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Principal Mutual Fund launched the Principal Emerging Bluechip Fund, an open-ended equity scheme. The new fund offer opened from September 22 and will close on October 10.

The performance of the fund will be benchmarked against the CNX Midcap Index.

In equity and equity-related instruments of mid-cap companies, the fund will allocate 65-95 percent of its corpus. 5-15 percent of the corpus will be allocated in equity and equity-related instruments of small-cap companies. The fund will allocate up to 30 percent in equity and equity related instruments of companies other than mid-cap and small-cap.

While the fund intends to invest 70-100 percent in equity, up to 30 percent allocation will be towards cash and money market instruments including fixed income securities.