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PGIM India Mutual Fund has launched the ‘PGIM India Balanced Advantage Fund’. The NFO will open for subscription till January 29, 2021. The fund will be benchmarked against CRISIL Hybrid 50+50 Moderate Index. The Fund will be managed by Aniruddha Naha (for equity investments), Kumaresh Ramakrishnan (for debt and money market investments) and Anandha Padmanabhan (for overseas investments).
According to the fund house, the scheme aims to provide capital appreciation and income distribution to the investors by dynamically managing the asset allocation between equity and fixed income using equity derivatives strategies, arbitrage opportunities and pure equity investments. The scheme seeks to reduce the volatility by diversifying the assets across equity and fixed income.
PGIM India Mutual Fund has crossed the full-year 2020-21 AUM target of Rs 8,000 crore by the December quarter, a senior company official has said. The fund house official also said while all other fund houses booked heavy losses on the equity side in the year, PGIM booked a net gain of Rs 300 crore from selling equity funds. This is the highest ever it has booked even as the industry as a whole lost a whopping Rs 10,000 crore in the year-to-date. Our total AUM (assets under management) has already crossed the full year target of Rs 8,000 crore as of December 31, 2020. This was a target that we had set internally for March. Total AUM includes the PMS, equity and advisory businesses, Ajit Menon, chief executive, PGIM India MF told PTI on Monday.