Asset management firm Principal Mutual Fund today said its fixed income plan,Principal Pnb Fixed Maturity Plan-Series A4,has mopped up Rs 190 crore.
The close-ended scheme with a maturity of 367 days,was open from March 22 until March 29.
“We are very pleased with the collections of the Principal Pnb Fixed Maturity Plan-Series A4 and the investor confidence that it has attracted,” the fund house’s Chief Investment Officer Rajat Jain said in a statement.
Fund houses normally launch a slew of fixed maturity plans during February and March as these schemes provide attractive yields and double indexation benefit available to investors.
Double indexation benefits mean providing the advantage of two cost inflation indices to the investor for staying invested in a particular instrument for a particular time period.
If the mutual fund units are held for a period of just more than a year,they will generate the benefit of two years of indexation for the investor.
Principal Mutual Fund is owned by US-based Principal Financial Group along with Punjab National Bank and Vijaya Bank. It managed assets worth the average Assets under management was Rs 4,126 crore during the quarter ending March 31,2012.