![mutual funds](https://img.etimg.com/thumb/msid-111685391,width-300,height-225,imgsize-12324,resizemode-75/mutual-funds.jpg)
During its NFO period, the fund collected Rs 1,676 crore, according to a press release by the fund house.
The top holdings of the index include Hindustan Aeronautics (21.9%), Bharat Electronics (20.5%), Bharat Dynamics (9.2%), Cochin Shipyard (9%), Mazagon Dock Shipbuilders (6.4%), Premier Explosives (8.09%), Astra Microwave Prod (4.7%), Data Patterns (4.4%), Garden Reach Shipbuilders & Engineers (2.7%), BEML (5.95%), Solar Industries (13.7%), Cyient DLM (5.57%), and MTAR Technologies (2.3%).
The fund is India’s first index fund offering exposure to defence stocks listed in India. The fund aims to provide investors an opportunity to participate in the growth potential of the defence sector.
“India’s strides towards Atma Nirbharta (Self-Reliance) in defence is paving the way for significant growth and innovation. With the Motilal Oswal Nifty India Defence Index Fund, we aim to capitalize on the projected $100 billion to $120 billion expansion in the defence sector over the next six years. As the fourth largest defence spender globally, India's focus on self-reliance and modernization offers substantial opportunities for domestic defence companies. This fund is poised to benefit from India's robust advancements in defence technology and infrastructure,” said Prateek Agrawal, MD & CEO, Motilal Oswal Mutual Fund.
The investment objective of the scheme is to provide returns that, before expenses, correspond to the total returns of the securities as represented by Nifty India Defence TRI, subject to tracking error.
It is an open-ended fund which is benchmarked against Nifty India Defence Index TRI and will be managed by Swapnil Mayekar and Rakesh Shetty.
The minimum application amount is Rs 500 and in multiples of Re 1, thereafter. The minimum redemption amount is Rs 500 and in multiples of Re 1 and thereafter or account balance, whichever is lower.
The exit load is 1% if redeemed on or before 15 days from the date of allotment while it is nil if redeemed after 15 days from the date of allotment.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(Catch all the Mutual Fund News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
Read More News on
(Catch all the Mutual Fund News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.