SBI MUTUAL FUND LAUNCHES INNOVATIVE OPPORTUNITIES FUND

Published on Jul 31, 2024 15:17

SBI Mutual Fund has launched its new open-ended equity scheme, SBI Innovative Opportunities Fund. The New Fund Offer (NFO) for the scheme opened on 29 July 2024 and will close on 12 August 2024.

The fund aims to generate long-term capital appreciation by primarily investing in equity and equity-related instruments of companies that demonstrate innovation in products, processes, or business models. At least 80% of the fund`s assets will be invested in such innovative companies. Additionally, it may allocate 0-20% in equity and equity-related instruments of other companies, 0-20% in debt and money market instruments, and 0-10% in REITs and InvITs. Investments in foreign securities may constitute up to 35% of the net assets.

The fund will be actively managed by Prasad Padala and Pradeep Kesavan, with the Nifty 500 TRI serving as the benchmark. The minimum investment amount is Rs 5000 and in multiples of Re 1 thereafter.

The scheme carries an exit load of 1% if units are redeemed or switched out within one year from the date of allotment. No exit load is applicable after one year.

SBI Mutual Fund believes that innovative companies are poised for substantial growth, driven by supportive government initiatives like Startup India and the Atal Innovation Mission. By launching the SBI Innovative Opportunities Fund, the fund house aims to provide investors with a platform to participate in this exciting growth story.