Tuesday, January 8, 2008

SBI Tax Advantage Fund Series - 1

SBI Funds Management Pvt Ltd on Friday filed initial papers with India's market regulator to launch a fund that would invest in companies likely to play a role in the development of India's economy.

 

SBI Nation Builder Fund would target firms that would fuel the energy requirement of the country, build and operate infrastructure, and companies that would fund this growth, the fund house said in its offer document.

 

The fund would invest at least 65 per cent of the assets in equities and the rest in debt and money market instruments, it added.

 

SBI mutual fund already runs an infrastructure equity fund that has given 53.4 per cent return since its launch last year as compared with 45.9 per cent rise in its benchmark BSE 100 index during the period.

 

The fund house managed assets worth about Rs 29,200 crore at the end of December, data from the Association of Mutual Funds in India showed.

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