Aditya Birla Sun Life AMC on Monday said it has received more than 88,000 applications garnering over Rs 1,900 crore for its new multi-cap scheme during the New Fund Offer (NFO) period.
The new fund -- Aditya Birla Sun Life Multi-Cap Fund-- is an open-ended equity scheme investing across large cap, mid cap & small cap stocks, the asset management company said in a statement.
The NFO was open between April 19 and May 3. The fund has reopened for subscription from May 10.
"Despite the logistical challenges posed by the pandemic, we have attracted over 88,000 applications covering more than 9,600 pin codes across T30 and B30 markets. What is also noteworthy is the contribution coming from diversified channels across the board exhibiting our distribution strength as a fund house," A Balasubramanian, MD and CEO, Aditya Birla Sun Life AMC, said.
According to him, the interest received in this new fund is also a reflection of the growing appetite of equity investments in the country.
"The proposition of our multi-cap fund is that it brings a curated combo of three focus portfolios. Investors have seen merit in the diversified proposition which allows them to have exposure in all three market caps giving them the stability of large cap while leveraging the growth potential of mid and small caps", Balasubramanian added.
Aditya Birla Sun Life AMC (Asset Management Company) is an investment manager to Aditya Birla Sun Life Mutual Fund.
According to markets regulator Sebi's rule, multi-cap category is mandated to invest at least 25 per cent in each of the three market cap segments of large, mid and small caps.
The well-defined and disciplined market cap allocation of the multi-cap category helps invest in fast growing sectors and companies from across the spectrum in mid & small caps, while balancing out the risk reward proposition with relative safety of large caps, the fund house said.
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