The biggest private sector bank in the nation, HDFC, has released a significant update through its mutual fund business. The mutual fund plan has been closed, as announced by the HDFC bank. Starting on July 22, no new registrations will be accepted for this. The HDFC Group mutual fund business has made it clear that as of July 22, it will no longer accept new investments in this program. In reality, the HDFC Defense Mutual Fund will no longer accept new investments.
You cannot participate in this HDFC offer, so why did you make this choice?
HDFC Mutual Fund announced on July 9 that it will no longer be accepting new SIP deposits in its military fund as of July 22. Additionally, the business has decided to discontinue lump sum and systematic transfer plans in this fund. HDFC Defense Fund is considered a highly concentrated fund. It has 21 stocks, of which 63 percent weight is concentrated in just five stocks. The money of this fund is invested in defense or related companies. HDFC launched the Defense Fund on June 2, 2023. Its AUM reached Rs 3,665.95 crore. This fund of the company got a tremendous response from the people. Now the company is shutting it down, because experts believe that there is less liquidity and fewer investment options.
What will the elderly investors’ fate be?
According to HDFC, current investors will continue to invest in the Defense Fund after July 22. No new investments will be made in the fund after that date. We will only accept investments from current investors. This fund had the highest return among all the funds in the previous year. Investors have received a yearly return of almost 144% thanks to it. The business has made it clear that the existing SIPs and investments in this fund will carry on as previously. Those who have already made investments in this fund are still allowed to make withdrawals and make additional investments. For them, nothing will change. In other words, if you have made investments in this fund, you don’t need to worry.
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