Primarily a mid-cap fund, it will invest up to 100 per cent in Indian equities of companies that are not part of the top 100 stocks by market capitalisation, but have a market capitalisation of at least Rs 100 crore at the time of investment. It will invest up to 35 per cent in other Indian equities. The fund may also invest up to 35 per cent in debt.
Arindam Ghosh, CEO, Mirae Asset Global Investments (India), said,: "With the launch of this fund, we are expanding our portfolio by offering a mid-cap equity fund. This fund will 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. The right amount of mid-caps in the portfolio can help investors optimise their risk-adjusted returns."
With this launch, Mirae MF will have four equity funds in its portfolio, the other three being Mirae Asset China Advantage, Mirae Asset Global Commodity Stocks (one-year return 18.04 per cent) and Mirae Asset India Opportunities Regular (one-year return 44 per cent).
The fund has been benchmarked to the CNX Midcap Index. The fund offers both growth and dividend options. The minimum application amount will be Rs 5,000. One per cent exit load will be applicable if an investor exits the fund within one year. The new fund offer (NFO) will open on May 24, 2010 and close on June 22, 2010.
