The Hindu Business Line : Sundaram Select Focus: Zeroing on big ticket investors

SUNDARAM Mutual Fund has removed the entry load on Sundaram Select Focus. At present, an entry load of 2 per cent is applicable on investments of over Rs 5,000. This will no longer be the case and investors can invest at NAV.

The fund has indicated that this has been done to make the scheme more attractive for high net worth individuals. This scheme invests in a small number of stocks — usually about 15.

Canbank dividends: Canbank Mutual Fund has announced a dividend of 7.5 per cent for the Income Plan of Canpremium, a 6.25 per cent dividend for Cancigo (Income Plan) , 3.5 per cent for Income Plan of Cangilt and 2 per cent for the Income Plan of Canincome. The record date for the dividend in all the schemes is May 20.

IL&FS MF dividends: IL&FS Mutual Fund has declared a dividend of 4.5 per cent for The IL&FS Bond Fund (Quarterly Dividend Plan) and 2 per cent for theShort-Term Plan. The A 5 per cent dividend for Short Term Plan and 7 per cent dividend for the Long Term Plan of IL & FS Gilt Fund has been announced The record date for the dividend is May 5.

HDFC service: HDFC Mutual Fund has announced that it has put in place a composite service for unitholders, including those of Zurich Mutual Fund, which is being acquired. Service requests can be sent in to any of the investor service centres for processing.

Investors can also get dividends and redemption proceeds credited to their accounts directly.

The fund has arrangements with eight banks for this purpose. They are HDFC Bank, Citibank, ICICI Bank, Deutsche Bank, IDBI Bank, Standard Chartered Mutual Fund, HSBC Mutual Fund and UTI Bank.

Sun FMP: Sun F&C Mutual Fund has indicated May 5 as the Fixed Maturity Date for the Sun F&C Monthly Fixed Maturity Plan 2. This is part of the Monthly series of such plans.

The subscription period is between May 6 and May 12. There will be no entry load. Investors in the existing series can exit at NAV and subscribe to the new plan at the applicable NAV. June 9 is the next Fixed Maturity Date.

Birla Bond Plus: Birla SunLife Mutual Fund has announced new terms for switchover in Birla Bond Plus. Any switch in / out from one plan or option in Birla Bond Plus to another plan / option of Birla Bond Plus done a Saturday will be at the NAV as of Sunday. On any transaction day, the switch in/out will be at the NAV of that transaction day. This is effective May 1.

Libra Bond Fund: Taurus Mutual Fund has proposed to alter the investment pattern of Libra Bond Fund. Now the fund invests 80 to 100 per cent of assets in debt and the rest in money market instruments.

The fund's plans have flexibility to invest the entire asset base in debt or money market instruments. Up to 50 per cent may also be invested in securities debt instruments.

The fund has indicated that a shift to the old patterns may be considered if there is a reduction in debt market volatility.

US-64 prices: The repurchase price for unit holdings of up to 5,000 units (enhanced from 3,000 units) is Rs 12 per unit in May under the Special Liquidity Package.

The package was offered from August 2001 at Rs 10 per unit and is due to end in May 2003 at Rs 12 per unit.

The price for April was Rs 11.90 per unit. For holdings in excess of 5,000 units, a repurchase facility linked to the NAV is available from January 2, 2001.

For such holdings, an assured repurchase price of Rs 10 per unit or NAV, whichever is higher, is available on May 31, 2003, if the units are held till then.

If redeemed earlier, the redemption will be at NAV-based prices if carried out before May 31, 2003. For less than 5,000 units, the assured repurchase price for May 2003 is Rs 12 per unit.

These special repurchase prices will also be available beyond May 2003.

Investors have the option of receiving government of India-backed bonds with a coupon of 6.75 per cent per annum and a tenure of five years.

BL Research Bureau

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