NFO Alert: 360 ONE Mutual Fund launches overnight fund

360 ONE Asset Management has announced the launch of the 360 ONE Overnight Fund, an open-ended debt scheme investing in overnight securities.

The New fund offer or NFO of the fund is open for subscription and will close on July 9. The scheme reopens for continuous sale and repurchase from July 14.

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This fund is designed to offer investors a prudent solution for managing short-term surplus funds while balancing safety, liquidity, and reasonable returns over the short term, according to a press release.

The minimum application amount of Rs 5,000 and in multiples of Re 1 thereafter. The fund will have no exit load, offering investors the flexibility to redeem at their convenience.

The 360 ONE Overnight Fund will invest in debt and money market securities such as certificates of deposit, commercial papers, TREPs, reverse repo and T-bills with overnight maturity.

“We remain focused on delivering precise and purposeful solutions that cater to the varied needs of our investors. The launch of the 360 ONE Overnight Fund is a continuation of that approach, offering a well-structured option for short-term capital allocation. It is tailored for those who seek safety, liquidity and short-term deployment of surplus funds without much complexity,” said Raghav Iyengar, CEO, 360 ONE Asset.

According to the press release, the fund is ideal for conservative investors, transitional investors, and corporates managing short-term liquidity.

“The 360 ONE Overnight Fund is designed to manage short-term money needs by providing high liquidity and relatively low risk. With daily reinvestment of matured securities, the scheme seeks to provide a smooth and efficient avenue to address short-term financial requirements,” said Milan Mody, Fund Manager, Fixed Income, 360 ONE Asset.

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Overnight funds invest in securities that mature overnight or within one business day, making them among the lowest-risk options in the fixed-income space.

These funds are particularly suitable for investors with an investment horizon of one day to one month, including corporates, HNIs, and individuals seeking to park funds for the very short term, the release said.

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