NFO: Motilal Oswal S&P BSE Financials ex Bank 30 Index Fund

Jul 13, 2022

Motilal Oswal Asset Management Company (MOAMC) has launched Motilal Oswal S&P BSE Financials ex Bank 30 Index Fund; an open-ended scheme replicating/tracking the total returns of S&P BSE Financials ex Bank 30 Total Return Index.

The NFO opens on July 14, 2022, and closes on July 22, 2022.

The fund aims to provide exposure to the financial services sector, excluding banks. The index will include the top 30 non-banking financial stocks from S&P BSE 250 Large Midcap Total Return Index with a maximum stock weight capped at 15%. The index will be rebalanced semi-annually in June and December. Currently, the index includes stocks of Housing finance companies, NBFCs, Exchanges, Asset Management Companies, Insurance, Card Payment & Fintech, etc.

As of June 2022, the index constituents feature names such as Housing Development Finance Corp, Bajaj Finance Ltd, Bajaj Finserv Ltd, HDFC Life Insurance Company Ltd, SBI Life Insurance Company Ltd., Etc. The top 10 stocks constitute nearly 72% weight in the index. In terms of industry breakup, NBFCs account for the majority with a weight close to 28%, followed by Life Insurance at 21% and Housing Finance companies accounting for 18%. The index is largely skewed towards large cap companies accounting for 75% of the weight, while mid cap companies account for the rest.

S&P BSE Financials Ex-Bank 30 Index has outperformed the S&P BSE 250 Large MidCap index over the last 15 years, on total returns basis. The index has delivered CAGR of 15.3% vs S&P BSE 250 Large MidCap Index 14%, outperforming the broad market by more than 1%. It has also been observed that the index tends to do well during a bull & recovery cycle, states the release.

During NFO, investors can invest a minimum of Rs 500 and in multiples of Re 1 thereafter.

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