Peerless Mutual Fund, which has total asset under management (AUM) of Rs 823.38 crore (as on 31 May, 2010), has launched a new fund, Peerless Income Plus Fund. With this launch the fund house now offers three funds. The new entrant registered the highest, 65.9 per cent, growth in AUM in May.
Income Plus Fund is an open-ended debt scheme that belongs to the monthly income plan (MIP) category. The fund will invest 80-98 per cent in debt and money-market instruments and 2-20 per cent in equity and equity-related instruments. The scheme seeks to generate regular income through a portfolio of predominantly high-quality fixed-income securities, and capital appreciation with a marginal exposure to equity and equity-related instruments.
As for the investment philosophy of the fund, Akshay Gupta, chief executive officer, Peerless Mutual Fund says: "We will manage this fund conservatively so as to ensure minimum volatility and consistent returns. This is practically possible if we are dynamic in managing the equity component and remain cautious on the maturity of the debt component."
The new fund offer commences on 9 June, 2010 and closes on 8 July, 2010. No entry load will be charged for the fund; however, an exit load of 1 per cent will be applicable if units are redeemed before one year.
