IDFC MF launches Tax Advantage (ELSS) Fund

IDFC Mutual Fund (MF) has launched IDFC Tax Advantage (ELSS) Fund an open-ended equity linked saving scheme. The scheme opened for subscription on Dec. 01, 2008 and closes on Dec.17, 2008. The units of the scheme will be available at Rs 10 per unit.

Objective

IDFC Tax Advantage (ELSS) Fund seeks to generate long-term capital growth from a diversified portfolio of predominantly Equity and Equity related securities. The scheme will invest in well-managed growth companies that are available at a reasonable value and offer a high return growth potential.

What is Inside?

The scheme will charge an entry load of 2.25% but will not charge any exit load.

The scheme will offer for redemption/switch-out of units at daily intervals at NAV based prices.

The scheme offers growth option and dividend option. The dividend option shall have payout and reinvestment facility.

The minimum application amount is Rs 500 and in multiples Rs 500 thereafter.

Asset Allocation

The scheme aims at investing 65% to 100% in equity and equity related securities, 0% to 20% in debt and money market instruments and 0% to 20% in securitized debt instruments.

Performance and Management

The performance of the scheme will be measured against BSE 200 index  and the fund manager is  Naval Bir Kumar.

Naval Bir Kumar, managing director, IDFC Mutual Fund says ``We are happy to offer The IDFC Tax Advantage (ELSS) Fund to investors who are looking for a tax break as well as an easy and affordable way to take advantage of the growth potential of equity funds.``