Motilal Oswal Mutual Fund is set to introduce the Motilal Oswal Nifty India Defence Index Fund, an open-ended fund designed to mirror the total returns of the Nifty India Defence Index.
ETMarkets.com
The new fund offer or NFO of the scheme is open for subscription and will close on June 24.
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What is special about it?
The fund is India’s first index fund offering exposure to defence stocks listed in India. The fund aims to provide investors an opportunity to participate in the growth potential of the defence sector.
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Benchmark and fund manager
The performance of the scheme will be measured against the Nifty India Defence Total Return Index and will be managed by Swapnil Mayekar and Rakesh Shetty.
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Minimum application amount
The Motilal Oswal Nifty India Defence Index Fund requires a minimum application amount of Rs 500, with subsequent investments allowed in multiples of Re 1.
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Significance of this fund
“India’s strides towards Atmanirbharta (Self-Reliance) in defence is paving the way for significant growth and innovation. With the Motilal Oswal Nifty India Defence Index Fund, we aim to capitalize on the projected $100 billion to $120 billion expansion in the defence sector over the next six years. As the fourth largest defence spender globally, India’s focus on self-reliance and modernization offers substantial opportunities for domestic defence companies. This fund is poised to benefit from India’s robust advancements in defence technology and infrastructure,” said Prateek Agrawal, MD & CEO, Motilal Oswal Mutual Fund.
This scheme caters to investors aiming for returns aligned with the performance of the Nifty India Defence Total Return Index, with consideration for tracking error, and those pursuing long-term capital growth.
