Axis Mutual Fund has announced the launch of its latest offering, the ‘Axis Nifty Bank Index Fund’, aimed at leveraging the burgeoning growth of the Indian banking sector. This open-ended index fund is set to track the Nifty Bank TRI, providing investors with direct access to the performance of leading Indian banks.
The fund, managed by Mr. Karthik Kumar and Mr. Ashish Naik, seeks to replicate the total returns of the Nifty Bank TRI, subject to tracking errors. With India’s banking sector poised for substantial expansion driven by robust regulatory frameworks and digital banking adoption, the fund offers investors a strategic avenue to capitalize on this growth trajectory.”India’s economic ascent presents compelling opportunities, particularly in the banking sector. With a strong emphasis on innovation and governance, coupled with transformative trends, the sector is primed for sustained growth,” commented B. Gopkumar, MD & CEO, Axis AMC.
The Axis Nifty Bank Index Fund will invest in stocks comprising the underlying index, following a passive investment strategy. Additionally, the fund may invest in debt and money market instruments to meet liquidity and expense requirements.”The fund provides investors with exposure to a diversified mix of Large-Cap and Mid-Cap banking companies, both PSUs and Private Banks, offering a potential avenue for significant returns,” explained Mr. Ashish Gupta, Chief Investment Officer at Axis AMC.
