Axis Multicap Fund renamed Axis Flexicap Fund
Mumbai: In view of the current product positioning of Axis Multicap Fund and retaining a flexicap approach to the existing fund within the new categorization framework, Axis Mutual Fund, one of the leading mutual fund houses in India, is in the process of renaming Axis Multicap Fund to Axis Flexicap Fund.
It will be an open-ended dynamic equity scheme that invests across large cap, mid cap, and small cap stocks to facilitate capital appreciation over medium to long term. The same will be effective from January 30th 2021. The scheme, moving to the new category will continue to adopt a flexible approach to allocation and not be constrained by market cap restrictions. It may be recalled that Sebi vide its circular dated November 6, 2020, introduced a new category of equity oriented schemes under the Sebi scheme categorization framework.
In a media release, Axis Mutual Fund said, after the revision, Axis Flexicap Fund will invest minimum 65 per cent to maximum 100 per cent in equity and equity related investments, maximum 35 per cent in debt and money market investments, and maximum 10 per cent in units issued by REITs and InvITs (earlier, the asset allocation was such that the scheme shall invest minimum 80 per cent to maximum 100 per cent in equity and equity related investments, maximum 20 per cent in debt and money market investments, and maximum 10 per cent in units).