Fidelity MF foray into fixed-income space

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MP Guru
Source: IRIS (16 June 2006)

Fidelity Mutual Fund is planning to foray into the fixed-income space through an open-end income scheme suitable for short to medium term investors.

The proposed Fidelity Short Term Income Fund, which will offer two plans (named institutional and non-institutional), will be benchmarked against Crisil Short Term Bond Index.

Fidelity Short Term Income Fund will invest entirely in debt and money market securities. Debt instruments (including securitised debt) may account for 100 percent of the allocations. The fund can scale up its exposure to money market instruments to 100 percent as well. It may invest in various derivatives instruments, subject to limits.

The MF`s latest move marks the continuation of its engagement with products other than those focused solely on equities. So far, it has introduced three equity funds and a multi-manager cash fund.
 
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