The fund aims to replicate the performance of the Nifty500 Multicap Momentum Quality 50 Index
MUMBAI, Oct 11 (The CONNECT) – Edelweiss Asset Management Limited has launched the ‘Edelweiss Nifty500 Multicap Momentum Quality 50 Index Fund (Index Fund) & Edelweiss Nifty500 Multicap Momentum Quality 50 ETF (ETF)’. The New Fund Offer (NFO) will be open for subscriptions from October 11 to 25, 2024.
This multi-factor index fund is based on two factors – momentum and quality. It tracks the performance of 50 stocks chosen from the Nifty 500 stocks universe and offers investors access to stocks with strong fundamentals and price momentum.
The fund aims to replicate the performance of the Nifty500 Multicap Momentum Quality 50 Index, subject to tracking errors. The underlying index tracks the performance of 50 stocks, selected from a universe of Nifty 500 stocks.
Radhika Gupta, MD & CEO, Edelweiss Mutual Fund, stated, by combining momentum and quality, the new fund selects stocks with strong financial health, earnings stability, and consistent fundamentals, while capturing market trends and reducing risk, especially in midcap and smallcap segments.
The funds will invest in all the constituents of the Nifty500 Multicap Momentum Quality 50 Index in the same proportion as the underlying index. The scheme aims to leverage two complementary factors – momentum and quality, to deliver consistent risk-adjusted returns across market cycles.
The initial investment in the Index Fund can be a lump sum and SIP of ₹100 per application, with increments of ₹1 thereafter and investment in the ETF can be a minimum subscription amount of Rs. 5,000 and in multiples of Re. 1 thereafter.
The index fund will be managed by Bhavesh Jain, Co-Head, Factor Investing along with Bharat Lahoti, Co-Head, Factor Investing, Edelweiss Mutual Fund and the ETF will be managed by Jain himself.
