UTI Mutual unveils six sectoral funds

UTI Mutual Fund, which has more than Rs 20,000 crore in assets under management, has launched six sectoral funds. These six open-ended, growth funds are large-cap fund, mid-cap fund, basic industries fund, auto sector fund, banking sector fund and PSU fund.

These initial public offering for these schemes will be open between March 9 and March 25, 2004. The scheme will re-open for sales and repurchase not later than 30 days from the closure of the initial offer.

A company release said, "At any given point of time, there are certain sectors in the economy that perform better than the others. An early identification of these sectors for investments will reap rewards for the investors."

The minimum amount of investment under each sectoral fund is Rs 5,000, and, thereafter-subsequent minimum investment under a folio is Rs 1,000 per scheme.