Edelweiss Asset Management Limited, one of India's fastest growing AMCs, has announced the launch of their Edelweiss Large and Midcap Index Fund, an open-ended equity scheme replicating Nifty LargeMidcap 250 Index. The index allocation to large and midcap stocks which ensures balance between growth (mid-cap) and stability (large-cap).
The investment objective of the scheme is to provide returns that closely correspond to the total returns of the Nifty Large Midcap 250 Index subject to tracking errors. This index has strong track record and has performed well compared to large & Midcap and Flexicap funds. The equal weight to Largecaps and midcaps reduces skewness to any one market cap segment and provides meaningful exposure to promising midcap stocks. This is the first index fund to be launched on Nifty LargeMidcap 250 Index.
"Index funds are gaining popularity, more so due to simplicity of the product. It is uncomplicated as it is easy to track and don't need frequent reviews. This product is based on very unique Nifty Large Midcap 250 Index which balances its exposure to largecaps and midcaps in one portfolio. Complementing active funds in one's portfolio, the fund is an apt solution for Do-It-Yourself (DIY) and first-time investors for their core investment allocation. This fund is likely to create enduring value in the long run for Investors", said Radhika Gupta, MD & CEO, Edelweiss Asset Management Limited.
The Edelweiss Large and Midcap Index Fund NFO will be open for subscription between 15th November 2021 and 26th November 2021.
The scheme allows an investment amount that is as low as Rs.5000 and multiples of Re.1/- thereafter with NIL exit load. The fund may generate low to negative returns in short term. This means that investors have to remain invested for 5-7 years to gain meaningful returns. It has regular and direct plans. It will be managed by Mr. Bhavesh Jain.
Shares of Edelweiss Financial Services Limited was last trading in BSE at Rs. 76.40 as compared to the previous close of Rs. 77.10. The total number of shares traded during the day was 171480 in over 2037 trades.
The stock hit an intraday high of Rs. 78.15 and intraday low of 76.00. The net turnover during the day was Rs. 13175828.00.