HSBC MF has applied for the approval of SEBI (Securities and Exchange Board of India) to launch its new open-ended hybrid scheme, called HSBC Equity Hybrid Fund. The draft offer document on the Market Regulator’s website confirms the news.
HSBC Equity Hybrid Fund scheme will invest about 65 percent to 80 percent of its assets in equities and equity-related instruments. The scheme will deploy 20 percent to 35 percent of its assets in debt instruments and money market securities including cash and cash equivalents.
The open-ended hybrid scheme will further invest up to 10 percent in units issued by REITs (real estate investment trusts) and InvITs (infrastructure investment trusts).
The scheme offers both Regular and Direct Plans including Growth and Dividend Options.
The minimum application for initial purchase of the HSBC MF plan is 5,000 Rupees and thereafter in multiples of one rupee. The exit load for the scheme is 1 percent if the units are redeemed or switched out or before one year from the date of allocation.
The performance of the scheme will be benchmarked under a customized index, giving 70 percent weight to S&P BSE 200 and 30 percent weight to CRISIL Composite Bond Fund Index.
The AMC has assigned Neelotpal Sahai and Sanjay Shah as the Fund Managers of the HSBC Equity Hybrid Fund, according to Money Control.
Prior to joining the HSBC AMC, Mr. Sahai worked at IDFC Asset Management Company Limited, Motilal Oswal Securities Ltd, Infosys Ltd, Vickers Ballas Securities Ltd, SBC Warburg, UTI Securities Ltd, and HCL HP Ltd. He has comprehensive experience in research and fund management, based on Bloomberg.
Mr. Shah has worked at Lehman Brothers, Rabo, ICICI Bank, and SBI Mutual Fund before joining the HSBC AMC, according to the information in his LinkedIn profile.
The NFO (New Fund Offer) price for the scheme is 10 Rupees per unit. The scheme aims to collect a minimum target amount of 10 crore Rupees.
The investment objective of the HSBC MF scheme is to generate long-term capital growth and income via investments in equity and equity related instruments and in fixed income instruments, according to LKP.
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