Whatever Happened To... Mastershare ; Money Today Kicks Off a Series to Revisit Old Investment Avenues with a Mutual Fund Scheme That Brought the Equity Cult to India
Summary
The jewel in UTI's crown-Mastershare-was the first pure equity fund in India. The harbinger of the equity cult, the scheme made its debut as a listed close-ended fund in 1986. Close-ended schemes are not open to redemptions, but since it was listed investors could buy and sell Mastershare units on stock exchanges. The fund became open ended in 2003.
Ask any of its 5.25 lakh investors why he invested in Mastershare and his first reason is likely to be the uninterrupted dividend history for 19 years. This is quite a feat; most funds have skipped dividends in times of adverse market conditions. If the first investor in Mastershare is still holding his units, he has received Rs 52.26 per unit (of Rs 10) in dividends alone. Add to that the appreciation in the capital invested at an annualised rate of 15 per cent and the three issues of bonus units in 1991, 1993 and 1995, and the wealth created is Rs 120 per unit.See the full content of this document
Extract
Whatever Happened To... Mastershare ; Money Today Kicks Off a Series to Revisit Old Investment Avenues with a Mutual Fund Scheme That Brought the Equity Cult to India
Primarily a large cap fund anchored to the Sensex,...
See the full content of this document