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Name of the Scheme Mirae Asset Midcap Fund Scheme TypeAn open ended equity scheme predominantly investing in mid cap stocks |
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| Investment Manager Mirae Asset Global Investments (India) Private Limited |
Face Value Rs. 10 |
| Fund Manager Mr. Ankit Jain |
Benchmark NIFTY Midcap 100 Index (TRI) |
| NFO Period July 8 – 22, 2019 |
Minimum Application Amount Rs. 5000/- (Plus in multiple of Re. 1 for purchase) |
The investment objective of the scheme is to provide long-term capital appreciation from a portfolio investing predominantly in Indian equity and equity related securities of midcap companies. From time to time, the fund manager may also participate in other Indian equities and equity related securities for optimal portfolio construction. There is no assurance that the investment objective of the scheme will be realized.
The asset allocation under the Scheme, under normal circumstances, is as follows:
| Investments | Indicative Allocation | Risk Profile |
|---|---|---|
| Equity and Equity related securities of midcap companies** | 65 % | High |
| Equities and equity related securities other than above | 0 % | High |
| Money market instruments / debt securities, Instruments and/or units of debt/liquid schemes of domestic Mutual Funds | 0 % | Low – Medium |
*Equity and Equity related instruments include convertible debentures, equity warrants, convertible preference shares, equity derivatives, etc.
Debt instruments include securitized debt upto 20% of corpus.
The scheme can invest upto 50% of Net Assets of Scheme into equity derivative instruments for the purpose of trading, hedging and portfolio rebalancing. However, the aggregate exposure to gross derivatives, debt instruments, money market instruments and equity will not exceed 100% of the net assets of the scheme. The Scheme will not participate in stock lending more than 20% of total Net Assets of the Scheme and would limit its exposure with regard to stock lending for a single intermediary to the extent of 5% of the total net assets at the time of lending.
The Scheme may invest in repo/reverse repo in corporate bonds. The gross exposure of the scheme to ‘corporate bonds repo transactions’ shall not be more than 10% of the net assets of the concerned scheme.
The scheme shall not engage in short selling and credit default swaps. The scheme shall not invest in any unrated debt instruments. The scheme will not advance any loans. The scheme does not intend to invest in foreign securities.
The cumulative gross exposure to money market instruments, debt instruments will generally not exceed 35% of the Net Assets of the Scheme. However, cash or cash equivalents with residual maturity of less than 91 days shall be treated as not creating any exposure.
** The investment universe of “Large Cap” “Mid Cap” and "Small Cap" shall comprise companies as defined by SEBI from time to time. As per SEBI circular (SEBI / HO/ IMD/ DF3/CIR/P/2017/114) dated October 6, 2017.
- Large Cap: 1st – 100th company in terms of full market capitalization
- Mid Cap: 101st – 250th company in terms of full market capitalization
- Small Cap: 251st company onwards in terms of full market capitalization
For the purpose of determining these companies, the list of stocks prepared by AMFI in this regard, which would adhere to the SEBI guidelines, will be used. The list would be updated by AMFI every six months based on the market data as on the end of June and December of each year.
The above allocation to market cap segments and definitions are based on the current structure of the stock market and could undergo change in future in accordance with SEBI regulations and guidelines. Subsequent to any updation in the said list as uploaded by AMFI, the portfolio of the Scheme will be rebalanced within a period of one month.
Debt securities include, but are not limited to, debt securities of the Government of India, State and Local Governments, Government Agencies, Statutory Bodies, Public Sector Undertakings, Public Sector Banks or Private Sector Banks or any other Banks, Financial Institutions, Development Financial Institutions, and Corporate Entities, collateralized debt securities or any other instruments as may be prevailing and permissible under the Regulations from time to time).
The debt securities (including money market instruments) referred to above could be fixed rate or floating rate, listed, unlisted, privately placed, among others, as permitted by regulation.
The Scheme may invest in the schemes of Mutual Funds (including ETFs) in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.
Pending deployment of funds of a Scheme in securities in terms of investment objectives of the scheme a mutual fund can invest the funds of the Scheme in short term deposits of scheduled commercial banks in terms of SEBI circular dated April 16, 2007 and June 23, 2008.
Further, the Scheme may, pending deployment of funds invest in units of money market/liquid schemes of Mirae Asset Mutual Fund and/or any other mutual fund. Such investments will be within the limits specified under SEBI (MF) Regulations. The AMC shall not charge any investment management fees with respect to such investment.
Subject to SEBI (MF) Regulations, the asset allocation pattern indicated above may change from time to time, keeping in view market conditions, market opportunities, applicable regulations and political and economic factors. It must be clearly understood that the percentages can vary substantially depending upon the perception of the Investment Manager; the intention being at all times to seek to protect the interests of the Unit holders. Such changes in the investment pattern will be for short term and for defensive consideration only. In the event of deviations, portfolio rebalancing will be carried out within 30 calendar days. Where the portfolio is not rebalanced within 30 calendar days, justification for the same shall be placed before the Investment Committee and reasons for the same shall be recorded in writing. The Investment Committee shall then decide on the course of action. However, at all times the portfolio will adhere to the overall investment objectives of the Scheme.
As per investment objective, the Scheme shall follow a predominantly Midcap strategy with a minimum exposure of 65% to Mid-Cap equity and equity related instruments. The Scheme may also seek participation in other equity and equity related securities to achieve optimal portfolio construction.
The Investment Manager will select equity securities on a bottom–up, stock–by–stock basis. The focus would be to build a portfolio of strong growth companies, reflecting our most attractive investment ideas at all points of time.
The universe of stocks will comprise majorly of companies having robust business models, enjoying sustainable competitive advantages as compared to their competitors and have high return ratios.
The Fund Manager will create a robust portfolio to avoid concentration risk and liquidity risk. The Fund Managers will monitor the trading volumes in a particular stock before investment to avoid liquidity risk.