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Axis Special Situations Fund to be called Axis Innovation Fund from June 13: What should investors know
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The decision to rebrand the fund is aimed at better reflecting its nuanced focus, according to the fund house.
Axis Mutual Fund has announced a change in the fundamental attribute of the Axis Special Situations Fund, which will now be renamed the Axis Innovation Fund.
The decision to rebrand the fund is aimed at better reflecting its nuanced focus, according to the mutual fund house.
Effective June 13, the scheme will transition from its current open-ended equity scheme with a special situations theme to an open-ended equity scheme centred around the innovation theme.
Under the revised investment strategy, the fund will allocate 80-100% of its assets in equity and equity-related instruments related to innovation, with a potential allocation of 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 and InvITs.
The fund’s investment strategy will primarily target stocks poised to benefit from innovative change, including innovators, enablers, and adaptors.
Unit holders have been informed of these changes through a notice-cum-addendum, with an optional exit window provided from May 14 to June 12.
During this period, unit holders who do not consent to the change may opt to switch to another scheme within the fund house or redeem their investments at the applicable net asset value without incurring an exit load.
However, transactions initiated on or after the effective date will be subject to any applicable exit load.
Certain unit holders, such as those who have pledged or encumbered their units or whose units are under lien or injunction, may have restrictions on exercising the exit option unless certain conditions are met.
Investors who have registered for a systematic investment plan (SIP) in the scheme and wish to discontinue their future investments must apply for the cancellation of their SIP registrations.
Redemption requests will be processed promptly, with redemption proceeds either mailed via redemption warrant/cheque or credited to the unit holder’s bank account within three working days from the date of receipt of the redemption request.
The fund house emphasises that the offer to exit is voluntary, and unit holders who do not object to the aforementioned change are not required to take any action, as their consent will be assumed by default.
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