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Thursday, February 12, 2009

Mirae Asset MF files offer document with Sebi

Plans to launch Mirae Asset India Sector Leader Fund

Mirae Asset Mutual Fund has filed offer document with Sebi to launch Mirae Asset India Sector Leader Fund, an open ended equity oriented scheme. The New Fund Offer (NFO) price for the fund is Rs 10 per unit.

The objective of the scheme is to generate long term capital appreciation by investing predominantly in an actively managed portfolio of equity and equity related securities of who are leaders in their respective sectors/sub-sectors in terms of market capitalization or market share.

The scheme shall have Regular Plan and shall offer two options viz., Dividend and Growth. Dividend option will have payout and reinvestment facility.

Investors can invest under the scheme during the NFO period and thereafter with a minimum investment of Rs.5,000 and in multiples of Re. 1 thereafter.

Investment pattern:

Indian equities and equity related securities of leaders in sector / subsector*: 65%-100%, other Indian equities and equity related securities*: 0-35% and Money market instruments / debt securities instruments (including upto20% of corpus in securitized debt): 0-35%. Debt instruments include securitized debt upto 20% of corpus.

*Equity and Equity related instruments include investments in ADRs / GDRs / foreign securities as permitted under Sebi guidelines on overseas investment, convertible debentures, equity warrants, convertible preference shares, equity derivatives etc. The scheme can invest upto 30% of Net Assets of scheme into equity derivatives instruments.)

Load structure:

Regular Plan: Entry Load: 2.25% for purchase amount less than Rs. 5 crore and nil for purchase amount greater than and equal to Rs. 5 crore

Regular Plan: Exit Load:

For Purchase amount less than Rs.5 crore:

a. Redemption upto 6 months from the date of allotment: 1.00%

b. Redemption after 6 months and upto 12 months from the date of allotment: 0.50%

Purchase amount greater than Rs. 5 crore: Nil

Minimum target amount: Rs. 10 lakhs

The benchmark index for the scheme is BSE 100.

Gopal Agarwal and Neelesh Surana will manage the scheme.

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