Fidelity MF files paper for European Dynamic Growth Fund

Fidelity Mutual Fund (MF) has filed papers with Securities and Exchange Board Of India for Fidelity European Dynamic Growth Fund, an open ended fund of fund scheme.

Objective

Fidelity European Dynamic Growth Fund will invest primarily in Fidelity Funds -European Dynamic Growth (IND) Fund, an offshore fund launched by Fidelity Funds (an open ended investment company incorporated in Luxembourg) and similar to an Indian mutual fund scheme.

The investment objective of Fidelity Funds - European Dynamic Growth (IND) Fund is to aim to achieve long-term capital growth, principally through investment in an actively managed portfolio of companies that have their head office or exercise a predominant part of their activity in Europe.

What is Inside?

The scheme offers growth option and dividend option. The dividend option shall have payout and reinvestment facility.

The minimum application amount is Rs 5,000 and Rs 1,000 thereafter.

The scheme will offer for redemption/switch-out of units at monthly intervals at NAV based prices.

The scheme charges an entry load of 2.25% and a exit load of 1% if reedemed within 6 months from the date of allotment or Purchase.

Asset Allocation

The scheme aims at investing 80% to 100% in shares / units of the underlying scheme / foreign securities and 0% to 20% in money market instruments and / or liquid / cash schemes of mutual funds registered with SEBI.

Investment Strategy

The scheme will invest in the underlying scheme which in turn will invest principally in an actively managed portfolio of companies that have their head office or exercise a predominant part of their activity in Europe and the underlying scheme will typically have a bias towards medium sized companies with a market capitalisation of between Euro 1 and 10 billion.

Performance and Management

The performance of the scheme will be measured against MSCI Europe Index and the fund manager is Leng Ng.

(source:myiris)