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Monday, August 17, 2009

Religare MF launches Credit Opportunities Fund

Religare Mutual Fund on Monday launched its new fund ‘Religare Credit Opportunities Fund (an open ended income scheme). The scheme seeks to generate high level of current income (vis-à-vis treasury bills) consistent with preservation of capital and maintenance of liquidity by investing primarily in investment-grade debt securities and money market instruments.

The fund benchmarked to CRISIL Short term Bond Index aims invest in instruments that offer superior yield and will invest in short – term corporate bonds across the credit spectrum. The key focus would be to enhance the portfolio returns by identifying optimum credit opportunities in the market i.e. by investing in instruments that offer superior yield at acceptable levels of risk. The new fund offer closes on August 25.

Explaining the rationale behind the lunch, Saurabh Nanavati, Chief Executive Officer, Religare Mutual Fund said, “Credit markets have stabilized, liquidity is plentiful and with the gradual economic recovery the prospective rewards for taking credit risk across fixed income markets are attractive.”

The fund aims to generate alpha (excess returns) for its investors, through strategies, which involve taking active positions across the credit curve. This differentiates it from other schemes currently available in the Indian markets, and therefore, provides an ideal diversification tool to investors,” Nanavati added.

The fund offers Retail and Institutional plans. The minimum application amount is Rs.5000/- and in multiples of Re.1 under the retail plan and Rs. 1 crore and in multiples of Re.1 under the institutional plan. Units will be issued at Rs.10/-. No entry load will be charged on investments; however, an exit load of 0.25% will be applicable on investments redeemed on or before 1 month from the date of allotment.

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