MUMBAI: Geojit Financial Services launched a portfolio management services (PMS) scheme, Dakshin, with a select portfolio of 25 companies from South Indian states. The portfolio would be based on a customised index specifically designed by global indices firm MSCI, in a first-of-its-kind South India-focused fund.
“The custom index designed by MSCI specifically for Geojit is constructed from a universe of select corporates headquartered in Karnataka, Kerala, Andhra Pradesh, Telengana and Tamil Nadu out of the MSCI India Domestic IMI Index,” Geojit said in a press release.
The MSCI South India Domestic High Quality 25 Index constructed by MSCI will have equal weightage for all stocks.
Dakshin benchmarked against the Nifty 500 will be a diversified equity-based, open-ended, multi-cap growth portfolio with a minimum subscription limit of Rs 25 lakh.
The portfolio shows highest sector allocation to financials, followed by healthcare, consumer discretionary, industrials and IT.
“Conservative investors from South India generally look at equity as a risky investment instrument and hence prefer investing in companies that they know very well and trust. In order to meet this growing demand from such investors who wish to focus their equity investment to South India-based companies, Geojit has launched a PMS scheme called Dakshin,” said Satish Menon, executive director, Geojit.
Currently, the firm offers two PMS schemes — one focused on mid and small cap companies, and another on large, mid and small cap stocks.
TOP PICKS IN DAKSHIN PORTFOLIO
Divi’s Laboratories
Biocon
Page Industries
Tata Elxsi
United Spirits
Dr Reddy’s Laboratories
Federal Bank
Muthoot Finance