Global funds that put your money in other countries don’t necessarily offer much diversification
Axis Mutual Fund plans to launch another foreign fund of fund scheme— Axis Global Equity Alpha Fund. This scheme, like that of Axis Asian Opportunities Fund (Read: Axis Asian Opportunities Fund: Another global fund) would invest in a scheme of Schroders Plc. Schroders is a global investment company that manages around 580 funds globally with a total corpus of $388 billion. The scheme would invest 95%-100% of its assets in units of Schroder International Selection Fund Global Equity Alpha. The remaining part of the assets would be invested in debt or money market instruments. The target scheme was launched in July 2005 is one of the funds under the Schroder International Selection Fund. Under this scheme, at least two-thirds of the fund (excluding cash) will be invested in a concentrated range of shares of companies worldwide.
Schroder Alpha funds have a strategy to invest “in companies in which they have a high conviction that the current share price does not reflect the future prospects for that business. The fund will typically hold between 50 and 60 companies and has no bias to any particular industry or size of the company.”
As on 28th June 2013, over 50% of the assets have been invested in companies listed in America and around 20% is invested in companies listed in Europe. In terms of performance, the scheme has performed relatively well compared to its benchmark since inception and over the one-year and five-year periods. The top 10 holdings of the scheme includes: Microsoft, Roche Holding, Coco-Cola, Diageo and Occidental Petroleum. Idea Cellular is also one of the top 10 picks.
Long-term capital gains are tax-free for domestic equity mutual fund schemes. Investing in global funds will attract long-term capital gains which will be taxed at 20% with indexation and 10% without indexation.
Equities should be used to create long-term wealth. If an investor is looking to invest for the really long term, then, with the tax benefits included, investing in Indian equity schemes may be a better option than investing in global schemes. These schemes have made money recently because of rupee devaluation. Such gains may not last.
Sudhanshu Asthana, who has an experience of over 10 years, would be the fund manager of the scheme. The performance of the scheme would be benchmarked to MSCI AC Asia ex Japan Net TR index.
Read our earlier articles on global funds:
Other details of the scheme
Minimum Application Amount Rs5,000 and in multiples of Re. 1/- thereafter
Minimum Additional Purchase Amount Rs100 and in multiples of Re. 1/- thereafter
Entry Load: Not Applicable
3% if redeemed / switched - out up to 6 months from the date of allotment
2% if redeemed / switched - out after 6 months & up to 12 months from the date of allotment
1% if redeemed / switched - out after 12 months & up to 24 months from the date of allotment
Bhatkal, one of India’s most wanted terrorists, was picked up by security agencies along the Bihar-Nepal border last night and will be handed over to the NIA for probe
Indian Mujahideen co-founder Yasin Bhatkal, key accused in Hyderabad and Mumbai blasts, was on Thursday arrested from the Indo-Nepal border after being on the run for over five years.
Bhatkal, one of India’s most wanted terrorists, was picked up by security agencies along with another IM leader Akhtar. He will be handed over to National Investigation Agency (NIA) for probe.
Union home minister Sushilkumar Shinde told reporters outside the Parliament, “Yasin Bhatkal was traced along the Bihar-Nepal border last night by our intelligence agencies. He is under the custody of Bihar police and the interrogation has been going on. Till now, this is the only information I can give you”.
Bhatkal is wanted by NIA in several cases of terror activities and waging war against the country. NIA, which has registered cases under various sections of Indian Penal Code (IPC) and Unlawful Activities (Prevention) Act against him, had also announced a reward of Rs10 lakh for his capture.
Yasin, also known as Mohammed Ahmed Siddhibappa, along with three aides Tahaseen Akhtar Wasim Aktar Shaikh (23), Asadulla Akhtar Javed Akhtar (26) and Waqas alias Ahmed (26) were allegedly behind three coordinated bomb explosions at Opera House, Zaveri Zazaar and Dadar West in Mumbai on July 13, 2011, leaving 27 dead and 130 injured.
The IM leader is wanted in a string of terror attacks in Ahmedabad, Surat, Bangalore, Delhi and Hyderabad.
In February, the Maharashtra Anti-Terrorism Squad (ATS) had announced a reward of Rs10 lakh each to anyone giving information on Yasin and the three aides.
Except Tahaseen, who planted a bomb in the Dadar blast, the rest three were also involved in the four co-ordinated low-intensity explosions, which struck the busy arterial road in the heart of Pune city on 1 August 2012. Eight accused had been arrested in this connection.
In December 2011, Delhi police had also announced a reward of Rs 15 lakh for any information leading to the arrest of Yasin in several terror cases, including three in Delhi.
While Yasin hails from Bhatkal in Karnataka, Tahaseen is from Samastipur in Bihar while Asadullah is from Azamgarh in Uttar Pradesh.
Yasin, who co-founded IM in 2008 along with brother Riaz Bhatkal, is also wanted in the German Bakery bomb blast in Pune on 13 February 2010, that left 17 dead.
The IM was designated a terrorist group by the government under the Unlawful Activities Prevention Act in June, 2010.
The banned outfit was declared by the US as a Foreign Terrorist Organisation in 2011.
Jodhpur police said they will wait until 30th August and if the self-styled godman fails to appear before them for questioning, then would take further action
Controversial self-styled godman Asaram Bapu, who is accused of sexually assaulting a minor, will face arrest if he fails to appear before the Jodhpur Police on Friday.
Jodhpur Police Commissioner Biju George Joseph told reporters that, “We will wait until 30th August as per the deadline of the summons served on him and if he fails to turn up by Friday, we will send a team to arrest him on 31st August”.
72-year-old Asaram had sought extension in the date of appearance before the investigation officer of the case at Jodhpur citing he had various pre-decided religious fixtures lined up till 19th September.
Yesterday, DCP Ajay Pal Lamba had said that police will wait till 30th August and if the self-styled godman fails to appear before them for questioning, further course of action would be decided on that day.
Meanwhile, three other accused, including Shilpi (the warden of the hostel at Gurukul), Keshav (attendant of Gurukul) and Shiva (caretaker of Asaram, who was with him at Manai ashram on the day of incident) will appear before the investigating officer for interrogation.
According to the DCP, Shilpi and Keshav had sent the 16-year-old girl to Jodhpur for a ritual to ward off evil spirits for which Asaram had wanted to be alone in the room with the minor on the night of 15th August, and Shiva had threatened the girl against disclosing the incident to anyone.
Asaram’s son Narayan Sai, in comments, which could stroke a controversy, had claimed that the minor girl who levelled the allegations is “mentally unstable”.
Meanwhile, Janata Dal (U) president Sharad Yadav has said, "Asaram Bapu is making mockery of law. It also shows the failure of the government that no action has been taken against him yet."
After meeting the supporters of the self-styled godman, the JD-U chief said, "I told his supporters to go to police station instead of coming here. He (Asaram) should surrender to the law and join the investigation".