SunstarTV Bureau: Axis Mutual Fund renames ‘Axis Multicap Fund’ to ‘Axis Flexicap Fund’, here today.
After the revision, Axis Flexicap Fund will invest minimum 65% to maximum 100% in equity and equity related investments, maximum 35% in debt and money market investments, and maximum 10% in units issued by REITs and InvITs.
Axis Mutual Fund, is one of the best performing mutual fund houses in India, is in process of renaming ‘Axis Multicap Fund’ to ‘Axis Flexicap Fund’. It will be an open ended dynamic equity scheme that invests across large cap, mid cap, and small cap stocks to facilitate capital appreciation over medium to long term. The same will be effective from January 30th 2021 onwards.
The scheme, moving to the new category will continue to adopt a flexible approach of allocation and not be constrained by market cap restrictions.
SEBI vide its circular dated November 6, 2020 introduced a new category of equity oriented schemes under the SEBI scheme categorization framework.
After the revision, Axis Flexicap Fund will invest minimum 65% to maximum 100% in equity and equity related investments, maximum 35% in debt and money market investments, and maximum 10% in units issued by REITs & InvITs (earlier the asset allocation was such that the scheme shall invest minimum 80% to maximum 100% in equity and equity related investments, maximum 20% in debt and money market investments, and maximum 10% in units issued by REITs & InvITs).
Furthermore, the scheme shall invest in debt instruments having structured obligations/credit enhancement as per limit prescribed by SEBI and amended from time to time. Not more than 20% of the net assets of the Axis Flexicap Fund can be deployed in stock lending as per the current provisions.
