The new fund offer or NFO of the scheme is open for subscription and it will close on September 1.
The performance of the Scheme will be benchmarked with S&P BSE SENSEX Index (Total Returns Index). The scheme will be managed by Aditya Mulki and Ashutosh Shirwaikar.
The minimum subscription amount is Rs 10 plus in multiples of Re 1 during the NFO.
With a Total Expense Ratio (TER) of 0.14% (direct plan), the Navi S&P BSE Sensex Index Fund will have the lowest cost across all Sensex index funds and active large funds, the fund house said. The average TER of other Sensex index funds is 0.22% while that of active large cap funds is 0.9975% (Source: AMFI TER data, August 1, 2023).
The S&P BSE Sensex Index has historically delivered strong performance with a CAGR of 17.03% (1 year performance), 22.38% (3-year performance), and 14.61% (10 years performance). As of July 31, 2023, some of the top constituents of the S&P BSE Sensex Index include the best-known corporate names in India such as HDFC Bank, Reliance Industries, ICICI Bank, Infosys, ITC, Tata Consultancy, Larsen & Toubro, Kotak Mahindra Bank, Axis Bank, and State Bank of India.“We are pleased to announce the launch of the lowest TER fund in the industry. Navi S&P BSE Sensex Index Fund gives our customers a simple and accessible path to invest in the top 30 companies in India. With a minimum investment of just INR 10, we are confident that this scheme will aid us in our mission- to make finance accessible to a billion Indians. By combining innovation, accessibility, and affordability our endeavour remains to keep the cost to the customer low and reduce the barrier of entry into the mutual fund space,” says Sachin Bansal, Co-founder, Navi Group.
