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Axis MF hopes to raise Rs 250 cr from new fund offer

Press Trust of India / Mumbai 14 Jun 12 | 07:02 PM

Axis Asset Management Company is hopeful of raising up to Rs 250 crore from its new fund Axis Focused 25 Fund, a top company official said today.

"We are hopeful of raising Rs 200-250 crore from this new fund offer," Axis AMC Managing Director and Chief Executive Rajiv Anand told PTI here.

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The Axis Focused 25 Fund, launched yesterday, will stay open for subscription till June 25.

Axis Asset Management Company (AMC) is the wholly-owned subsidiary of Axis Bank.

According to the company, the new fund will focus on select 25 best companies with a majority of these being drawn from the top 200 domestic companies.

On the timing of the launch, Anand said, "We don't want to time the market. The rationale behind floating such a fund is to invest in those companies with proven business models, have shown sound performance with higher return on equity."

He also said the margin of error by the fund manager has be very less in this kind of fund.

"As we invest in 25 best companies, the margin of error has to be very less in stock picking. We will stay invested in a company through a business cycle for higher returns," he said.

With continuing uncertainty in the stock market along with overall economy, companies are betting big in large cap companies with sound business fundamentals.

According to experts, the trend is likely to continue due to consistent volatility in the market.

Axis AMC manages assets of over Rs 9,000 crores in over 410,000 investor accounts.

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