The New Fund Offer (NFO) of SBI Balanced Advantage Fund has made a new record. The NFO is the highest grossing among the equity NFOs till date. The fund has collected around Rs 13,000 crore in its NFO period that ended on August 26. Before this, ICICI Prudential Flexicap Fund was topper of the collection chart with Rs 10,000 crore.

DP Singh, Chief Business Officer, SBI Mutual Fund said, this is the highest NFO till date for us as well as the industry in the active funds category.

The SBI Balanced Advantage Fund is a regular dynamic asset allocation scheme. The fund will automatically shift from equities to debt instruments when equity markets go up substantially and vice-versa. Fund managers believe that balanced advantage funds are best suited for new equity investors to navigate the uncertain market conditions.

We are proud of this achievement and also very grateful for the trust our partners and investors have shown in us. We are happy that we have been able to reach out to the affluent class of investors but am more gratified to note that we have added 1,00,000 new investors to the industry. We want to broaden this investor base and will work towards adding more investors from the mass affluent and the middle-class category,” said DP Singh.

“With this fund we wanted to offer investors an investment solution that would be suitable at the current market juncture as well as in the future if market dynamics change. As markets remain volatile, investors need not worry about moving between asset classes and can leave it to the experts to manage their investments, said DP Singh.

SBI MF executives also say that with the market at a record high level, investors who are not very comfortable investing in direct stocks have put in their money in the fund, which has a flexible portfolio mandate.

(Catch all the latest news about mutual funds, MF insights & analysis, best buys and investment trends on ETMutualFunds.com)

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