheme(s) with high risk profile (in the shares of BGF – WEF and BGF - NEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund). It will also invest 0-20% in money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund with low to medium risk.

Load structure:

Regular Plan:

Entry load: The scheme will levy an entry load of 2.25% for investments less than Rs. 5 crore of the initial value of Rs. 10/- during NFO/applicable NAV during continuous offer. For investments of Rs. 5 crore and above, no entry load will be charged.

No entry load on direct applications, i.e. applications not routed through a distributor/agent/broker.

Exit load: 1% will be the exit load for holding period less than 6 months from the date of allotment. 0.50% exit load for holding period more than 6 months but less than 12 months from the date of allotment. While no exit load will be levied for holding period more than 12 months.

Institutional Plan: There will be no entry load and exit load.

Benchmark index: 70% MSCI World Energy (Net) and 30% MSCI World (Net).

Fund Manager: Aditya Merchant will be fund manager for the scheme.

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