The Hindu Business Line : JM Mutual eyes real estate stocks for its next scheme

JM Mutual Fund is looking at construction and realty stocks as key ingredients of the portfolio of its next scheme, details of which are yet to be revealed.

There are not too many pure realty plays in the Indian market, it points out. However, many companies have lately gained because of investors' keen interest in identifying those that have sizeable real estate.

The proposed JM MF scheme will try to pinpoint such companies, it is learnt. A few fund houses have come up with schemes that focus on infrastructure and allied themes. Tata Mutual Fund and Prudential ICICI Mutual Fund are already in the fray, while Canbank MF and Deutsche MF have mooted their proposals. While Prudential ICICI's scheme collected Rs 1,400 crore during its launch, Tata Infrastructure Fund (since December 2004) manages around Rs 750 crore.

Dividends from arbitrage fund: JM MF has announced record dates — September 28, December 28 and March 29 — for dividends under its Equity & Derivatives Fund. The universe for cash futures will expand in the days ahead, it is expected. According to Mr Krishnamurthy Vijayan, CEO, JM MF, the fund company has envisaged a growing opportunity for arbitrage. The fund tries to provide returns quite like interest from an investment in equity, created by purchasing stock and offloading it in the futures segment.

JM Equity & Derivative, launched earlier this year, had a corpus of Rs 854 crore as on August 31. Its net asset value stood at Rs 10.34 on September 14.

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