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Axis India Manufacturing Fund's NFO collects over Rs 3,400 cr investment
Photo Courtesy: Pixabay

Axis India Manufacturing Fund's NFO collects over Rs 3,400 cr investment

India Blooms News Service | @indiablooms | 23 Dec 2023, 12:46 am

Mumbai: The Axis India Manufacturing Fund's new fund offer (NFO) has garnered more than Rs 3,400 crore, marking the highest-ever collection in a thematic fund in 2023, a press release said.

The fund attracted investors from various segments across more than 500 locations in India, resulting in nearly 1.50 lakh applications.

The NFO was available for subscription from December 1 to December 15.

“The overwhelming response underscores the confidence that investors have placed in India’s growth potential and Axis Mutual Fund’s commitment to deliver value. A significant ~10% of the applicants opted for long-term investments through SIPs (Systematic Investment Plans). Almost 30% of the Investors who invested in the NFO were new to Axis Mutual Fund, advocating their faith in us. This strong response marks the evolution of India’s investor base who are demonstrating the resilience and preference for such funds while understanding the long-term opportunities to leverage, given the fact that India remains on a higher growth trajectory and the government’s strong focus on manufacturing,” said B. Gopkumar, MD & CEO, Axis AMC.

Axis India Manufacturing Fund, an open-ended equity scheme centered around the India manufacturing theme, is benchmarked against Nifty India Manufacturing TRI. The fund's management will be overseen by Nitin Arora and Shreyash Devalkar.

Around 70% of the applications were new inflows, with the digital channel playing an important role, representing almost 20% of the total applications.

This significant participation through the digital platform is a major achievement for the fund house, according to the press release.

The fund scheme is designed to allocate its assets as follows: 80-100% in equity and equity-related instruments chosen in line with the manufacturing theme, 0-20% in other equity and equity-related instruments, 0-20% in debt and money market instruments, and 0-10% in units issued by REITs & InVITs.

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