This mutual fund has turned Rs 10,000 SIP into Rs 5.41 lakh in 3 years

SBI Magnum Children’s Benefit Fund – Investment Plan is an open-ended fund that aims to generate long-term capital appreciation by investing predominantly in equity and equity related securities of companies across sectors and market capitalisations and also invests in debt and money market instruments with an endeavour to generate income. The scheme has a lock-in for at least five years or till the child attains the age of majority, whichever is earlier.

Parents (investors) who wish to accumulate a corpus for their children’s needs can potentially benefit from this scheme, the fund house said.

The asset under management (AUM) of the fund as of August 31, 2023, is Rs 1,182.26 crore, which is optimally diversified across only 29 companies (domestic and foreign securities) with the top five sectors (financial services, chemicals, FMCG, IT and consumer durables) comprising 65.03 percent of the portfolio. The first tier benchmark of the scheme is CRISIL Hybrid 35+65 – Aggressive Index, SBI Mutual Fund said.

While R. Srinivasan manages the equity part, Dinesh Ahuja is the fund manager for the fixed income portion. Mohit Jain is the dedicated fund manager for overseas securities.