SBI Mutual Funds today unveiled the Magnum Multicap Fund, which will invest in scrips across sectors.
Magnum Multicap subscriptions open today and will close on 16 September 2005. The minimum application amount in the scheme is of Rs5,000 and multiples of Rs1,000 thereafter. The fund will invest a minimum of 50 per cent of the equity / equity-related products in large cap stocks and the balance would be divided between medium and small caps, with mid cap stocks receiving at least 10 per cent investment. The scheme does not have an entry load.
Announcing the details of the scheme at a press conference in Mumbai, P G R Prasad, MD and CEO, SBI Mutual Fund, said that the new fund would prove fruitful considering the trends in the economy currently, namely FII investments and exponential growth in the various sectors such as agriculture, IT, infrastructure development, etc, which contribute to the nation's GDP. "Magnum Multicap offers an opportunity to capture the best of the cap market due to its flexible investment option," he said.
SBI Mutual Funds currently manages assets under management (AUM) of over Rs8,000 crore, spread over 16 schemes.