Canara Robeco Mutual Fund has launched the Canara Robeco Banking and Financial Services Fund, an open-ended equity scheme investing in banking and financial services sector.
The fund aims to take advantage of the ongoing shift in the borrowing behaviour, especially early credit adoption and longer credit lifecycle as well as increased ease in access to credit.
The new fund offer (NFO) for the scheme will open on February 27 and close on March 13.
Rajnish Narula, MD and CEO, Canara Robeco AMC, said: “Banking and financial services are the engines of India’s economy. With this NFO, we are giving investors a direct opportunity to participate in that momentum.”
The scheme will allocate at least 80% of total assets towards equity and equity-related instruments of entities engaged in banking and financial services sector, and the rest in other equity and equity-related instruments, debt, money market instruments and InvITs.
Shridatta Bhandwaldar, chief investment officer, said: “The fund aims to create a portfolio with an emphasis on growth and value/profit pool migration…”
The scheme will be benchmarked against the Nifty Financial Services Index. The minimum investment amount during the NFO period will be Rs 5,000 and above.