Mirae Asset Mutual Fund announced the launch of the Mirae Asset Flexi Cap Fund, an open-ended scheme, on Friday. Those looking to garner income from long-term appreciation through investment in equities and equity-related instruments across large-cap, mid-cap and small-cap companies should invest in the New Fund Offer (NFO) which is open till February 17, 2023. The scheme would then reopen for continuous repurchase and sale on or before February 27, 2023. The scheme reopens within five business days from the date of allotment.
The scheme will have two plans, i.e., Direct Plan and Regular Plan with a common portfolio and respective Net Asset Values (NAVs). Only those investors looking to build a core portfolio and stay invested for a prolonged period must park their earnings in the fund. They may invest in a lump sum or through systematic investment plans (SIPs) or both. However, there can be no assurance that the investment objective of the scheme would be achieved.
The performance of the scheme will be benchmarked with the Nifty 50 Total Return Index.
The minimum subscription amount investors may put in this fund is ₹5000. Investors may purchase additional units of ₹1000 and in multiples of Re 1, thereafter. The NAV has been capped at ₹10 per unit during the NFO period.
The scheme has been labelled as “Very Risky” as per the details mentioned in the Scheme Information Document and is best suited to investors willing to stay invested for a long period. However, investors must consult their financial advisers if in doubt about whether the product is suitable for them.
The fund will be managed by Vrijesh Kasera as permitted under the regulations, guidelines and circulars issued from time to time. There is no entry load applicable. The applicable exit load would be:
- For investors who have opted for SWP under the plan
- 15% of the units allotted (including Switch-in/STP-in) on or before completion of 365 days from the date of allotment of units: Nil.
- Any redemption in excess of such limits in the first 365 days from the date of allotment shall be subject to the following exit load: Redemption of units would be done on First in First Out Basis (FIFO): If redeemed within 1 year (365 days) from the date of allotment: 1% of the applicable NAV; if redeemed after 1 year (365 days) from the date of allotment: NIL.
- Other redemptions: For investors who have not opted for SWP under the plan (including Switch out, STP out)
- If redeemed within 1 year (365 days) from the date of allotment: 1%
- If redeemed after 1 year (365 days) from the date of allotment: NIL
The minimum redemption amount shall be “any amount” or “any number of units” as requested by the investor at the time of redemption.
