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Mutual Fund

Money pooled in by a large number of investors is what makes up a Mutual Fund. Money is then managed by a professional Fund Manager, who uses his investment management skills to invest it in various financial instruments.

Mutual Fund

MUTUAL FUND – Types based on Structure

Close ended fund/scheme

has a predetermined maturity period (eg. 5-7 years). The fund is open for subscription during the launch of the scheme for a specified period of time. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units on the stock exchanges where they are listed. In order to provide an exit route to the investors, some close ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices or they are listed in secondary market.

Open ended fund/scheme

Investors can choose to invest or transact in these schemes as per their convenience. In an open-ended mutual fund, there is no limit to the number of investors, shares, or overall size of the fund, unless the fund manager decides to close the fund to new investors in order to keep it manageable. The value or share price of an open-ended mutual fund is determined at the market close every day and is called the Net Asset Value (NAV).

Interval schemes

Interval schemes combine the features of open-ended and close-ended schemes. The units may be traded on the stock exchange or may be open for sale or redemption during pre-determined intervals at NAV related prices. FMPs or Fixed maturity plans are examples of these types of schemes.

MUTUAL FUND – Types based on Structure

  • Debt mutual funds

    These funds invest in debt instruments to ensure low risk and provide a stable income to the investors. Government authorities, private companies, banks and financial institutions are some of the major issuers of debt papers. Debt funds can be further classified as:

    • Gilt funds
    • Income funds
    • MIPs
    • Short term plans
    • Liquid funds
  • Balanced funds

    They invest in both equities and fixed income securities with pre-defined investment objective of the scheme. The equity portion provides growth while debt provides stability in returns. This way, investors get to taste the best of both worlds.

  • Hybrid Funds

    are those which have a combination of asset classes such as debt and equity in their portfolio. That is, they invest in a blend of debt, money market instruments and equity. Breaking it down even further, depending on the mix of equity and debt, there could be various types of Hybrid Funds as well.

  • Equity mutual funds

    Invest maximum part of their corpus into equity holdings. The structure of the fund may vary for different schemes and the fund manager’s outlook on different stocks. The Equity funds are sub-classified depending upon their investment objective, as follows:

    • Diversified equity funds
    • Mid-cap funds
    • Small cap funds
    • Sector specific funds
    • Tax savings funds (ELSS)

    Equity investments rank high on the risk-return grid and hence, are ideal for a longer time frame.

  • Liquid Mutual Funds

    have the least risk factor and may give you returns that are slightly higher than a savings account. These funds invest in faster maturing debt securities, therefore making them less risky. The concept here is that the closer the debt instrument is to its maturity, the higher the chances and surety of you getting the principal and interest if there is any.

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