Axis Mutual Fund on Wednesday announced the launch of Axis NIFTY Midcap 50 Index Fund - an open-ended Index Fund tracking the NIFTY Midcap 50 Index.
The fund will be managed by Jinesh Gopani, Head – Equity and will track the NIFTY Midcap 50 Index TRI, the company said in a statement. The NFO (new fund offer) will open for subscription on March 10, and close on March 21. The minimum application amount is Rs 5,000 and in multiples of Rs 1, thereafter.
The Axis NIFTY Midcap 50 Index Fund will follow a rule-based passive investing strategy, according to the statement.
The fund house further stated that this “low-cost investing solution is ideal for investors looking for exposure to midcaps, while following a disciplined and systematic format of investing.”
Investors can look to invest in the fund through various systematic options like SIPs, STP’s to adopt a more disciple approach or invest via lumpsum.
The Axis NIFTY Midcap 50 Index Fund will invest in 50 most liquid midcap stocks, giving preference for stocks where F&O contracts are traded on NSE.
“In the broader market, Midcaps have consistently outperformed, making them ideal for long term wealth creation. Along with an attractive entry point for long term investors, they also offer a favourable risk-reward quotient,” says Chandresh Nigam, MD & CEO, Axis AMC.
He adds that he introduction of the Axis NIFTY Midcap 50 Index Fund will be a “notable addition” to the fund house’s portfolio of passive offerings.
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