Canara bank launches a 5 year close ended equity fund

Canbank Investment Management Services Ltd on Thursday filed initial papers with country's market regulator to launch a 5-year close-end equity fund.
CanMulticap Scheme will invest at least 75 per cent of its assets in equities and derivatives and the rest in debt and fixed income instruments, the fund's offer document said.
Within equities, the fund would allocate at least 60 per cent to large-cap stocks, 15 percent to mid-caps and not more than 10 per cent to small-cap stocks.
The fund will not charge entry or exit loads but will recover proportionate unamortised initial issue expenses from investors redeeming before maturity.
The fund house managed assets worth Rs 32.46 billion at the end of August, data from Association of Mutual Funds in India showed.

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