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Thursday, May 21, 2009

IDFC World Gold Fund waits for Sebi's approval

An open ended funds of fund scheme

Name of Fund: IDFC World Gold Fund

Scheme: An open ended funds of fund scheme

Investment Objective: The primary objective of this scheme is to seek capital appreciation by investing in global mutual funds (including ETFs) which invest in gold or gold related securities.

Investment Options: The scheme offers two option – growth and dividend option. The dividend option offers dividend re-investment facility.

Asset Allocation: The fund will invest up to 30%-100% in Gold ETFs. It will invest upto 60% in global MFs that invest in gold related securities and 10% in money market securities.

NFO price: Rs 10 per unit

Load structure: The scheme will charge 2.25% of an entry load for the purchase amount less than Rs 5 crore (including by way of SIP /STP) and charges nil for the purchase amount equal to or greater than Rs 5 crore.

The scheme will charge an exit load of 1.00%, for the redemption within 1 year from the date of subscription applying first in first out basis (including by way of SIP /STP).

Minimum Investment Amount: The minimum investment amount under the scheme is Rs 5000 per application and in multiples of Re 1 thereafter.

Minimum Target amount: The Fund seeks to collect a minimum targeted amount of Rs 1 crore during NFO.

Benchmark Index: FTSE Gold Miners index (35%) and Physical Gold (source: London Gold Market Fixing Ltd.) (65%) in USD terms.

Fund Managers: Ashwin Patni will manage the scheme.

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