Religare MF unveils two monthly income schemes

Religare Mutual Fund has come up with two new funds, including Religare Monthly Income Plan (MIP) Plus, which will come with an exposure to gold. The other fund is a traditional monthly income plan. Both the new fund offers will close on May 11. Under MIP Plus, investments will be made in gold through gold exchange-traded funds (ETF), in addition to fixed-income instruments and equities.

The fund will invest a minimum of 65% of its assets in debt and money market instruments, while at least 10% of the assets will be invested in Gold ETFs (exposure in the range of 10-35%). The fund, which seeks to generate moderate capital growth, will invest up to 25% in equity and equity-related assets. The fund is benchmarked against Crisil MIP Blended Index and price of gold.

The stated investment objective of the traditional MIP is to generate regular income through a portfolio of predominantly fixed-income securities, with a small exposure to equity and equity related instruments. For both the schemes, the minimum application amount during NFO under the growth option is Rs 5,000, while it is Rs 25,000 under the dividend option.