Sundaram BNP Paribas launches media sector fund

MUMBAI: Sundaram BNP Paribas Mutual has launched Sundaram BNP Paribas Entertainment Opportunities under the Select Thematic Funds umbrella. This open-end fund will open for subscriptions on 24 April, 2008 and will close on 20 May, 2008.
The fund seeks to create wealth by focusing on the Young India theme. Seventy per cent of India’s population is below 35 and with rising urbanization and increase in earnings, this group provides the impetus for the entertainment industry.
Sundaram BNP Paribas Mutual deputy CEO and chief investment officer N. Prasad said, "Robust growth in the economy, expected boom in savings clubbed with growing channel revenues, increasing brand advertisements and rapidly expanding: broadcasters, content providers, films, multiplexes, print media, malls, edutainment, web-based services, telecom and niche IT players makes the entertainment space very promising investment opportunity."
Sundaram BNP Paribas Mutual managing director T. P. Raman said, "This fund is a window for investors to participate in a theme that has vast potential due to dramatic growth of industries such as communication, entertainment, films, leisure, up-scale shopping and luxury. This thematic fund is an integral part of our endeavor to offer well-defined products to investors."
The investment objective of this thematic fund would be to achieve long term capital appreciation by investing primarily in the equity and equity related instruments of companies that focus on opportunities in the entertainment business. The issue of units is at Rs 10 each for cash plus applicable entry load.
This thematic scheme will be benchmarked against S&P CNX Media and Entertainment Index. The fund offers Institutional Plan and Regular Plan with Dividend Payout, Dividend Re-investment and Growth Options.
Satish Ramanathan will be the Fund Manager and Vijayendiran will be the fund manager for investments in overseas securities.