NFO Alert: Axis Mutual Fund Launches Axis Nifty 500 Index Fund

Axis Mutual Fund has launched the Axis Nifty 500 Index Fund NFO on June 26, 2024. The fund will invest in India's largest 500 companies listed on the NSE.
NFO Alert, 
Axis Mutual Funds, 
axis nifty 500, 
Index Fund
NFO Alert, Axis Mutual Funds, axis nifty 500, Index Fund

On June 25, 2024, Axis Mutual Fund announced the launch of the Axis Nifty 500 Index Fund, offering investors broad exposure to India's top 500 companies listed on the National Stock Exchange (NSE). This index fund aims to replicate the performance of the Nifty 500 Total Return Index (TRI).

NFO Details

The New Fund Offer (NFO) runs from June 26, 2024, to July 9, 2024. The minimum investment during the NFO period is Rs. 100 and in multiples of Re. 1 thereafter. If units are redeemed or switched out within 15 days from the date of allotment, an exit load of 0.25 percent of NAV will apply.

Also read; Top 10 Equity Mutual Funds That Have Delivered Highest SIP Returns In Three Years

Investment Philosophy

The portfolio of the Axis Nifty 500 Index Fund will consist of India's top 500 companies listed on the National Stock Exchange (NSE). These companies represent approximately 92 percent of India's listed market capitalization, leading to a well-diversified portfolio with a 73 percent allocation in large-cap, 17 percent in mid-cap, and 10 percent in small-cap stocks. This results in diversification across 21 sectors within the investing universe. 

Like every index fund, this fund uses a passive approach to track the benchmark index with no active fund manager participation, making it cheaper in terms of management charges.

As India sustains its status as the fastest-growing economy and on its way to becoming the third-largest economy by 2027, the Nifty 500 Index is well-positioned to capture this growth story, the fund house said.

Mr. B. Gopkumar, MD & CEO of Axis AMC, said, "The Axis Nifty 500 Index Fund is a simple passive fund designed to offer investors a simple yet effective way to participate in the growth story of a broad spectrum of Indian companies."

Related Stories

No stories found.
logo
Outlook Business & Money
business.outlookindia.com