- The first fund in India^ to focus on the consumption theme driving growth in India and China
- NFO open from March 9, 2011 to March 23, 2011
- Offer of Units at Rs.10 during the New Fund Offer period
Mirae Asset Global Investments (India) Pvt. Ltd., today announced the launch of Mirae Asset India-China Consumption Fund, an open ended equity oriented scheme.
The scheme, the first of its kind in India, will focus on sectors/ companies benefiting from consumption-led demand that is driving the world’s fastest growing economies, India and China. The new fund will open on 9th March, 2011 and close on 23rd March, 2011.
Mirae Asset India-China Consumption Fund will pursue a flavor of Indian and Chinese consumer stocks, providing Indian investors with the opportunity to benefit from the long term structural growth trends in consumption and consumption led sectors like Financials, Healthcare, Utilities, Telecom, Consumer Discretionary, Consumer Staples, Automobile, Retail etc. in these two nations.
Commenting on the launch, Mr. Arindam Ghosh, CEO, Mirae Asset Global Investments (India) Pvt. Ltd. said, “Domestic consumption is the primary driver of the strong growth seen in India and China in the recent years. Going forward, the consumption theme will be the engine of sustainable growth made possible by higher per capita income, disposable surplus and growing urbanization. India and China are at the inflexion point of the Consumption J-curve with India’s strong propensity to consume basic goods & services and China’s strong demand for luxury goods.
In terms of asset allocation, the fund will seek to invest 65 - 90% of its assets in Indian equities and equity related securities of companies that are likely to benefit either directly or indirectly from consumption led demand. The fund will also invest 10 - 35% of its portfolio in Chinese equities and equity related securities of companies that are likely to benefit either directly or indirectly from consumption led demand. The fund may take up to 25% exposure in money market instruments (including CBLO)/debt securities instruments in India and/or units of debt/liquid schemes of domestic mutual funds.
The scheme will use a customized benchmark index that constitutes MSCI India Consumption Index (65%) and MSCI China Consumption Index (35%). The Scheme does not guarantee or assure any returns.
About Mirae Asset
Mirae Asset Global Investments (India) Pvt. Ltd. is a wholly-owned subsidiary of Mirae Asset Global Investments Group. In less than a decade, Mirae Asset Global Investments has become one of the world’s largest investors in emerging market equities managing total assets of over USD 54 billion## (approx Rs. 2,45,700 crores) as on February 2011.
Headquartered in South Korea, Mirae Asset Global Investments also 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: www.amfiindia.com
Mirae Asset India-China Consumption Fund (An Open ended Equity Oriented Scheme) - Investment Objective: The investment objective of the scheme is to generate long term capital appreciation through an actively managed portfolio investing in equity and equity related securities of companies that are likely to benefit either directly or indirectly from consumption led demand in India/China. The Scheme does not guarantee or assure any returns. Load Structure: Entry Load: Nil. In terms of SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the investor effective August 1, 2009. Upfront commission shall be paid directly by the investor to the AMFI registered Distributors based on the investors' assessment of various factors including the service rendered by the distributor. Exit Load: Redemption within 1 year (365 days) from the date of allotment (Including SIP/STP/SWP) - 1.00%. Redemption after 1 year (365 days) from the date of allotment - NIL. Asset Allocation: (1) Indian Equities and Equity Related Securities of companies that are likely to benefit either directly or indirectly from consumption led demand: 65%-90% (2) Chinese Equities and Equity Related Securities of companies that are likely to benefit either directly or indirectly from consumption led demand: 10%-35%; Money market instruments / debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds : 0%-25%.Terms of Issue: The units are available at the face value of Rs.10/- per unit during the New Fund Offer Period. The AMC will calculate and disclose the first NAV not later than 5 business days from the date of allotment. Subsequently, the NAV will be calculated at the close of every working day and shall be published in two daily newspapers and on the AMC/AMFI website.
Statutory Details: Trustee: Mirae Asset Trustee Company Private Limited; Investment Manager: Mirae Asset Global Investments (India) Private Limited (AMC); Sponsor: Mirae Asset Global Investments Company Limited. Risk Factors: Mutual fund investments are subject to market risks and there is no assurance or guarantee that the objectives of the scheme will be achieved. As with any investment in securities, the Net Asset Value (NAV) of the units issued under the Schemes can go up or down depending on the factors and forces affecting the capital markets. Investments in mutual funds are prone to risks of fluctuation in NAVs, uncertainty of dividend distributions etc. Past performance of the Sponsor / AMC / Mutual Fund does not guarantee the future performance of the Schemes of Mirae Asset Mutual Fund. The sponsors are not liable or responsible for any loss resulting from the operation of the fund beyond the initial contribution made by them of an aggregate amount of Rupees One Lakh towards setting up of the fund. The Scheme should have a minimum of 20 investors and no single investor should account for more than 25% of the corpus of such scheme/plan(s). In case of non-fulfillment with either of the above two conditions in a three months time period or the end of succeeding calendar quarter, whichever is earlier, from the close of the New Fund Offer (NFO) or on an ongoing basis for each calendar quarter, the schemes /plans shall follow the necessary guidelines as prescribed by SEBI in this regard. The past performance may not necessarily be an indication of future results and may not necessarily provide a basis for comparison with other investments. Mirae Asset India-China Consumption Fund is only the name of the scheme and does not in any manner indicate either the quality of the scheme or its future prospects or returns. Investors in the scheme are not being offered any guaranteed / indicative/ assured returns. Please see "Risk Factors", "Scheme Specific Risk Factors and Special Consideration" and "Right to limit redemptions" in the Scheme Information Document (SID). Please read the Scheme Information Document (SID) and Statement of Additional Information (SAI) carefully before investing. Scheme Information Document / Key Information Memorandum cum Application form are available at AMC offices/AMC web-site www.miraeassetmf.co.in / Investor Service Centre / Distributors on request.
