Mirae Asset Mutual Fund
Mirae Asset Mutual Fund
Introduction
Mirae Asset Mutual Fund is the Indian arm of Mirae Asset Global Investments, a leading global financial services group headquartered in Seoul, South Korea. Founded by Hyeon Joo Park in 1997, Mirae Asset Global Investments was a pioneer in launching the first mutual funds for retail investors in Korea in 1998. The group has rapidly expanded its global footprint, now operating in 14 countries across 5 continents, including major markets like the USA, UK, Canada, and India.
Mirae Asset Global Investments (India) Private Limited commenced its domestic mutual fund business in India in 2008, building on its earlier presence as a foreign institutional investor since 2004. In 2020, the fund operations in India were formally shifted to Mirae Asset Investment Managers (India) Private Limited.
Mirae Asset Mutual Fund has quickly grown to be a significant player in the Indian asset management industry, known for its research-driven investment strategies, robust risk management, and a diverse portfolio that includes a growing range of global FoFs and ETFs, leveraging its parent company's global expertise.
Fund Managers
Mirae Asset Mutual Fund has a strong team of experienced fund managers. The key investment leadership and a selection of their fund managers include:
- Mr. Swarup Mohanty: Chief Executive Officer (CEO).
- Mr. Neelesh Surana: Chief Investment Officer (CIO) – Equity.
- Mr. Mahendra Kumar Jajoo: Chief Investment Officer (CIO) – Debt.
Other prominent fund managers at Mirae Asset Mutual Fund include:
- Mr. Ankit Jain: Fund Manager (Equity)
- Mr. Harshad Borawake: Fund Manager (Equity)
- Mr. Vrijesh Kasera: Fund Manager (Equity)
- Mr. Gaurav Misra: Fund Manager (Equity)
- Ms. Bharti Sawant: Fund Manager (Equity)
- Mr. Amit Modani: Fund Manager (Fixed Income)
- Ms. Kruti Chheta: Fund Manager (Fixed Income)
- Mr. Basant Bafna: Fund Manager (Fixed Income)
- Mr. Akshay Udeshi: Fund Manager (Fixed Income)
- Mr. Siddhant Chhabria: Fund Manager (Equity)
- Ms. Ekta Gala: Fund Manager (ETF Dealing and Investment Management)
- Mr. Gaurav Kochar: Fund Manager (Equity Research & Analysis)
This team brings a wealth of experience and diverse expertise to manage Mirae Asset's extensive product offerings.
Scope and Investment Philosophy
Mirae Asset Mutual Fund's investment philosophy is centered on identifying quality businesses with sustainable competitiveness, led by competent management, and available at reasonable valuations, while effectively managing risk. Their core principles and scope include:
- "Client First" Approach: Prioritizing the success and long-term objectives of their clients by building and nurturing relationships.
- Research-Driven Investing: Employing a comprehensive, process-driven approach to stock selection and portfolio construction. For equities, they follow a "BMV" (Business, Management, Valuation) framework, focusing on businesses with large market opportunities, sustainable competitive advantages, and strong return on investment (ROI).
- Sustainable Competitiveness: Aiming to invest in companies that demonstrate the ability to grow ahead of GDP with visible double-digit growth for 5-7 years, often characterized by value-accretive growth.
- Disciplined Risk Management: Implementing strict investment guidelines and a separate risk team to monitor portfolio risk based on liquidity, market cap, and business risk criteria.
- Global Expertise & Local Insights: Leveraging the global research capabilities and investment insights of Mirae Asset Financial Group while tailoring strategies to the unique dynamics of the Indian market.
- Diversified Portfolio Construction: Building well-diversified portfolios that avoid disproportionate weightage to any single sector, style, or theme, even while taking high-conviction calls at the stock level.
- Active and Passive Offerings: Providing a balanced mix of actively managed funds and a growing suite of passive funds (ETFs and Index Funds) to cater to different investment preferences and cost sensitivities.
- Long-Term Horizon: A strong belief in holding quality businesses over an extended period to allow for compounding of returns.
Part 2: List of Funds with Brief Explanation
Mirae Asset Mutual Fund offers a comprehensive range of schemes across various asset classes, including equity, debt, hybrid, and passive funds, along with unique international fund-of-funds (FoFs).
Equity Funds:
- Mirae Asset Large Cap Fund: An open-ended equity scheme investing predominantly in large-cap companies, focusing on well-established market leaders for stable, long-term growth.
- Mirae Asset Large & Midcap Fund: An open-ended equity scheme investing in a combination of large-cap and mid-cap stocks, aiming to capture both stability and growth.
- Mirae Asset Midcap Fund: An open-ended equity scheme predominantly investing in mid-cap stocks, targeting companies with strong growth potential that are generally past the early-stage volatility of small caps.
- Mirae Asset Small Cap Fund: An open-ended equity scheme predominantly investing in small-cap stocks, aiming for high growth from smaller, emerging companies, typically associated with higher risk and volatility.
- Mirae Asset Flexi Cap Fund: An open-ended equity scheme with the flexibility to invest across large-cap, mid-cap, and small-cap stocks, allowing for dynamic asset allocation based on market opportunities.
- Mirae Asset Multi Cap Fund: An open-ended equity scheme investing across large-cap, mid-cap, and small-cap stocks with specific minimum allocations to each market capitalization segment.
