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The crown jewel of Mirae Asset India's suite of funds - Mirae Asset India Opportunities Fund has received rich accolades for its consistently superior performance over the 3 years of its existence.

Fund Benchmark : BSE 200

Fund Strategy

Mirae Asset India Opportunities Fund (MAIOF) is the flagship fund of Mirae Asset Mutual Fund, launched in April 2008. The fund has recently completed a track record of 3 years and has delivered impressive returns during this time frame. It attempts to target long-term appreciation while at the same time pursuing strategic opportunities that may arise from time to time.

The fund adopts a two pronged strategy in the form of a core portfolio (Buy and Hold - 75%-80% of the portfolio) supported by a strategic asset component to generate additional alpha. On the stocks front, it pursues investments in quality companies with strong cash flow, low debt and good growth visibility. It also targets companies which seldom dilute their equity base to meet growth capital thereby generating higher return on equity.

Mirae Asset India Opportunities Fund (MAIOF) has delivered impressive returns in the last 3 years since inception, having generated 16.91 % returns (CAGR) for investors compared to 5.81% returns by its benchmark index. As a testimony to its performance, it has been conferred the top rating by four reputed fund rating agencies. It has received Fund Rank 1 from CRISIL^ for the 4th consecutive quarter, the latest being March 2011. In addition, it has been conferred 5 STAR rating by Value Research#, Morning Star& as well as Rating 5 - Lipper Leaders by Lipper* for its commendable performance.

Sectoral and thematic preferences

Mirae Asset India Opportunities Fund is a diversified multi-cap equity fund with about 50 stocks in its portfolio. It invests in stocks across market capitalizations; though the fund managers prefer large-cap scrips. In addition to the large cap stocks, MAIOF has about 25% exposure to mid-caps. Within mid caps, the fund managers seek to focus on high quality mid- cap stocks which showcase free-cash generation, pricing power and limited leverage thereby delivering growth despite not so conducive global/domestic macro- environment. The fund has stayed away from volatile businesses like real-estate, construction, etc

The fund seeks to focus more on individual stocks rather than any particular sector. Although the top two sector bets are Financials and Energy, on an overall basis, it has overweight position in Consumer, Auto ancillary, Pharma and Agri related businesses.

Outlook

The fund managers believe that markets in the near term are in a consolidation phase and real headwinds are the surging oil prices and the resultant impact on inflation and fiscal situation. The positive aspect is India's robust consumer demand which holds very strong even during the peak of global financial crisis. Any correction in imported commodity prices is likely to impact markets very positively. Currently the market is trading at 15.3x FY12E and 13.2x FY13E which augurs well from an investment point of view. We advise investors to use any sharp correction in the markets to construct their portfolio.

 

 

 

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