Short term investors alert! This new open-ended fund will grow your money overnight
In a bid to offer an investment avenue for short term savings by looking to generate returns in line with the overnight rates and high liquidity, Asset Management Company (AMC) major IDFC announced the launch of an open-ended debt scheme — IDFC Overnight Fund. The fund is ideal for overnight or weekend parking and has no exit load. IDFC Overnight Fund offers very high liquidity to investors and hence is ideal for corporates, treasuries, institutions, and individuals who are looking for high liquidity along with low-interest rate and credit risk. IDFC Overnight Fund will be managed by Mr. Harshal Joshi, Vice President, Fund Management, IDFC AMC. Harshal has over a decade of experience managing funds, eight of which he served at IDFC AMC where he currently manages 16 funds.
Highlighting the rationale for launching the Overnight fund, Gaurab Parija, Head – Sales and Marketing, IDFC AMC said, “With a residual maturity of typically one day there is very little interest rate risk, hence investors who invest in mutual funds to manage their very short-term liquidity will find the Overnight fund more lucrative.”
The New Fund Offer will be open from Wednesday, January 16, 2019, to Thursday, January 17, 2019, during which, the units will be offered at a price of Rs. 1,000 per Unit and the pricing for ongoing subscription /purchases will be at applicable NAV. The NFO units will be allotted on Friday, January 18, 2019. The fund will re-open for ongoing sales on Monday, January 21, 2019, and will remain open for repurchase/redemption on all Business Days. Redemptions /repurchases will be done at the applicable NAV.
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