LIC Nomura Mutual Fund launches Banking & Financial Services Fund

Mumbai, March 9, 2015: LIC Nomura Mutual Fund, today, has launched LIC Nomura MF Banking & Financial Services Fund. It is an open ended Banking & Financial services sector scheme and the New Fund Offer (NFO) will open today, Monday, March 09, 2015 for subscription and will close on Monday, March 23, 2015.

The scheme’s objective is to offer returns to investors with an objective of long term capital appreciation by predominantly investing in portfolio of equity and equity linked instruments of Banking and Financial services companies which are expected to show sustained growth and generate better performance. The scheme will also invest some portion in debt & money market instruments.

The entry load for this specific product is NIL and the exit load is 2% if redeemed or switched out before completion of 18 months from the date of allotments of units and 1% if redeemed or switched out on or after 18 months and on or before 24 months from the date of allotments of units.  Exit load will be NIL if redeemed or switched out after completion of 24 months from the date of allotments of units.

Speaking on the launch, Nilesh Sathe, Director  & Chief Executive Officer, LIC Nomura MF said “This scheme is our another initiative after the launch of  LIC Nomura  MF Midcap fund to establish a long-term connect with investors. This product is ideal for investors looking at capital appreciation through long term investments in banking and financial sector funds, and this will help them augment their portfolio”.