JM Auto sector fund which is an open ended sector fund will be changed to JM Mid Cap fund which is an open ended equity fund. The investment objective of the scheme will be to generate long term capital growth at a controlled level of risk by predominantly investing in Mid Cap companies.
Under normal circumstances the scheme would invest upto 65-100 per cent into equity and equity related instruments with high risk profile and invest upto 35 per cent into money market instruments or debt securities. The fund will be benchmarked to CNX Mid Cap Index and will be managed by Mr. Sanjay Chhabaria. The changes are proposed in JM Auto Sector Fund with effect from 23rd May, 2009.
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