UTI Mastergain Unit Scheme will be known as UTI Equity Fund with effect from July 1, 2005. All the other terms/features of the scheme remain unchanged.
The name has been changed to distinguish the scheme from other 'Master Series' schemes and to bring clarity to the connotation of the name with respect to current positioning of the scheme as an aggressively managed, diversified equity fund.
UTI Equity Fund (formerly UTI Mastergain Unit Scheme) is an open-end equity scheme having over 10 lakh investors in its records and a fund size of over Rs.1200 crore. The scheme primarily aims at securing for its unit holders capital appreciation by investing in equity shares, convertible and non-convertible bonds/debentures of companies with good growth prospects and money market instruments. The scheme invests at least 80% of its fund in equity and equity related instruments with medium to high-risk profile and up to 20% in debt/money market instruments with low to medium risk profile.
Over last one year, the scheme has yielded 52.9% return as against 50.01% yielded by its benchmark BSE Sensex, as on June 30, 2005.
||The first non-UTI mutual fund was started by: