Upcoming NFO: Axis Mutual Fund Files for Axis Nifty LargeMidcap 250 Index Fund

Axis Mutual Fund has filed the Scheme Information Document for the Axis Nifty LargeMidcap 250 Index Fund, an open-ended index fund tracking the Nifty LargeMidcap 250 TRI.  

Its objective is to provide returns before expenses that correspond to the index, subject to tracking error. The NFO opening and closing dates have not been specified in the document. 

Index Composition 

The Nifty LargeMidcap 250 Index includes companies from the Nifty 100 and Nifty Midcap 150. Large-cap and mid-cap stocks each account for 50% of its weight, with the allocation reset quarterly.  

The index is reconstituted and rebalanced in March and September. Its constituents are screened quarterly for compliance with portfolio concentration norms. 

Investment Allocation 

The scheme will invest 95% to 100% of its assets in stocks included in the index, in line with their respective weights. The remaining 0% to 5% may be allocated to money market instruments and units of debt and liquid mutual fund schemes for liquidity purposes. 

It may also take exposure of up to 15% of net assets in equity derivatives of index constituents. These may be used for rebalancing or when the underlying shares are not available in sufficient quantities. 

Fund Management and Expenses 

Rohit Gautam and Nandik Malik have been named as fund managers. Their stated industry experience is 15 years and 14 years, respectively.  

The maximum base expense ratio permitted is 0.90%. Direct and Regular plans will be available, both with the Growth option. 

Minimum Investment and Exit Load 

The minimum application during the New Fund Offer (NFO) is ₹100, with further applications in multiples of ₹10. On an ongoing basis, the minimum investment will be ₹100, with additional investments in multiples of ₹1. 

There is no entry load. Redemptions within 15 days of allotment will attract an exit load of 0.25%. No exit load will apply after 15 days. 

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Conclusion 

The scheme will be benchmarked against the Nifty LargeMidcap 250 TRI. Its returns may differ from the index due to tracking error, expenses and changes in the underlying portfolio. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund Investments are subject to market risks, read all the related documents carefully before investing.