Mirae Asset Mutual Fund has filed an offer document with Securities and Exchange Board of India (Sebi) to launch Mirae Asset Indo China Consumption Fund, an open-end equity fund. The fund will invest in equities of Indian and Chinese companies that will benefit from rising consumption.
The fund can be fully invested in Indian shares and can invest up to 35 per cent of its assets in Chinese shares. This allocation will entail the advantage of a domestic equity fund where the dividends and the long-term capital gain is tax-free.
The Indian allocation will be managed by Gopal Agrawal and Neelesh Surana. The overseas allocation will be managed by Abhijeet Dakshikar.
The fund has been benchmarked against MSCI India Consumption Index (65 per cent) and MSCI China Consumption Index (35 per cent).
There are two other funds focussed on Indian domestic consumption theme. The UTI India Lifestyle Fund and Birla SunLife GenNext Fund.
Mirae Asset the largest Korean fund manager is relative new player in India. It launched its first fund in March 2008. It currently runs three other equity funds – Mirae Asset China Advantage, Mirae Asset Global Commodity Stocks and Mirae Asset India Opportunities Regular. Besides these it also manages the usual range of fixed income funds.
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