Mirae Asset Management has come out with its maiden open-end equity fund called Mirae Asset India Opportunities Fund. It will be open for subscription from February 11, 2008 to March 10, 2008. Around 65%-100% of its assets would be invested in equity and equity related securities and the remaining 0%-35% would be allocated to debt and money market instruments.
The fund offers Regular and Institutional Plans with growth and dividend options. Minimum investment amount required to invest in regular plan would be Rs.5000, while for institutional plan it would be Rs.5 crores. The fund’s performance would be benchmarked against BSE 200 Index and Gopal Agrawal has been designated as its fund manager.
Regular Plan would charge an entry load of 2.25% for investment less than Rs.5 crores. Also, an exit load of 1% would be levied for investment less than Rs.5 crores if redemption is made within 6 months and 0.50% for investment less than Rs.5 crores if redeemed after 6 months but within 1 year. However, in case of institutional plan only entry load would be applicable.