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Home / Mutual Funds / News /  Mirae Asset launches 'Ultra Short Duration Fund'

Mirae Asset Investment Managers has launched ‘Mirae Asset Ultra Short Duration Fund’, a debt fund suitable for investors looking at making investments for a short period of 3 to 6 months. Mirae Asset Ultra Short Duration Fund is an open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months to 6 months. The NFO opens for subscription today, on September 28 and will close on October 6. The scheme will predominantly invest in highly rated instruments of AAA/A+ rated papers.

The scheme has a better return potential compared to traditional products in a short period time, says the fund house release. The fund will also showcase a good portfolio liquidity.

The fund will be managed by Mahendra Jajoo, CIO – Debt. The scheme will be benchmarked against Nifty Ultra Short Duration Debt Index. The fund has no exit load.

“The decision to launch Mirae Asset Ultra Short Duration Fund is in line with our objective to complete the debt product offering over a period of time and providing more investment options for our investors. The fund will follow our stringent debt investment process and invest predominantly in highly rated instruments with an aim to offer better risk adjusted returns to investors who are seeking opportunities for a short period ranging from 3 to 6 months." says Swarup Mohanty, CEO, Mirae Asset Investment Managers (India).

The minimum initial investment in the scheme will be 5,000 and multiples of Re 1 thereafter. Units will be allotted in whole figures and the balance amount will be refunded.

The scheme will re-open for continuous sale and repurchase from October 8.

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