BackABSL multi-cap fund receives 88,000 applications for over ₹1,900 crore
The new fund offer was open between 19 April and 3 May and had reopened for subscription from 10 May
PremiumNEW DELHI : Aditya Birla Sun Life AMC Ltd (ABSL) on Monday said it has received over 88,000 applications for over ₹1,900 crore for its new multi-cap fund during its new fund offer (NFO) period. An open-ended equity scheme investing across large-cap, mid-cap and small-cap stocks, the NFO was open between 19 April and 3 May. The fund had reopened for subscription from 10 May.
Aditya Birla Sun Life Multi-Cap Fund is an open-ended multi-cap scheme mandated to invest in small-cap, mid-cap, and large-cap stocks. As per the Securities and Exchange Board of India (Sebi) regulations, a multi-cap category fund is mandated to invest at least 25% in each of the three market cap segments of large-cap, mid-cap, and small-cap.
“Despite the logistical challenges posed by the pandemic, we have attracted over 88,000 applications covering more than 9,600 pin codes across T30 and B30 markets. What is also noteworthy is the contribution coming from diversified channels across the board exhibiting our distribution strength as a fund house. Our technology strength has come in handy to beat the logistical constraints. We thank all our partners in making this a successful launch," said A. Balasubramanian, managing director and chief executive officer, Aditya Birla Sun Life AMC, a subsidiary of Aditya Birla Capital Ltd, and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF).
According to the fund house, with a focused and bottom-up stock selection approach, the fund offers a well curated portfolio of high conviction stock ideas from the fund house. “The fund is focused on secular growth opportunities that cover a broad range of sectors and companies and enables healthy participation in the ensuing economic recovery," it said in a release.
Birla Sun Life AMC had total domestic assets under management (AUM) of over to ₹2.6 trillion as of31 March.
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