Kotak Mutual Fund (MF) has temporarily suspended the subscription of its four international funds with effect from Thursday. The fund house will not accept fresh or additional lump sum or switch-in transactions and fresh SIP or STP in these schemes, but will permit the same for investments not exceeding ₹100,000 per PAN per month in respective schemes.
Kotak MF issued a notice-cum-addendum announcing the temporary suspension of these schemes, in which it also said that all purchase or switch transactions of the schemes timestamped on or before 3.00 PM on Wednesday will be accepted and processed at applicable net asset value.
The four temporarily suspended international funds are Kotak Global Emerging Market Overseas Equity Omni Fund of Funds (FoF), Kotak Global Innovation Overseas Equity Omni FoF, Kotak International REIT Overseas Omni FoF, and Kotak Quality Overseas Equity Omni FoF. As of April 30, these four funds together have an asset under management (AUM) of ₹ 1,696 crore.
In the last one year, the first three funds have given returns of around 68%, 50%, and 20%, respectively, and are managed by Arjun Khanna. The last one, Kotak Quality Overseas Equity Omni FoF, was launched in March and has given a return of 6%. This fund is managed by Khanna and Abhishek Bisen.