Navi Mutual Fund launched its Navi S&P BSE Sensex Index Fund, an open-ended fund that will replicate and track the S&P BSE Sensex. The index tracks the performance of 30 of the largest, most liquid and financially sound companies listed on the BSE across key sectors of the Indian economy. In a release, Navi MF said, “The fund will aim to generate returns that are commensurate with the performance of the S&P BSE Sensex Index and will ensure that investors’ money is always invested in the 30 leading domestic companies. Investors can invest in the new fund with a starting amount of just Rs 10.” With a total expense ratio (TER) of 0.14 per cent (direct plan), the Navi S&P BSE Sensex Index Fund will have the lowest cost across all Sensex index funds and active large funds, according to the fund manager. It further added that the average TER of other Sensex index funds is 0.22 per cent while that of active large cap funds is 0.9975 per cent. The S&P BSE Sensex index has rallied 9.33 per cent in the last one year till August 21, 2023. On the other hand, it has delivered an annualised return (CAGR) of around 14 per cent in the last 10 years. Some of the top constituents of the S&P BSE Sensex Index include names such as Reliance Industries, SBI, HDFC Bank, ICICI Bank, Infosys, ITC, Tata Consultancy, Larsen & Toubro, Kotak Mahindra Bank and Axis Bank Commenting on the launch, Sachin Bansal, Co-founder, Navi Group said, “Navi S&P BSE Sensex Index Fund gives our customers a simple and accessible path to invest in the top 30 companies in India. With a minimum investment of just Rs 10, we are confident that this scheme will aid us in our mission- to make finance accessible to a billion Indians. By combining innovation, accessibility, and affordability our endeavour remains to keep the cost to the customer low and reduce the barrier of entry into the mutual fund space.” Also read: Hot stocks on August 22, 2023: Adani Power, Zomato, BHEL, Welspun Enterprises, Union Bank and more Also read: Voda Idea, Zomato, Sulzon Energy, YES Bank, HCC shares gain up to 6% amid high volumes; SJS leads turnover
