Union AMC launches Union Value Discovery Fund
The scheme is an open ended equity scheme following a value investment strategy.
The NFO opens today and will close on November 28. The scheme will re-open for continuous sale and repurchase on December 12.
Union Value Discovery Fund would predominantly invest in stocks that are categorized as bargain stocks, are temporarily out of favour, under-owned or turnaround companies. Portfolio construction would be driven largely by bottom up stock selection. The scheme portfolio would be diversified, and investment would be made across market capitalization.
This is the fifth open-ended equity scheme to be launched by Union Mutual Fund. The first open-ended equity scheme, Union Multi Cap Fund (formerly known as Union Equity Fund) was launched in June 2011.
“We are excited about the Union Value Discovery Fund. Given the market condition, we believe this is a good choice for investors looking for value for their money. There are a number of stocks available that are close to their intrinsic value. We are confident that we can create a portfolio of stocks that could benefit investors with long term investment horizon, ” says G Pradeepkumar, Chief Executive Officer, Union AMC.
The scheme will be managed by Vinay Paharia and, benchmarked against S&P BSE 200 Index.
Vinay Paharia is the Chief Investment Officer (CIO) of Union AMC. He is a B.Com and M.M.S. In his professional career of more than 15 years, he has worked with Invesco Asset Managment (India) as Fund Manager - Equity. Further, he has also worked with DBS Cholamandalam AMC, K. R. Choksey Shares and Securities and First Global Stockbroking Pvt. Ltd. as an equity research analyst.
Union mutual fund manages average assets worth Rs 4,910 crore as on September 30, 2018. The AMC saw a 11 per cent rise in its AUM over June 2018.