New delhi: Reliance Capital Asset Management’s open-ended equity growth scheme, Reliance Growth Fund, has achieved a net asset value (NAV) of ₹1,000.
This is the first fund in the industry to achieve this NAV level. The fund was launched 21 years ago in October 1995.
“It gives us immense satisfaction that ₹1 lakh invested in our fund is valued at Rs 1 crore today, an endorsement of our belief that MFs are best investment option for long term value creation,” Reliance Mutual Fund CEO Sundeep Sikka said.
“This growth of NAV — from ₹10 to ₹1,000 — which is a growth of 100 times in 21 years, also substantiates our view that AMCs with long term track record of 15-20 years like Reliance MF after sailing through volatile market condition will continue creating wealth for investors,” he added.
NAV is the value per share of a mutual fund on a specific date or time.
Reliance Growth Fund, a mid-cap oriented fund, is primarily invested in financial, information technology, industrials and healthcare companies. Investors that stayed with the fund since inception have been benefited by growing their wealth 100-times till date.
The fund has a corpus of over Rs 5,000 crore from more than six lakh investors.
As of March quarter, Reliance Mutual Fund has an assets base of ₹2,10,890 crore.