The new fund offer or NFO will open for subscription on August 20 and close on September 3. The scheme will again open for continuous sale and repurchase within five business days from the date of allotment.
The scheme will be benchmarked 65% to Nifty 50 TRI Index + 20% to CRISIL Short Term Bond Fund Index + 15% to Domestic Gold Price.
A 1% exit fee will apply if units are redeemed or exchanged before 15 days from the allocation date. No exit fee will apply if redeemed or exchanged after 15 days from the unit allocation date.
The minimum investment amount will be Rs 1000 and in multiples of Rs 1 thereafter. For monthly SIP, the minimum investment amount is Rs 500 and in multiples of Rs 1.
The Union Multi-Asset Allocation Fund will invest across a variety of asset classes including 65-80% in equity and equity-related instruments, 10-25% in debt and money market instruments, 10-25% in gold, 0-10% in silver exchange-traded funds (ETFs) and 0-10% in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). “As we prepare to launch the Union Multi-Asset Allocation Fund, we aim to provide diversified investment solutions that enable our investors to achieve their financial goals in this dynamic market environment.,” saying Madhu NairCEO of Union Mutual Fund. The launch of this fund comes amid a period of robust growth for the Indian mutual fund industry. While markets have maintained recovery following the outcome of the general elections and hopes of a robust budget, the domestic mutual fund industry has also been in overdrive mode for the past decade, according to a press release from the fund firm.
The scheme is suitable for investors who are looking for long-term wealth creation and wish to invest in a diversified portfolio of equity and equity-related instruments, debt and money market instruments and units of Gold ETFs and/or Silver ETFs.
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