Informist, Wednesday, Oct 18, 2023
By Kshipra Petkar
MUMBAI – Kotak Mutual Fund is likely to launch Kotak India Consumption Fund on Oct 25, and subscription is likely to close on Nov 8, a source in the know told Informist. The fund house had sought approval of the Securities and Exchange Board of India in April to launch the fund.
According to the draft scheme information document filed with SEBI, the scheme will allocate at least 80% of its assets in equity and equity-related securities of companies engaged in consumption and consumption-related activities.
The fund will invest up to 20% each in equity and equity-related securities of other companies, overseas mutual funds/exchange traded funds/foreign securities and debt and money market instruments, and up to 10% in units of real estate investment trusts and infrastructure investment trusts.
The indicative list of sectors or industries falling under consumption and consumption related activities are automobile construction materials, consumer durables, consumer services, fast moving consumer goods, financial services, forest materials, healthcare, media, entertainment & publication, power, realty, telecommunication, and textiles.
The scheme offers both regular and direct plans and the options – Growth and Income Distribution cum Capital Withdrawal.
As per the draft document, Devender Singhal will be the fund manager for equity investment, Abhishek Bisen will manage debt investment, and Arjun Khanna will manage investments in foreign securities. End
Edited by Ashish Shirke
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