UTI MUTUAL Fund launched UTI Capital Protection Oriented Scheme-Series I and UTI Long Term Advantage Fund in the City on Monday.
Talking to the media persons, UTI AMC senior vice president S Ganesh said that the orientation of launching the UTI Capital Protection Oriented Scheme is towards protection of capital, which originates from the portfolio structure of the scheme.
“The schemes portfolio structure has been rated AAA (S) by Crisil Ltd, which indicates highest degree of certainty regarding payment of face value of investment to unit holders on maturity”, said Ganesh.
The UTI Capital Protection Oriented Scheme is a close-ended capital protection oriented scheme. The scheme comprises two plans viz. three years plan with a duration of three years from the date of allotment and five years plan with a duration of five years from the date of allotment.
Purchase of units of the scheme will be available from December 26, 2006 to January 25, 2007. “UTI Capital Protection Oriented Scheme will invest in a portfolio predominantly of fixed income securities that are maturing in line with duration of the respective plans”, said research analyst of the scheme Amit Goyal.
UTI Mutual Fund has also announced the UTI Long Term Advantage Fund that closes on March 20, 2007. This is a ten-year close-ended equity linked savings scheme with a redemption facility after an initial lock-in period of three years from date of allotment at relevant redemption price. Investment made in the scheme will qualify for deduction from Gross Total Income up to Rs one lakh under section 80C of the Income Tax Act 1961.