Mumbai: Mirae Asset Investment Managers India, one of the fastest-growing fund houses in the country today announced the launch of ‘Mirae Asset Banking and PSU Debt Fund’, an open-ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds. The NFO will open for subscription on July 8, 2020 and will close on July 20, 2020. The fund will be benchmarked with NIFTY Banking and PSU Debt Index and will be managed by Mr. MahendraJajoo, Chief Investment Officer, Fixed Income.
· Fund will predominantly invest in high credit quality papers (mainly AAA rated instruments)
· Dynamically manage portfolio duration to take advantage of the interest rate outlook. We will endeavour to maintain a duration of 2-5 years.
· Endeavour to ensure high portfolio liquidity by investing in Banking & PSU papers (>80%) along with some allocation to Government Securities
“Given the present scenario, investors may wish to increase allocation to relatively safer fixed income portfolios. Mirae Asset Banking and PSUDebt Fund aim to generate income with moderate risk while remaining focused on safety and liquidity. This fund is suitable for investors looking at savings in a debt fund for an investment horizon of 1 -2 years,” said Mr. Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) Pvt. Ltd.
The minimum initial investment in the scheme will be `5,000/- and in multiples of 1/- thereafter. The goal of the investment is income generation with moderate risk.
The Scheme will re-open for continuous Sale and Repurchase from July 27, 2020.
The Mirae Asset Banking and PSU Debt Fund will offer the Regular and Direct Plan with Growth and Dividend Option(Payout & Re-investment) to investors.