Axis Mutual Fund launches ‘Axis Nifty IT Index Fund’

Hitesh Das (Fund Manager) would be managing the fund. Axis Nifty IT Index Fund will track the NIFTY IT TRI and aim to provide returns before expenses that correspond to the total returns of the NIFTY IT TRI, subject to tracking errors.

The minimum investment amount is Rs. 5,000 and in multiples of Re.1/- thereof.

The main objective of an Index Fund is to replicate a stock market index in terms of the portfolio. All the stocks in these indices will find some representation in their investment portfolio.

Essentially, this ensures a performance fairly identical to that of the index being tracked. Within Index Funds, investors have the option to invest in certain Sector Based Index Funds as well, with the aim to capitalize on the growth opportunity provided in that particular sector.

B. Gopkumar, MD & CEO, Axis AMC said, “India has been a leader in driving change through technology across sectors. This has been more visible in the last three years, post Covid where we showed our resilience and resurgence. We are in the cusp of rewriting our growth story led by technological innovations. Increasingly all companies will be operating in this digital arena. With the launch of the Axis Nifty IT Index Fund, we are expanding our bouquet of products, more importantly, offering our investors an opportunity to be part of India’s tech enabled story.”

Given the mutual fund structure, investors can look to invest through various systematic options like SIPs, STP’s & lumpsum investments. The NFO opens for subscription from 27th June 2023 to 11th July 2023.