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Tuesday, June 09, 2009

Mirae Assets MF plans to launch China Advantage Fund

Investment will be in Mirae Asset China Sector Leader Equity Fund

Mirae Assets Mutual Fund has filed offer document with Securities and Exchange Board of India (Sebi) to launch new fund named as Mirae Assets China Advantage Fund, an open-ended fund of funds scheme. The face value of the new issue will be Rs 10 per unit.

The investment objective of the scheme is to seek to generate long-term capital appreciation by investing predominantly in units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes units of exchange traded schemes that focus on investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. The scheme may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of domestic mutual funds, in order to meet liquidity requirements from time to time. The Scheme does not guarantee or assure any returns.

The Scheme will offer growth option and dividend option.

The minimum investment amount will be Rs 5000 and in multiples of Re 1 thereafter.

The scheme seeks to collect a minimum corpus of Rs 1 crore during NFO period.

The scheme may invest up to 65-100% in Units of Mirae Asset China Sector Leader Equity Fund and/or units of other mutual fund schemes, units of ETFs investing in equities and equity related securities of companies domiciled in or having their area of primary activity in China and Hong Kong. It will invest up to 35% in money market instruments / debt securities Instruments and/or units of debt/liquid schemes of domestic Mutual Funds. Equity and equity related instruments include convertible debentures, equity warrants, convertible preference shares, equity derivatives etc. Debt instruments include securitized debt up to 20% of corpus.

Under regular plan, the scheme will charge an entry load of 2.50% for purchase amount less than Rs. 5 crore while no entry load for purchase amount greater than or equal to Rs. 5 crore. Under Systematic Investment Plan & Systematic Transfer Plan, 2.50% will be the entry load.

Under regular plan, for purchase amount less than Rs 5 crore, the scheme will charge an exit load of 1.00% if redeemed before 180 days from the date of allotment and the scheme will levy exit load of 0.50% if redeemed on or after 180 days from the date of allotment. For the purchase amount greater than or equal to Rs. 5 crore, no exit load will be charged.

Under Systematic Investment Plan and Systematic Transfer Plan, for redemption done up to 365 days from the date of allotment, 1.00% will be exit load.

The performance of the scheme is being benchmarked to the performance of MSCI China Index.

Gopal Agrawal will manage the Fund
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