~24,000 cr distributed to investors of 6 schemes: FT MF
Franklin Templeton Mutual Fund (MF) on Wednesday said it has distributed about ~24,000 crore to unitholders of the six debt schemes it shuttered last year. The fund house also stated that as on September 30, ~693 crore was available as cash for future disbursal.
In a letter to investors, Sanjay Sapre, president of Franklin Templeton Asset Management (India), said as of September 30, the six funds have already distributed ~23,999 crore to unitholders, representing 95 per cent of the aggregate reported assets under management (AUM) as of April 23, 2020, the day the schemes were wound up.
The total amount disbursed so far ranges between 84 per cent and 108 per cent of the respective reported AUM values of the six funds as of April 23, 2020. Further, at the time of each distribution, the net asset value of each of the funds was higher than it was on April 23, 2020.
The fund house said it remains positive on equities as easing of restrictions related to schools, theatres, capacity restrictions and a pick-up in vaccinations should lead to further economic normalisation during the festive season.
“Equity markets continued to rally and touched new highs in September 2021. The rally was primarily driven by government reform/relief measures (telecom, auto, banking), low interest rates, improved vaccine access and pick-up in service sector activities. Resumption of economic activity is reiterated by improving indicators like eway bills, GST collection, power demand, rail freight and exports growth among others," added Sapre.