Navi Mutual Fund has launched Navi Nifty Midcap 150 Index Fund that will replicate the Nifty Midcap 150 Index.
The fund will have a TER of 0.12% for the direct plan, which is the lowest cost compared to any other index funds in the category, says the company. The NFO is already open and will close on March 2, 2022.
Navi Nifty Midcap 150 Index Fund (NNM) will seek to replicate the Nifty Midcap 150 Index, which comprises 150 companies (ranked 101-250) based on full market capitalization from the Nifty 500 Index. Its 1 year, 5 year and 10-year CAGR are 46.1%, 18.7% and 19.6`% respectively.
This is the fourth fund launched by Navi Mutual Fund this year, continuing its focus on passively managed schemes. It launched the Navi Nifty Next 50 Index Fund and Navi Nifty Bank Index Fund in January, and the Navi US Total Stock Market Fund of Fund in February, which is currently the only fund in India providing exposure to Vanguard. Navi plans to launch three more funds by the end of March this year.
