Mumbai, Feb 25: Sun F&C Mutual Fund has taken the first step in dematerialising its entire portfolio. The fund, set up by Foreign & Colonial Emerging Markets Ltd in association with Sun group, has already dematerialised 100 per cent of the stocks held in its portfolio to save on transaction costs for investors.The mutual fund has also decided to float another open-ended debt-oriented income fund later this year. Although the papers have not yet been filed with Sebi, chief investment officer Gul Teckchandani told The Financial Express that a 100 per cent debt-oriented income fund is on the cards before the end of the current year. This scheme is not expected to assure returns.
Sun F&C is currently managing three schemes, one of which is a domestic fund and the other two being offshore funds. The domestic fund -- Sun F&C Value Fund -- is an open-ended equity scheme. The fund recently received approval from Sebi to make the scheme into an open-ended one on a daily basis with effect from February 2,1998.
In addition to this, Sun F&C has also lined up two more funds which would be floated once the Sebi guidelines on investment of funds raised by India in international markets are issued. The two open-ended funds, a $50-million global equity fund and $50-million global debt fund, will make investments in global markets, focussing mainly on the US and European markets.
The fund will also be introducing a "Personal Investment Plan" facility to enable the investor to invest systematically. Once the scheme goes open-ended, it will commence a scheme whereby post-dated cheques for investment can be used.
Copyright(c)1998 Indian Express Newspapers (Bombay) Ltd.
