Mumbai: Mirae Asset Mutual Fund has launched its first open-ended equity focused fund, Mirae Asset Focused Fund. This new fund, an open-ended equity scheme, will be investing in a maximum of 30 stocks. The fund manager will invest in a focused portfolio of maximum 30 stocks and has the flexibility to invest across large cap, mid cap and small cap categories (multi-cap style) and across sectors.
The NFO or new fund offer of Mirae Asset Focused Fund will be open from 23 April to 7 May 2019. The fund will be managed by Gaurav Misra, who, according to the company, has managed such focused fund strategies in his previous stint as a portfolio manager with ASK Investment Managers Pvt. Ltd.
“Mirae Asset MF is enhancing its product basket to provide varied investment solutions for its investors and partners. The new offering will help us increase our equity offering and enlarge our investor base," said Swarup Mohanty, CEO of Mirae Asset MF.
“The portfolio strategy will be centered around a maximum of 30 stocks with the flexibility to invest across market capitalisation with an aim to generate long term capital appreciation," he added.
Mirae Asset Mutual Fund has completed more than 10 years in India and has broken into the top 15 fund houses in terms of assets under management. The company’s AUM or asset under management stood at ₹27,000 crore (as on 31 March 2019)
Mirae Asset’s flagship equity scheme, the ₹10,500 crore Mirae Asset India Equity fund, is being reclassified from multi-cap to large-cap and will be known as Mirae Asset Large Cap Fund. This means that the fund will have to invest at least 80% of its assets in the top 100 companies by market cap, giving up the flexibility to move between large, mid and small cap companies that it now enjoys. The changes come into effect from 1 May 2019.
In addition to providing the traditional equity and fixed income products, Mirae Asset Group increased its footprint into the alternate product space. Mirae Asset Group ventured into venture capital, real estate, capital markets and alternative investment funds in 2018.