JM Financial mutual launches 11-stock fund

Mumbai: JM Financial Asset Management Pvt Ltd on Monday launched a three-year close-end equity fund that will invest in a maximum of 11 stocks.

JM Core 11 Fund-Series I “will have a concentrated portfolio with not more than 11 stocks in the portfolio with each stock being invested to the extent of 9.09% of the NAV (net asset value," the firm said in its offer document.

The scheme, open for subscription till February 15, would invest at least 65 percent of the assets in equities and the rest in debt and money market instruments.

The fund house managed assets worth about 126 billion rupees at the end of December, data from the Association of Mutual Funds in India showed.

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