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Dec 27, 2007 18:31 EEST
ZAGREB (Croatia), December 27 (SeeNews) – Croatian fund manager OTP Invest said on Thursday it has launched an open-ended mutual fund to reflect the movement of the domestic equity benchmark, the Crobex index of the Zagreb bourse.
“It is the first index fund on the Croatian market and its investment goal is to be a replica of the Crobex index of the Zagreb Stock Exchange,” the company said in a statement. The Fund will follow a ‘passive investment strategy’ whose goal is not to ‘beat’ the index but to closely follow the movement of the value of the Crobex index, it added.
The Crobex has gained some 57% since the beginning of this year, on top of some 60% gain last year.
Besides the new fund, named OTP Indeksni Fond, OTP Invest runs also a cash fund, a balanced fund and a bond fund.
Twenty-three fund management companies operated 97 open-end investment funds in the Adriatic country of 4.4 million people last month.
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