Earlier, Navi Mutual Fund had launched Nifty 50 Index Fund and Nifty Next 50 Index Fund.
According to the press release, the scheme offers exposure to 12 stocks from the banking sector, including 10 private and 2 PSU banks which capture 88% of the market capitalization of all the listed banks.
The Nifty Bank Index has offered 1-year, 5-year and 10-year CAGR of 14%, 12.5% and 16.9% respectively.
“India’s aim to become a US$ 5 trillion economy will be driven by significant expansion and growth in our banking sector over the next few years. This sector is clearly poised for growth and Navi’s Nifty Bank Index Fund provides an opportunity for investors to participate in this growth journey,” said a spokesperson from Navi Mutual Fund.