Reliance Growth Fund touches NAV of Rs 1,000

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Asset Management’s open-end growth program, Reliance Growth Fund, has reached a net asset value (NAV) of Rs 1,000.

It is the first fund in the sector to reach this level of net asset value. The fund was launched 21 years ago in October 1995.

“It gives us immense satisfaction that Rs 1 lakh invested in our fund is valued at Rs 1 crore today, an endorsement of our belief that MFs are the best investment option for long-term value creation,” said Sundeep Sikka, CEO of Reliance Mutual Fund.

“This growth in NAV – from Rs 10 to Rs 1,000 – which is a 100x growth in 21 years, also confirms our view that AMCs with long term track records of 15 to 20 years like Reliance MF after going through volatile market conditions will continue to create wealth for investors,” he added.

Net asset value is the value per share of a mutual fund on a specific date or time.

Reliance Growth Fund, a fund focused on mid-caps, invests primarily in financial, information technology, industrials and healthcare companies.

Investors who have stayed with the fund since its inception have enjoyed 100x wealth growth to date. The fund has a corpus of over Rs 5,000 crore from over six lakh investors. In the March quarter, Reliance Mutual Fund had an asset base of Rs 2,10,890 crore.

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