- Mirae Asset Focused Fund: An open-ended equity scheme investing in a concentrated portfolio of up to 30 stocks across market capitalizations, based on high-conviction ideas.
- Mirae Asset ELSS Tax Saver Fund: An Equity Linked Savings Scheme (ELSS) that invests predominantly in equities and qualifies for tax deductions under Section 80C, with a 3-year statutory lock-in period.
- Mirae Asset Great Consumer Fund: A sectoral/thematic fund focusing on companies expected to benefit from the growth in consumer spending and lifestyle changes in India.
- Mirae Asset Healthcare Fund: A sectoral/thematic fund investing in companies within the healthcare and pharmaceutical sectors.
- Mirae Asset Banking and Financial Services Fund: A sectoral/thematic fund investing in companies within the banking and financial services sector.
- Mirae Asset India Manufacturing Fund: A thematic fund investing in companies engaged in the manufacturing sector, aiming to benefit from the 'Make in India' theme.
Debt Funds:
- Mirae Asset Liquid Fund: An open-ended liquid scheme that invests in highly liquid, short-term money market and debt instruments, providing high liquidity and aiming for stable returns.
- Mirae Asset Overnight Fund: An open-ended debt scheme that invests in overnight securities, offering maximum liquidity and very low interest rate risk.
- Mirae Asset Ultra Short Duration Fund: An open-ended debt scheme focusing on debt instruments with very short maturities (Macaulay duration between 3 to 6 months).
- Mirae Asset Low Duration Fund: An open-ended debt scheme investing in debt instruments with a Macaulay duration between 6 months to 1 year.
- Mirae Asset Short Duration Fund: An open-ended debt scheme investing in debt instruments with a Macaulay duration between 1 year to 3 years.
- Mirae Asset Dynamic Bond Fund: An open-ended dynamic debt scheme that dynamically adjusts its portfolio duration based on interest rate views and market conditions, aiming to generate income.
- Mirae Asset Corporate Bond Fund: An open-ended debt scheme predominantly investing in highly rated corporate bonds, aiming for stable income and capital preservation.
- Mirae Asset Banking and PSU Debt Fund: An open-ended debt scheme predominantly investing in debt instruments issued by banks and Public Sector Undertakings (PSUs), Public Financial Institutions, and Municipal Bonds.
- Mirae Asset Money Market Fund: An open-ended debt scheme investing in money market instruments with maturities up to one year.
- Mirae Asset Gilt Fund: An open-ended debt gilt scheme that invests predominantly in Government Securities (G-Secs).
Hybrid Funds:
- Mirae Asset Aggressive Hybrid Fund: An open-ended aggressive hybrid scheme that invests a higher proportion in equities for growth and a smaller portion in debt for stability.
- Mirae Asset Balanced Advantage Fund: An open-ended hybrid dynamic asset allocation fund that dynamically adjusts its allocation between equity and debt based on market valuations and other parameters, aiming for optimized risk-adjusted returns.
- Mirae Asset Arbitrage Fund: A hybrid arbitrage fund that aims to generate returns by capitalizing on price differences in the cash and derivatives segments of the equity market, with the balance invested in debt instruments, offering relatively low risk and tax efficiency.
- Mirae Asset Equity Savings Fund: An open-ended hybrid scheme investing in equity, debt, and arbitrage opportunities, aiming to provide reasonable returns with relatively lower volatility compared to pure equity funds.
- Mirae Asset Multi Asset Allocation Fund: An open-ended Fund of Funds (FoF) scheme investing in units of domestic equity, debt, and gold ETFs/funds, providing diversified exposure across multiple asset classes.
Fund of Funds (FoFs) / International Funds:
Mirae Asset is particularly known for its offerings in global investments via FoFs:
- Mirae Asset NYSE FANG+ ETF Fund of Fund: Invests in the Mirae Asset NYSE FANG+ ETF, which tracks the NYSE FANG+ Index (highly liquid, globally traded technology and consumer discretionary stocks).
- Mirae Asset S&P 500 Top 50 ETF Fund of Fund: Invests in the Mirae Asset S&P 500 Top 50 ETF, focusing on the largest 50 companies in the S&P 500 index.
- Mirae Asset Hang Seng TECH ETF Fund of Fund: Invests in the Mirae Asset Hang Seng TECH ETF, providing exposure to leading technology companies listed in Hong Kong.
- Mirae Asset Global Electric & Autonomous Vehicles ETFs Fund of Fund: Provides exposure to companies involved in electric vehicles and autonomous driving globally.
- Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund: Provides exposure to global companies involved in Artificial Intelligence and related technologies.
- Mirae Asset Global X Clean Energy ETF Fund of Fund: Provides exposure to global companies in the clean energy sector.
Exchange Traded Funds (ETFs) & Index Funds (Passive Funds):
Mirae Asset offers a growing range of ETFs and Index Funds tracking various Indian and international indices, including:
- Mirae Asset Nifty 50 ETF / Index Fund
- Mirae Asset Nifty Next 50 ETF / Index Fund
- Mirae Asset Nifty Midcap 150 ETF / Index Fund
- Mirae Asset Nifty Smallcap 250 ETF / Index Fund
- Mirae Asset Nifty India Manufacturing ETF / Index Fund
- Mirae Asset Nifty Financial Services ETF
- Mirae Asset Gold ETF
- Various other thematic and factor-based ETFs (e.g., Low Volatility, Alpha funds, PSU Bank, Metal, etc.) and target maturity Gilt Index Funds.
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