Wednesday, September 22, 2021

Mirae Asset Mutual Fund launches Money Market Fund NFO

Mirae Asset Funding Managers, India has introduced the launch of ‘Mirae Asset Cash Market Fund’, an open ended debt scheme investing in cash market devices. The New Fund Provide (NFO) will shut for subscription on August 10. The scheme re-opens for steady sale and repurchase from August 12. The fund will likely be benchmarked in opposition to Nifty Cash Market Index and will likely be managed by Mahendra Jajoo.

The minimal preliminary funding within the scheme will likely be Rs 5,000/- and in multiples of Rs 1/- thereafter. In keeping with the fund home, the objective of funding is financial savings with low to average danger. The fund home mentioned that the scheme is good for buyers with an funding horizon of as much as 1 12 months. Investments within the scheme will primarily be made in cash market devices with as much as 1-year maturity.

In keeping with the press launch, the period of the portfolio will likely be between 6 months to 1 12 months. The fund will predominantly comply with rolldown technique, whereby it should preserve period of 6 months – 1 12 months. The fund may have choices of normal plan and direct plan with progress possibility and Earnings Distribution and Capital Withdrawal (IDCW) Choice (Payout & Re-investment).

“At a time when mounted earnings markets are coping with risk of sustained greater inflation throughout the globe, Cash Market Funds could also be nicely suited with publicity in very liquid and high-quality cash market devices, offering enticing yield pick-up on account of steep cash market curve whereas nonetheless offering affordable down aspect safety on account of comparatively shorter maturity of the portfolio” mentioned Mahendra Jajoo, CIO – Fastened Earnings, Mirae Asset Funding Managers (India).

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