Mutual Fund news: Two recently launched new fund offers (NFOs) are closing today. Details here

livemint.com:

mutual fund (MF) houses are busy launching new schemes. At least six MF houses new fund offers (NFOs) will close this month. Navi S&P BSE Sensex Index Fund, Shriram Multi Asset Allocation Fund NFOs will close today, while Quant Teck Fund, Quant Teck Fund, WhiteOak Capital Multi Cap Fund, and DSP Multi Asset Allocation Fund NFOs will close later this month.

Navi Mutual Fund has launched Navi S&P BSE Sensex Index Fund, an open-ended fund that will replicate and track the S&P BSE Sensex Index. The scheme aims to generate returns that are commensurate with the performance of the S&P BSE Sensex Index and will ensure that investors’ money is always invested in the 30 leading Indian companies. The new fund offer or NFO of the scheme is open for subscription and it will close on September 1.

The performance of the Scheme will be benchmarked with the S&P BSE SENSEX Index (Total Returns Index). The scheme will be managed by Aditya Mulki and Ashutosh Shirwaikar. The minimum subscription amount is ₹10 plus in multiples of Re 1 during the NFO.

With a Total Expense Ratio (TER) of 0.14% (direct plan), the Navi S&P BSE Sensex Index Fund will have the lowest cost across all Sensex index funds and active large funds, the fund house said. The average TER of other Sensex index funds is 0.22% while that of active large-cap funds is 0.9975% (Source: AMFI TER data, August 1, 2023). Shriram Mutual Fund has launched the Shriram Multi Asset Allocation Fund, an open-ended scheme investing in equity, debt & money market securities, and gold/silver ETFs and related instruments.

The new fund offer or NFO of the scheme will close on September 1. The minimum application amount required is ₹5,000 and in multiples of Re 1 thereafter. The scheme will be