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UTI AMC launches Nifty 200-index based passively managed fund

UTI AMC has launched the country s first momentum-based passively managed fund, based on the Nifty 200 index. UTI, which manages seven equity ETF funds with an AUM of around Rs 44,000 crore, making it the second-largest such equity fund in the country, said the new fund will be based on the 30 best performing stocks from the Nifty 200 index. Sharwan Kumar Goyal, the fund manager of the scheme, said the new fund was opened on Thursday to good investor response but was quick to add that AMC has not set any internal targets in terms of AUM or folios. Since it a passively managed fund and a new concept as the fund is benchmarked and based on the smart beta fund, we have not set any target for sales or AUM, he told PTI.

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