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Wednesday, May 06, 2009

UTI-Master Gold Fund seeks for Sebi's approval

Investment exposure will be in domestic gold ETFs

UTI Mutual Fund has filed offer document with Securities and Exchange Board of India (Sebi) to launch UTI-Master Gold Fund. The face value of the new issue will be Rs 10 per unit.

Features of the scheme<:

It is an open ended Fund of Funds scheme. The investment objective of the fund is to generate returns from a portfolio of one or more Gold ETFs.

Investment options: The scheme offers growth and dividend option. Dividend option will have payout and reinvestment facilities.

Minimum application amount: The minimum investment amount will be Rs 5000 and in multiples of Re 1 thereafter.

Minimum target amount: The scheme seeks to collect a minimum corpus of Rs 1 crore during NFO period.

Asset allocation: The scheme will invest 65-100% in domestic gold ETFs with low to medium risk profile. The scheme will have investment exposure up to 35% in money market instruments with low risk profile.

Load Structure during New Fund Offer period:

For application size less than Rs 2 crore, the scheme will levy 1% entry load while no entry load will be charged for application amount of Rs 2 crore and above.

For application amount less than Rs 2 crore, 1% will be the exit load if exited on or before 365 days from the date of closure of the offer period. For application amount Rs 2 crore and above, 0.50% exit load will be levied if exited on or before 365 days from the date of closure of the offer period.

Load Structure during Continuous Offer period:

Subsequent to the NFO period, the load structure shall be decided by the AMC and informed through an addendum.

Benchmark index: The scheme will be benchmarked against the price of gold.

Fund Manager: Swati Kulkarni will be fund manager for the scheme.

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