Axis Mutual Fund on Tuesday announced the launch of a new fund from which it targets to collect at least Rs 100 crore during the primary subscription period.
The Axis Sensex index fund is an open-ended scheme tracking the S&P BSE Sensex and opens on February 8 and closes on 22nd.
Considering the wide spectrum of sectors and the largest companies the index covers, it offers investors a diversified portfolio and an opportunity to participate in the growth story of various sectors with a single index, said B Gopkumar, managing director & chief executive officer.
On the rationale behind the fund, he said passive investing is becoming more and more acceptance today and the new fund recognises the need to provide an investment option that aligns with the evolving preferences of today's investors.
Ashish Gupta, chief investment officer told PTI that the fund house is targetting to raise at least Rs 100 crore during the subscription period.
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