Mirae Asset Mutual Funds launched its first open-ended Equity Focused Fund
On April 22, Mirae Asset Mutual Funds launched its first open-ended Equity Focused Fund titled Mirae Asset Focused Fund. The scheme is an open-ended equity plan, allowing investments in up to 30 stocks with a flexibility to invest across focus in large cap, mid cap and small cap categories (i.e. multi-cap style) and across sectors. The NFO of the fund, which opens on April 23 and closes on May 7, 2019 aims to build strong growth companies, reflecting Mirae’s most attractive investment ideas.
The fund would be managed by Gaurav Misra, Senior Fund Manager with Mirae Asset Mutual AMC. Speaking on the launch, Swarup Mohanty,CEO of Mirae Asset MF said,
“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.”
The company is emerging as one of the fastest growing AMCs in India based on the rate of AUM growth has completed more than 10 years. Currently the company’s AUM stands Rs 27,000 crores (as on March 31, 2019) and has broken into the Top 15 MFs based on AAUM and is at 12th position based on Equity Assets. In the calendar year 2018, the company witnessed a growth of more than 50 per cent with industry participants are recognising the same.
Speaking on the same Mohanty explained, “We have sought this position by maintaining a performance track record, risk management framework and customer centricity which has been instrumental in winning the trust of our clients as well as distributor partners. The growth in SIP flows is one of the most significant achievements, as the SIP is a forward call on an organization by both advisors as well as investors.”