Axis Mutual Fund, a rapidly growing Indian fund house, has launched the Axis Nifty IT Index Fund, an open-ended index fund tracking the NIFTY IT TRI. Managed by Fund Manager Hitesh Das, the fund aims to provide returns before expenses, matching the total returns of the NIFTY IT TRI, subject to tracking errors. The minimum investment amount is Rs. 5,000, in multiples of Re.1/-.
Axis Mutual Fund offers 20 passive offerings, including the Axis Nifty IT Index Fund, which aims to provide returns before expenses that match the total returns of the NIFTY IT TRI. The scheme aims to invest in stocks forming part of the underlying index in the same ratio as the index, with 95% to 100% of investments in securities covered by Nifty IT TRI and the remaining in Debt and Money Market investments. The scheme follows a passive investment strategy, except for meeting liquidity and expense requirements. B. Gopkumar, MD & CEO, Axis AMC said, “With the launch of the Axis Nifty IT Index Fund, we are expanding our bouquet of products, more importantly, offering our investors an opportunity to be part of India’s tech enabled story.”