India's Pramerica Mutual Fund has filed offering documents with regulator Sebi for its third series of capital-protected funds for retail investors. The move comes just a month after it launched its first fund.
In addition to capital protection, the three-year close-ended scheme aims to generate capital appreciation from a portfolio of 'high-quality' fixed income securities and equity and equity-linked instruments. The total exposure to debt securities can range from 65% to 100% of initial capital, with the balance in equity-type instruments.
The scheme's portfolio structure has been rated AAA (so) by local agency Crisil. The rating will be reviewed quarterly as required by Sebi.
The manager aims to raise a minimum INR100m ($2.25m). It will be jointly managed by Mahendra Jajoo and Ravi Gopalakrishnan.
This product will appear in due course on our Indian database.