TheEdge
KUALA LUMPUR: ING Funds Bhd has submitted its application to the Securities Commission (SC) to increase the fund size of the ING Baraka Commodities Capital Protected Fund, its syariah-compliant capital protected fund launched on Oct 2, from 200 million units to 300 millions units or RM300 million.
Its chief executive officer Steve Ong said the fund was well received as investors were drawn to its 100% capital protection feature and expected high capital growth from investments in the Societe Generale Asset Management (SGAM) Alternative Investments (AI) Baraka Commodity Index, comprising the top 30 global equities in the basic materials and oil and gas (O&G) sectors.
“We encourage investors to consider the ING Baraka Commodities Capital Protected Fund as it offers local investors a good alternative investment to the current low interest offered by banks’ fixed deposits,” he said.
He said companies that are linked to the basic materials and O&G sectors will potentially benefit from the upward trend in the commodity market as commodity prices will continue to increase, spurred by scarceness of resources and increasing demand.
The fund has an entry price of 98.52 sen per unit with a capital protected value of RM1 per unit. Its entry fee and annual management fee is 1.5% and 1% of net asset value (NAV) per unit respectively, with the minimum initial investment amount at RM5,000.
The offer period for this fund would end on Nov 15.
ING Funds said investors could purchase units of ING Baraka Commodities Capital Protected from its advisers or authorised distributors nationwide.
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