The NFO was open for subscription from December 1 to December 15.
Axis India Manufacturing Fund is an open-ended equity scheme representing the India manufacturing theme.
The scheme is benchmarked against Nifty India Manufacturing TRI. The scheme will be managed by Nitin Arora and Shreyash Devalkar.
The fresh inflows accounted for nearly 70% of the applications. The digital channel witnessed an overwhelming participation as well, contributing to nearly 20% of the total applications, creating a new milestone for the fund house, according to the press release by the fund house.
“The overwhelming response underscores the confidence that investors have placed in India’s growth potential and Axis Mutual Fund’s commitment to deliver value. A significant ~10% of the applicants opted for long-term investments through SIPs (Systematic Investment Plans). Almost 30% of the Investors who invested in the NFO were new to Axis Mutual Fund, advocating their faith in us. This strong response marks the evolution of India’s investor base who are demonstrating the resilience and preference for such funds while understanding the long-term opportunities to leverage, given the fact that India remains on a higher growth trajectory and the government’s strong focus on manufacturing,” said B. Gopkumar, MD & CEO, Axis AMC.The scheme will allocate 80-100% in equity and equity related instruments selected based on the manufacturing theme, 0-20% in other equity and equity related instruments, 0-20% in debt and money market instruments, and 0-10% in units issued by REITs & InVITs.
