Axis Mutual Fund is launching a new index fund, Axis Nifty IT Index Fund NFO, that seeks to track the Nifty IT Index closely and aims to achieve returns of the index, subject to tracking errors.
The New Fund Offer (NFO) period for the Axis Nifty IT Index Fund is from 27th June 2023 to 11th July 2023. The scheme re-opens for continuous repurchase and sale within 5 business days.
Investment Objective: To provide returns before expenses that correspond to the total returns of the NIFTY IT TRI subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved.
Axis Nifty IT Index Fund
Axis Nifty IT Index Fund Details
|Fund Name||Axis Nifty IT Index Fund|
|NFO Opening Date||27th June 2023|
|NFO Closing Date||11th July 2023|
|Re-open Date||Within 5 business days|
|Type of Fund||Index Fund|
|Fund Manager||Mr Hitesh Das|
|Minimum Investment Amount||INR 5,000|
|Minimum Additional Purchase Amount||INR 1,000|
|Exit Load||0 – 0.25%|
|Suitability||Very High Risk|
|Benchmark||Nifty IT TRI|
|Plans and Options||Direct and Regular PlanGrowth and Income Distribution cum Capital Withdrawal (IDCW) Option|
- All additional investment amounts should be multiple of INR 1/-
Who Can Invest in Axis Nifty IT Index Fund NFO?
Axis Nifty IT Index Fund is a theme-based index fund that invests in the companies that form part of the Nifty IT index. The Nifty IT index captures the performance of the IT sector. Nifty IT index consists of the top 10 IT companies. The NIFTY IT index is computed using the free float market capitalisation method. The IT sector’s share of India’s GDP has almost doubled in the last decade from 2.2% to 4.8%, indicating significant growth.
Investors seeking exposure to the IT sector and having very high-risk tolerance levels can consider investing in the scheme. Also, since it is a thematic fund, investors must be aware of the industry-specific risks. This index fund requires a minimum investment horizon of 5 years or more.
Mr Hitesh Das
Mr Hitesh Das is currently the Equity Research Analyst at Axis Mutual Fund. He has more than twelve years of experience in financial markets. He joined Axis Mutual Fund in 2015. Prior to working with Axis, he worked with Barclays and Credit Suisse Securities India. Moreover, as a Research Analyst at Axis Mutual Fund, he covered Capital Goods, Engineering & Construction, and Information Technology sectors. He also holds a Bachelors’s and Master’s degree in technology and a Diploma in Management from IIM Lucknow.
Popular Funds by Axis Mutual Fund
- Axis Long Term Equity Fund
- Axis Small Cap Fund
- Axis Midcap Fund
- Axis Growth Opportunities Fund
- Axis Focused 25 Fund
|Types of Instruments||Minimum Allocation||Maximum Allocation||Risk Profile|
|Securities covered by Nifty IT TRI||95%||100%||Very High|
|Debt & Money Market Instruments||0%||5%||Low to Moderate|
Frequently Asked Questions
You can invest in the Axis Nifty IT Index Fund through any of the following methods:
Offline: By filling out the Axis NFO application and submitting it along with all documents and cheques to the nearest Investor Service Centre of CAMS or Axis mutual fund office.
Axis Mutual Fund Website
Online FinTech platforms and mutual fund platforms
Through Demat account
Through a mutual fund distributor or agent
Yes, it is a very high-risk investment based on the riskometer. Axis Nifty IT Index Fund is a theme-based index fund that closely tracks the Nifty IT Index. The IT index comprises the top 10 IT companies listed on the National Stock Exchange by market capitalisation.
No, the Axis Nifty IT Index Fund has no lock-in period.
The Axis Nifty IT Index Fund scheme re-opens for ongoing subscriptions, switches and redemptions within 5 business days.