Axis Mutual Fund is launching a new fund offering named “Axis Nifty IT Index Fund”, an open-ended index fund designed to track the NIFTY IT TRI. The fund’s objective is to offer returns that align with the total returns of the NIFTY IT TRI, with consideration for tracking errors. The NIFTY IT TRI represents the performance of IT companies operating globally. The index comprises ten companies listed on the National Stock Exchange (NSE), with Infosys, Tata Consultancy Services, Wipro, Tech Mahindra, and HCL Technologies holding the highest weightage.
The NFO will be open for subscription from June 27th, and will end on July 11th, 2023. Scheme will re-open for continuous Sale and Repurchase within 5 Business Days from the date of allotment of units under NFO. Subscriptions can be made starting at Rs. 5000 and and in multiples of Re. 1/- thereafter. Both a Regular Plan and a Direct Plan are available.
About Axis Mutual Fund
Axis Asset Management Company Ltd., also known as Axis Mutual Fund, is the mutual fund investing arm of Axis Bank, one of India’s largest private banks. Axis Bank owns 74.99% of the AMC, while Schroder Singapore Holdings Private Limited owns the remaining 24%.
The Axis MF AMC was founded in October 2009 and has since adhered to its three pillars: 1. Outside-in view, 2. Long-term wealth creation; 3. Long-term relationship. The AMC reported Rs. 2.6 lakh crores in Assets Under Management (AMU) for Axis Mutual Funds schemes as of March 31, 2023. It operates 31 investment teams in 19 countries in the Middle East, Europe, America, and Asia. Axis Mutual Fund has around 53 distinct schemes in its product lineup. It has over 100 locations and over 98 lakh active investor accounts.
Axis Nifty IT Index Fund – NFO Detail
| Type of Offer | NFO (New Fund Offer) |
| Fund House | Axis Mutual Fund |
| Name of the Fund | Axis Nifty IT Index Fund |
| Type of Scheme | Open-ended |
| Category of Scheme | Index Fund |
| NFO Starts | 27-June-2023 |
| NFO Ends | 11-July-2023 |
| NFO Unit Price | Rs 10 per unit |
| Minimum Investment | Rs. 5000 |
| Plans | Regular, Direct |
| Options | Growth, IDCW |
| Entry Load | Not Applicable |
| Exit Load | 0.25% |
| Investment Manager | Axis Asset Management Company Limited |
| Fund Manager | Mr. Hitesh Das |
Axis Nifty IT Index Fund NFO – Scheme Objective
The investment objective of the scheme is To provide returns before expenses that correspond to the total returns of the NIFTY IT TRI subject to tracking errors.
Axis Nifty IT Index Fund NFO – Who Can Invest?
This product is suitable for investors who are seeking*:
- Long term wealth creation solution.
- An index fund that seeks to track returns by investing in a basket of Nifty IT TRI stocks and aims to achieve returns of the stated index, subject to tracking error.
How Will the Scheme Allocate Its Asset
- 95-100% in Securities covered by Nifty IT TRI.
- 0-5% in Debt and money market instruments.
Where Will the Scheme Invest?
- The corpus of the Scheme will be invested in Equity & Equity related instruments forming part of the constituents of the underlying index.
- The scheme will track Nifty IT TRI and is a passively managed scheme.
- In case of any change in the index due to corporate actions or change in the constituents of Nifty IT TRI the relevant investment decision will be determined considering the composition of Nifty IT TRI.
- The scheme would invest in stocks comprising the underlying index.
- The Fund may also invest in Debt Instruments, Money Market Instruments in compliance with Regulations to meet liquidity and expense requirements.
Axis Nifty IT Index Fund NFO – SID (Scheme Information Document)
Please click here to read the SID (Scheme Information Document) of this upcoming NFO scheme.
How to Invest?
Visit this page on the AMC website for further detail and investment.
Disclaimer: This post is just information about the scheme. It does not give any advice or recommendation. Mutual Fund investments are subject to market risk. Please read the offer document carefully before investing.
