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Monday, January 11, 2016

Types of Mutual Funds in India

 

Types of mutual fund schemes In India

 

There are various types of mutual fund schemes. They are broadly classified as open-ended and close-ended schemes.

  • Open-ended schemes
  • Close-ended schemes
  • Interval schemes

Open-ended mutual fund schemes offer liquidity since units can be bought and sold freely. However, close-ended mutual fund schemes lock-in investments until maturity. In order to provide liquidity, though, these units are sometimes listed on stock exchanges and traded. Alternatively, interval schemes are a variation of close-ended schemes that are reopened for redemption for a limited period during the scheme's tenure. Investors are given the option to sell their shares back to the fund during this period.

Funds can belong to anyone of the above general categories. They are then further categorised depending on the investment goal the fund is trying to fulfill. While some investors seek capital protection and fixed income returns, others have a strong risk appetite and prioritise high returns.

  • Growth funds or capital protection funds
  • Income funds
  • Liquid funds
  • Balanced funds

Based on geography

  • Domestic funds
  • International or foreign funds
  • Global funds

Examples: Emerging market funds, Regional funds

In order to achieve these investment objectives, funds invest in different asset classes viz. equity or debt. Investments may be made for the short-term, medium-term or long-term. The kind of asset invested in also determines the risk factor of the funds. Equity, debt and money market instruments are broad classifications of asset classes. These funds are further classified based on the specificity of the investment made.

  • Equity funds / High-risk, high-return funds
    • Large-cap / Mid-cap / Small-cap funds
    • Aggressive growth / growth funds
    • Value
    • Dividend yield funds
    • Index funds
    • Diversified equity funds
    • Sectoral funds
    • Specialty funds
  • Debt funds / Medium and Low-risk, fixed-income funds
    • (Regular) Income Funds
    • Gilt Funds
    • Dynamic Bond Funds
    • Money market funds or Liquid funds
    • Ultra short-term funds (or liquid plus funds) or Cash funds or Treasury Management funds
    • Floating rate funds
    • Short-term / Medium-term Income Funds
    • Corporate Bond Funds
    • Fixed Maturity Plans (FMPs) - close ended
  • Hybrid funds / Balanced-risk, balanced return funds
    • Monthly Income Plans (MIPs)
    • Capital Protection Funds (close ended)
    • Multiple Yield Funds (close ended)

Other

  • Tax-saving funds
  • Pension funds
  • Fixed maturity funds
  • Fund of Funds
  • Exchange Traded Funds
  • Inverse / Leverage Funds
  • Market Neutral Funds
  • Asset Allocation Funds
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