LIC Mutual Fund plans close-end fund

LIC Mutual Fund plans to launch a three-year close-end equity fund that would primarily invest in mid-cap and small-cap stocks.The company filed initial papers with the Securities and Exchange Board of India to launch LICMF India Vision Fund, the regulator's Web site showed on Thursday.
While the fund would largely invest in companies with a market cap of up to Rs 75 crore, "investment in large-cap stocks will be purely to take short-term advantage of the market momentum," the offer document said. It would disclose the net asset value once a week.
The fund house managed assets worth about Rs 990 crore at the end of July, data from Association of Mutual Funds in India showed.

Tags: LIC Mutual fund, close end equity fund, mid cap, small cap, large cap, stocks, LICMF, vision fund, short-term advantage, market momentum, fund house, AMC fund manager