SBI Mutual Funds Launches First Overseas Fund

The State Bank of India (SBI) Mutual Funds has launched its first overseas offering on 1 March 2021. The fund titled SBI International Access — US Equity FOF is an open-ended fund of funds scheme investing in a mutual fund scheme/ETFs that invest in US markets, which are domiciled overseas. The scheme will invest 95-100 per cent of its net assets generally in Amundi Funds – US Pioneer Fund (including ETFs), which invest predominantly in the US markets.

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The main features of the scheme include:

  • International diversification: Provides international diversification to the portfolio and provides investors with the opportunity to invest in themes not available in the Indian market.
  • Lower correlation: Aids in mitigating overall risk by investing in a market that has a lower correlation to Indian markets.
  • Currency depreciation: Provide investors with the opportunity to benefit from any depreciation in the Indian currency against the currency of the underlying fund.

Minimum Investment Amount

  • The customers interested in the scheme are required to invest at least Rs 5,000 for the first time. However, for additional purchase, the minimum application amount is Rs 1,000.
  • There is no upper cap for the investment in this fund.

Important takeaways for all competitive exams:

  • SBI Chairperson: Dinesh Kumar Khara.
  • SBI Headquarters: Mumbai.
  • SBI Founded: 1 July 1955.
  • SBI Mutual Fund MD & CEO: Vinay Tonse.

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