UTI MF launches UTI-Long Term Advantage Fund

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UTI Mutual Fund announces the launch of UTI-Long Term Advantage Fund from December 21, 2006. The new fund offer (NFO) closes on March 20, 2007. Purchase of units will be available only during NFO period.

 

UTI- Long Term Advantage Fund is a ten year close-ended Equity Linked Savings Scheme with a redemption facility after an initial lock-in-period of three years from date of allotment at relevant redemption price.

 

The investment objective of the scheme is to provide medium to long term capital appreciation along with income tax  benefit. Investment made in the scheme will qualify for deduction from Gross Total Income upto Rs.1,00,000/- (along with other prescribed investments) under section 80C of the Income Tax Act, 1961.

 

Shri Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC said, " Equity is the most appropriate asset class to capture the potential of the fast growing Indian Economy, through a long term investment horizon. UTI-Long Term Advantage Fund combines the benefit of long term investing with tax benefits. UTI MF's long experience in equity research and long term equity investment will be an added advantage for the investors."

 

Ms Swati Kulkarni, Fund Manager of the scheme said, "The broad  investment strategy of the fund will be to invest in equity and equity related securities of well managed, high quality companies that have the potential to grow at a reasonable rate in the long term. The scheme will also invest in those emerging growth companies that have potential to offer appreciation greater than the growth in the relevant stock market indices in the long term. The scheme aims to build and maintain a diversified portfolio."

 

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