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IDFC Equity Opportunity Series 3
IDFC Mutual Fund has launched its 21 months closed ended equity diversified fund called IDFC Equity Opportunity Series 3. The NFO is currently open for subscription and will close on February 24.
The first series of IDFC Equity Opportunities Fund which hit the market in April 2013 mopped up Rs. 260 crore while the Series II which was launched in December collected Rs. 300 crore.
In a press release, Kalpen Parekh, CEO, IDFC MF said, “This is the third investment idea in our series of portfolios offered in this year through Equity Opportunities Funds. The overall consolidating environment is giving us an opportunity to build equity portfolios counter cyclically. Investors are underweight equity and it is better to increase allocations when valuations are favourable.”
IDFC MF believes that the macroeconomic construct for India has stagnated in the last couple of years resulting in suboptimal capacity utilization and no pricing power in the system. The return on equities (RoEs) and project internal rate of return (IRR‘s) today are suboptimal to embark on a fresh capex cycle. In such an environment there is opportunity to create a portfolio that will efficiently utilize their cash flows by sharing it with shareholders through dividends, said the press release.
Fund Manager of the scheme, Ankur Arora said, “As the current level of ROE does not incentivize fresh capex, the surplus generated in businesses will be paid out to shareholders by way of dividends. Through this fund we aim to capture opportunities available in such companies.”
The fund would invest in companies that generate good free cash flows which will be utilized to pay high dividends. These are companies with good operating matrix, have no or low debt and dominant in their respective industries.
The fund will be benchmarked against S&P BSE 500. The minimum application amount would be Rs 5000.
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