Mirae Asset Mutual Fund launches 2 new funds – Check NFO details, minimum investment and benchmarks
Mirae Asset Mutual Fund has announced the launch of two new funds – Mirae Asset Nifty 50 Index Fund and Mirae Asset Nifty LargeMidcap 250 Index Fund.
Mirae Asset Nifty 50 Index Fund is an open-ended scheme tracking Nifty 50 Total Return Index; while Mirae Asset Nifty LargeMidcap 250 Index Fund is an open-ended scheme replicating Nifty LargeMidcap 250 Total Return Index.
“Mirae Asset Nifty 50 Index Fund aims to generate returns, before expenses, that are commensurate with the performance of the Nifty 50 Total Return Index, subject to tracking error. There is no assurance or guarantee that the investment objective of the scheme would be achieved,” Mirae Asset Investment Managers (India) Pvt Ltd said in a statement.
“Mirae Asset Nifty LargeMidcap 250 Index aims to generate returns, before expenses, that are commensurate with the performance of Nifty LargeMidcap 250 Total Return Index. There is no assurance or guarantee that the investment objective of the scheme would be achieved,” it said.
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The Nifty LargeMidcap 250 Total Return Index aims to reflect the performance of all large cap and all mid cap companies listed at NSE with 50% weight allocated to each segment.
The 250 stocks of Nifty LargeMidcap 250 Index are the combination of the universe of stocks forming part of Nifty 100 and Nifty Midcap 150 Indices, offering a broad-based exposure to the Indian equity market.
NFO details of 2 new funds by Mirae Asset Mutual Fund
The New Fund Offer (NFO) for Mirae Asset Nifty 50 Index Fund and Mirae Asset Nifty LargeMidcap 250 Index Fund opens on October 10, 2024, and closes on October 18, 2024. Both the schemes will re-open for continuous sale and repurchase on October 25, 2024.
Both funds will be managed by Ekta Gala and Vishal Singh. The minimum initial investment in both funds will be Rs 5,000 and multiples of Re 1 thereafter during the NFO.
Speaking on the NFO Launch, Siddharth Srivastava, Head – ETF Product and Fund Manager, Mirae Asset Investment Managers (India) Pvt. Ltd., said, “The Nifty 50 Index represents the evolving landscape of India’s large-cap segment. With the Mirae Asset Nifty 50 Index Fund, investors may benefit from a cost-effective avenue to access the top 50 blue-chip companies listed on the NSE.”
Also read: New Fund Offer: Mirae Asset Nifty Total Market Index Fund launched – Check details
On the other hand, the Mirae Asset Nifty LargeMidcap 250 Index Fund aims to offer investors the opportunity to gain exposure to the stability and growth potential of large and midcap companies with 50% exposure to each market cap segments leading to a diversified and equal participation in both segments, he added.