New Close Ended Scheme launched by Principal Mutual Fund 11/05/2015

New Close Ended Scheme launched by Principal Mutual Fund
11/05/2015 09:42
Principal Mutual Fund has launched a new close ended debt scheme named “Principal Pnb Fixed Maturity Plan Series B23” with maturity period of 1099 days from and including the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on May 08 and will close on May 14. According to the offer document filed with SEBI, the entry load is not applicable and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will also be not applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode. The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter. The options available under the plan of the scheme are Growth and Dividend option. The performance of the scheme will be benchmarked against Crisil Composite Bond Fund Index. Pankaj Jain will be the fund manager of the scheme. The asset allocation of the scheme will be in such a way that the objective of the scheme to build an income oriented portfolio and generate returns will be met by investing in Debt/Money Market Instruments and Government Securities. Hence, the scheme will allocate 80 to 100 per cent of asset in Debt Instruments and government securities and 0 to 20 per cent of asset in Money Market Instruments.