Axis Mutual Fund will launch Axis Growth Opportunities Fund, an open-ended equity scheme that will invest in domestic equities as well as foreign securities on October 1, the fund house said in a press release on September 26.
Subscription to the scheme will remain open until October 15.
The scheme will invest 30 to 35 percent of its assets in domestic large caps and up to 35 percent in foreign securities, which would be predominantly large caps, making total 35 to 65 percent. The company can also deploy up to 35-40 percent in midcap stocks.
According to the press release, the overseas allocation will be made by directly investing in foreign securities advised by Schroder Investment Management.
Other features include regular and direct plans, growth and dividend options, a minimum investment of Rs 5,000 and in multiples of one rupee thereafter.
An exit load of one percent will charged if redeemed on or before 12 months from the date of allotment. The fund uses S&P BSE 200 Total Return Index as the base index. Jinesh Gopani and Hitesh Das are the fund managers for the firm.