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Saturday, Nov 18, 2006

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Markets - New Fund Offer
Fidelity Mutual launches cash fund

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With a credit quality rating from ICRA

Mumbai , Nov. 17

Fidelity Fund Management Pvt Ltd has announced the launch of Fidelity Cash Fund with a credit risk rating MfA1+ from ICRA, indicating the highest-credit-quality short-term rating assigned by ICRA to debt funds. The Fidelity Cash Fund is an open-ended liquid scheme that aims to generate returns with lower volatility and higher liquidity through a portfolio of debt and money market instruments.

The new fund offer opens on November 20 and closes on November 22 and thereafter is open for ongoing purchase and redemptions from November 29. The fund has been benchmarked against the CRISIL Liquid Fund Index. "With the Fidelity Cash Fund, we are enhancing our product suite to offer investors a wider choice across the risk-return spectrum. It is also another step towards building out our fixed income business, which we launched earlier this year," said Ms Ashu Suyash, Managing Director and Country Head of Fidelity Fund Management Pvt Ltd.

The fund will have retail, institutional and super institutional plans. Each plan will offer growth and dividend options. The minimum initial investment for the institutional plan is Rs 1 crore and the super institutional is Rs 25 crore. For the retail plan, the minimum initial investment is Rs 5,000. The fund has no entry or exit loads. Investors can invest even through the SIP route with a minimum amount of Rs 500 per instalment with the total of all instalments not being less than Rs 5,000.

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