>Mirae Asset today announced the launch of Mirae Asset Emerging Bluechip Fund, an open ended equity fund. The fund is primarily a mid-cap fund that invests in Indian equities and equity related securities of companies, which are not part of the top 100 stocks by market capitalization but have a market capitalization of atleast Rs.100 crores at the time of investment. The fund does not have any theme bias but will invest in securities with the objective of generating income and long term capital appreciation. Mirae Asset Emerging Bluechip Fund’s New Fund Offer (NFO) will be open from May 24 till June 22, 2010. The units will be available at Rs.10/- each during the NFO period.
Speaking on the launch of the new fund, Arindam Ghosh, CEO, Mirae Asset Global Investments (India) Pvt. Ltd, said, “With the launch of Mirae Asset Emerging Bluechip Fund, we are expanding our portfolio by offering a mid-cap equity fund. The fund would give investors the opportunity to participate in the growth story of today’s emerging companies which have the potential to become market leaders in the future. We believe that today’s mid-cap stocks have the potential to be tomorrow’s large-caps and a right amount of midcaps in the portfolio can help investors optimize their risk adjusted returns.”
With this launch, Mirae Asset will have four equity funds in its portfolio, the flagship fund Mirae Asset India Opportunities Fund has completed two years and has delivered robust performance^. Mr. Ghosh said, “In its two years track record, the fund has given returns of 21.46%**# since inception compared to 8.86% by the benchmark (BSE 200).”
Commenting on the fund, Mr. Gopal Agrawal, Deputy CIO & Head of Equity, Mirae Asset Global Investments (India) Pvt. Ltd, said, “Mirae Asset Emerging Bluechip Fund provides investors with an opportunity to benefit from a new type of investment approach by combining thematic philosophy and bottom-up approach to stock selection. Companies with strong balance sheets and good visibility in earnings will outperform given the earnings trajectory in mid-caps is very strong and we can see them outperforming large-caps in the coming years”.
Benchmarked to the CNX Midcap Index, the fund will have 65-100% allocation to equity and equity related securities. The allocation to other Indian equities and equity related securities will be within a range of 0-35%. The fund may also invest from 0-35% in money market /debt securities instruments.
The fund offers growth and dividend options (payout & reinvestment), with minimum application of Rs.5,000/- and in multiples of Re.1 thereafter. Additional investments in an existing folio can be made of Rs.1,000/- and in multiples of Re.1 thereafter. There is an exit load of 1% for redemptions within one year (365 days) of allotment / purchase.
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About Mirae Asset
Mirae Asset Global Investments (India) is a wholly-owned subsidiary of the Mirae Asset Financial Group.
In less than a decade Mirae Asset Financial Group has become one of the world’s largest investors in emerging market equities managing assets of over USD 58.08 billion* as on April 2010.
Headquartered in South Korea, Mirae Asset Global Investments has investment management operations in Hong Kong, United Kingdom, India, Vietnam, USA, and Brazil. Apart from Asset management, Mirae Asset Financial Group has business interest in Life Insurance, Securities and Investment & Venture Capital.
*Source: Mirae Asset Financial Group – Data as on April’10