UTI MF Unveils Lifestyle Fund

New Delhi: UTI Mutual Fund on July 2, unveiled a three-year close-ended, equity-oriented scheme called UTI-India Lifestyle Fund. The new fund offer (NFO) opened on July 2 and closes on July 25. The buy of units will be available only during the NFO period. The fund is a three-year close-ended equity-oriented scheme with an investment objective to give long-term capital appreciation or income distribution from a diversified portfolio of equity and equity- related instruments. On maturity, the scheme will automatically be converted into an open-ended scheme. The minimum investment is Rs 5,000 and in multiples of Re 1 thereafter without any upper limit. The scheme offers redemption/switch-out of units on an ongoing basis at half yearly intervals at net asset value based prices.
Since it is a close-ended scheme it is not permitted to charge entry load. An early exit charge equivalent to the unamortised NFO expenses will be recovered from the investor in case of redemption before the expiry of three years from the date of allotment. UTI Mutual hopes five lakh retail investors and is targeting Rs 2,000 crore from the fund. The stocks would be mainly from automobile, home goods, retail, telecom, consumer finance, foods, housing, personal care, health care, fashion accessories, leisure, entertainment and tourism sectors.