Bangalore: Groww Mutual Fund has announced the launch of Groww Nifty Total Market Index Fund, based on the NIFTY Total Market Index. Mr. Anupam Tiwari (Fund Manager) will be managing the fund. The Groww NIFTY Total Market Index Fund will track the Nifty Total Market Index and aim to provide potential returns before expenses that correspond to the total returns of the Nifty Total Market Index, subject to tracking errors. The fund will be open for subscription from October 3, 2023, to October 17, 2023, and re-opens for ongoing subscription and redemption within five business days from the date of allotment of units on or before. This will be India’s first Total Market Index Fund.
- Category: An Open-Ended Index Fund Tracking the NIFTY Total Market Index
- Benchmark: NIFTY Total Market Index – TRI
- Groww Asset Management Ltd (AMC) Chief Executive Officer: Mr Varun Gupta.
- Fund Manager: Mr. Anupam Tiwari
- NFO open date: October 3 2023
- NFO close date: October 17 2023
- Minimum SIP Investment: Rs.100 and in multiples of Re. 1/- thereof
- Minimum Lumpsum Investment: Rs.1000 and in multiples of Re. 1/- thereof.
- Exit Load: Nil
The Nifty Total Market Index consists of ~750 stocks across large, mid and small-cap segments. While large-cap stocks account for 72.03% of their weightage, about 27.97% are attributed to mid, small, and microcap stocks.
[1] of their weightage in the index. This composition seeks to balance the steadiness of large-cap companies with the growth prospects of mid and small ones. The index represents around 96% of the NSE’s total market capitalization, in comparison to the 49% covered by the NIFTY 50.
[2]. This broad coverage paints a holistic picture of India’s stock market. In addition, its diversified nature minimizes risks tied to individual sectors. Historically, this index has outperformed the NIFTY 50 in terms of both total and risk-adjusted returns, and its ten-year drawdowns are comparable to those of the NIFTY 50*. (Please refer to SID for detailed Asset Allocation & Investment Strategy and other scheme-related information available at www.growwmf.in.
Harsh Jain, COO and co-founder of Groww highlighted, “India’s economic story is multi-dimensional, with growth seen across diverse sectors. Groww NIFTY Total Market Index Fund seeks to offer investors an opportunity to benefit from India’s growth.”
Understanding that no two investors in India have the same investment goals, Groww Mutual Fund is dedicated to creating products that resonate with the people. This encompasses schemes that constitute various market caps, sectors, and investment strategies, both passive and active.
Elaborating on the company’s approach, Mr. Jain stated, “At Groww Mutual Fund, we are committed to bringing products that suit the investor’s diverse needs, aiming to allow them to build wealth in the long term.
Some Key Attributes of the Scheme include:
- Aims to offer broader exposure to the Indian stock market
- Access to a broad portfolio of stocks with a single investment
- Aimed at long-term capital appreciation
Investors can start investing in the Groww NIFTY Total Market Index Fund from October 3 to October 17 via any mutual fund investing platform or directly through Groww Mutual Fund.
