Mirae Asset Global Investments has announced the launch of India’s first Pure China Fund, Mirae Asset China Advantage Fund (MACAF), an open-ended fund of funds scheme that will invest predominantly in Mirae Asset China Sector Leader Equity Fund, a SICAV fund domiciled in Luxembourg. The fund will be open for subscription from September 14, 2009 to October 9, 2009.
The scheme seeks to generate long-term capital appreciation by investing predominantly in units of Mirae Asset China Sector Leader Equity Fund and/or units of overseas funds and units of exchange traded schemes that focus on investing 65-100% 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 0-35% 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.
According to Mr. Arindam Ghosh, CEO, Mirae Asset Global Investments (India) Pvt. Ltd., “China is poised to lead the world out of the global slowdown backed by its domestic consumption and stimulus push from the government. We are pleased to launch Mirae Asset China Advantage Fund for the Indian investors, thereby meeting their asset allocation needs. The international fund of funds will provide investors access to one of the world’s growing economies and will enable them to prudently diversify their portfolio”.
According to Mr. Byung Ha Kim (Fund Manager for Mirae Asset China Sector Leader Equity Fund): “The Chinese economy is leading the world on the recovery path. China should maintain its high growth rates in the coming years and even in this scenario, the overall macro risk associated with the country is relatively very low. With Mirae Asset China Advantage Fund, we aim to offer an opportunity to Indian investors to benefit from the growth potential of local Chinese companies”.
The new fund offers a regular plan with dividend (payout & reinvestment) and growth options, with the minimum application amount for the regular option being Rs.5000/- and in multiples of Re.1/- thereafter. The Scheme does not guarantee or assure any returns. The fund would be benchmarked against MSCI China Index (INR terms).
Posts
No comments:
Post a Comment