KOLKATA: Peerless Funds Management Company, a subsidiary of the Peerless General Finance and Investment Company (PGFI), Wednesday launched its first equity offering targeting BSE-500 stocks.
The Kolkata-headquartered mutual fund (MF) company is now looking at realty and metal stocks.
"We are launching the equity fund at a time of macro-economic slide. We hope that there would be market correction soon," said Akshay Gupta, MD and CEO, Peerless Funds Management Company.
The fund would invest in around 30 stocks picked from the BSE-500 list after researching around 250 companies across sectors, he said.
The new fund would allocate 80 percent of assets in equity and equity-related instruments with medium to high risk profile. It would allocate 20 per cent of assets in debt and money market instruments with low to medium risk profile.
Peerless MF had earlier launched liquid and hybrid funds.
To a query, he said there were no plans to enter the portfolio management service at the moment. "We will enter once our operations gather certain momentum," he added.