Mirae Asset Mutual Fund has launched its equity savings fund called Mirae Asset Equity Savings Fund. The NFO period of the fund is currently open for subscription and will close on December 10, 2018.
Mirae Asset Equity Savings Fund is an open ended scheme investing in equity, debt and arbitrage. The scheme aims to have an asset allocation of 40% in equity, 30% in arbitrage instruments and 30% in debt and money market instruments. The fund will predominantly invest in large caps with flexibility to invest in mid and small caps. Also, the fund will invest upto 30% in arbitrage, so the overall equity allocation is greater than 65%, which provides tax efficiency to the fund.
The fund will also invest in highly rated debt and money market instruments, with duration between 1-3 years. “We believe this fund is apt for conservative to moderate investors who are seeking better return potential than fixed income but with marginally higher risk,” said the fund house. Sudhir Kedia will be managing equity portion for this fund and Mahendra Jajoo will handle the debt portion.
In a press release, Swarup Mohanty, CEO, Mirae Asset MF said, “We do believe that equity savings category is a good category for the retail debt Investor to start looking at, wherein they get equity participation in a controlled manner. In the current market environment wherein there is heightened volatility, a blended portfolio of equity, debt and arbitrage can provide better risk adjusted returns to investors.”
The fund house has completed a journey of 10 years in India. The fund house said, “Embarking on the wealth creation journey with its two flagship products, Mirae Asset India Equity Fund and Mirae Asset Emerging Bluechip Fund, the AMC is now expanding its product basket to offer varied solutions to investors. We are happy to announce that we will be enhancing our equity product offering by launching Mirae Asset Equity Savings Fund.”
