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Feb 19, 2011, 03.15 PM IST
Reliance Mutual Fund launches Reliance Gold Savings Fund, an open ended fund of fund scheme that seek to provide returns that closely correspond to returns provided by Reliance Gold Exchange Traded Fund (RGETF).
The New Fund Offer (NFO) will be open for subscription from February 14 and closes on February 28, 2011. The scheme re-opens for continuous sale and repurchase on March 14, 2011. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. (View - New Fund Offers open NOW)
Reliance Gold Savings Fund, is the first gold fund of fund in the industry which opens a new avenue for investing in gold as an asset class. The fund seeks to provide returns of gold through investments in Reliance Gold Exchange Traded Fund, which in turn invest in physical gold. It enables you to reap the returns of gold in a paper form without the need of a demat account.
It is a passively managed fund which would enable an investor to save for gold in a convenient manner either through lump sum investment or through systematic investment. It aims to give investors the opportunity to participate in the bullion market in a relatively cost effective and convenient way as you can directly purchase and sell the units at the AMC.
The scheme would allocate 95% - 100% of assets in Reliance Gold Exchange Traded Fund with medium to high risk profile and upto 5% of assets in reverse repo and /or CBLO and/or short-term fixed deposits and/or schemes which invest predominantly in the money market securities or liquid schemes with low to medium risk profile. (Check out - Mutual Fund New Fund Listings)
The scheme offer growth and dividend plan. The dividend plan offers dividend payout and reinvestment option.
The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter.
The scheme performance will be benchmarked against the price of physical gold.
The fund manager for the scheme will be Hiren Chandaria.
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