Mutual Fund NFO Alert! Mirae Asset launches ultra short-duration fund; investment begins from Rs 5,000 onwards
Mutual fund Investment: Mirae Asset Investment Managers India has announced the launch of ‘Mirae Asset Ultra Short Duration Fund’, a debt fund suitable for investors looking at making investments for a short period of 3 to 6 months.
Mutual fund Investment: Mirae Asset Investment Managers India has announced the launch of ‘Mirae Asset Ultra Short Duration Fund’, a debt fund suitable for investors looking at making investments for a short period of 3 to 6 months. The NFO opened for subscription on September 28, 2020 and will close on 6th October 2020. The minimum initial investment in the scheme will be Rs 5,000. Units will be allotted in whole figures and the balance amount will be refunded.
Speaking on the newly launched Mirae Asset short-term duration fund, Swarup Mohanty, CEO at Mirae Asset Investment Managers (India) Pvt. Ltd. said, “The decision to launch Mirae Asset Ultra Short Duration Fund is in line with our objective to complete the debt product offering over a period of time and providing more investment options for our investors. The fund will follow our stringent debt investment process and invest predominantly in highly rated instruments with an aim to offer better risk adjusted returns to investors who are seeking opportunities for a short period ranging from 3 to 6 months.”
The fund will aim to generate returns through investment in debt and money market instruments such that the Macaulay duration of the portfolio is between 3-6 months. The open ended debt scheme will invest up to 100% of its assets in debt and money and market instruments carrying a low to medium amount of risk with a focus of investments in highly rated instruments (AAA/A1+ rated papers). The fund will be managed by Mahendra Jajoo (CIO – Debt). The scheme will be benchmarked against the Nifty Ultra Short Duration Debt Index. The fund has no exit load, providing more flexibility to investors.
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Key features of Mirae Asset short-term duration fund:
1] Predominant investments in highly rated instruments (AAA/A+ rated papers);
2] Better return potential compared to traditional products in a short period time; and
3] Good portfolio liquidity.
The Scheme will re-open for continuous Sale and Repurchase from 8th October 2020.
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