The mutual fund arm of Essel Group’s Essel Finance Management (EFM) launched ‘Essel Multi Cap Fund’, the first equity fund under the Essel brand. The fund is an open ended equity scheme investing across large cap, mid cap, small cap stocks.
Executive director and CEO at Essel Mutual Fund, Rajiv Shastri, said, “We have almost tripled our Assets Under Management (AUM) after the change of our name to Essel Mutual Fund. Our aim is to have an AUM of around Rs 10, 000 crore in the next 12 months. To achieve the same, we have lined up four to five New Fund Offer (NFO) launches this year and also will grow AUM of our existing funds. Our new Multi Cap Fund is the second one this year.”
“We got a good response to our first NFO with close to 15,000 applications from 170 cities across India. We are confident of increasing our count on both these and looping to strengthen our IFO network,” added Shastri.
The scheme would adopt both top-down and bottom-up approaches of investment. It would diversify across industries, sectors and market capitalization. The investment emphasis of the scheme would be on identifying companies with good corporate managements and have prospects of future growth. Essentially, the focus would be on stocks driven by long-term fundamentals.
Commenting on the new fund, CIO at Essel Mutual Fund, Viral Berawala, said, “Multi Cap strategy intends to offer higher returns at comparable risks over a longer period of time. It is the right strategy to participate in the Indian equity market, given the current market scenario and the reclassification norms.”
The new fund offer opens on June 18 and will close for subscription on July 2.