Asset management company Mirae Asset Mutual Fund on Wednesday launched an open-ended dynamic asset allocation fund Mirae Asset Balanced Advantage Fund. The new fund offer (NFO) will open for subscription from July 21 to August 3. The fund will be jointly managed by Harshad Borawake, fund manager and head of research, on the equities side and Mahendra Jajoo, CIO fixed income, on the debt side. The benchmark index for the fund will be the Nifty50 Hybrid Composite Debt 50:50 Index.
The minimum initial investment in the fund will be Rs 5,000 and multiples of Re 1 thereafter. The fund will be available to investors in both, regular plan and direct plan. Post NFO, the minimum additional purchase amount will be Rs 1,000 and in multiples of Re 1 thereafter.
In a webinar, Swarup Mohanty, CEO, Mirae Asset Investment Managers (India), said, “Investors fear falling markets. But in a country like India, not participating in the equities markets could be a matter of regret in long run. Mirae Asset Balanced Advantage Fund seeks to preserve investor participation throughout the market cycles and aims to generate reasonable performance over the long run.”
Neelesh Surana, CIO, Mirae Asset Investment Managers (India), said, “We are construction on the domestic equity market. However, change in regime of global interest rates and rising crude oil price are among the major headwinds for the market.” He further added that economy and earnings growth will support markets going ahead.
With a monthly SIP book amount of Rs 859 crore, Mirae Asset Management said that it has asset under management of Rs 1 lakh crore. The money manager witnessed a growth of 59 per cent CAGR in the last five years.
Considering the present market conditions, Mirae Asset Investment Managers sees upturn in many sectors including housing, banking, telecom, information technology, manufacturing, automobile and rural. It further added that corporate debt-to-equity is hovering around 0.6 times at present. It was last seen in FY05.
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