Mumbai: India’s only petro sector fund — UTI Growth Sectors Fund-Petro Fund — has broadened its mandate to invest in power generation, distribution, and engineering companies.
The fund, which mainly invests in oil and gas sector, would also invest in consultancies and finance companies servicing oil and gas, power and engineering sectors, UTI Asset Management Co (P) Ltd said on Wednesday, 5 September.
It was an “extremely focussed fund wherein there was nothing much happening in the sector,” manager Gautami Desai said, adding the change would help participate in sectors with potential to do well in the next 5-10 years.
The changes would come into effect from October 5, the fund house said, adding investors not willing to accept changes could exit without paying any load.
The fund, to be renamed as UTI-Growth Sectors Fund-Energy Fund, has risen about 14% so far this year against about 12 percent gain of the BSE Index, data from fund tracker ICRA Online Ltd showed.
The fund house managed assets worth about Rs417 billion (Rs41,700 crore, $10.5 billion) at the end of August, data from Association of Mutual Funds in India showed.