Mirae Asset India Opportunities – Seize This Opportunity
Suparna / 19 Dec 2011
DSIJ's Fund of the Fortnight - Mirae Asset India Opportunities
As the name suggests, Mirae Asset India Opportunities is a multi-cap fund that invests across various market caps and sectors. This provides lot of flexibility to the fund manager to choose his bets from a wide range of stocks. The fund follows a portfolio allocation strategy, wherein it invests 60%-70% of its assets in its core portfolio. Here, the fund manager picks stocks that may be good long-term bets, whereas the remaining 30%-40% of the assets can be strategically allocated to short-term opportunities.
Despite such aggressive portfolio traits, the fund has managed its risk well, as it predominantly has a bias towards Large-Cap stocks that offer stability to the portfolio. The fund’s Sharpe Ratio (risk adjusted returns) is 1.08, which is the 5th best in the category. Launched in March 2008, this fund has been a consistent performer in both, the bullish as well as the bearish phases of the market. In the bull periods of CY09 and CY10, it outpaced its category average returns by a massive 3219 and 678 bps, while in the bear period of CY11 (YTD), the fund has managed to restrict its losses better than the category.
In the 3-year period, the fund stands at the numero uno position by outpacing the average category returns by 1245 bps. It is being managed by Gopal Agrawal and Neelesh Surana since its inception, and this lends stability and consistency to the fund’s performance and portfolio allocation. Thus, investors willing to take some risk can opt for limited exposure to this fund. Alike any other opportunities fund, it carries a higher beta and has a higher portfolio turnover, and therefore a higher expense ratio.
Despite such aggressive portfolio traits, the fund has managed its risk well, as it predominantly has a bias towards Large-Cap stocks that offer stability to the portfolio. The fund’s Sharpe Ratio (risk adjusted returns) is 1.08, which is the 5th best in the category. Launched in March 2008, this fund has been a consistent performer in both, the bullish as well as the bearish phases of the market. In the bull periods of CY09 and CY10, it outpaced its category average returns by a massive 3219 and 678 bps, while in the bear period of CY11 (YTD), the fund has managed to restrict its losses better than the category.
In the 3-year period, the fund stands at the numero uno position by outpacing the average category returns by 1245 bps. It is being managed by Gopal Agrawal and Neelesh Surana since its inception, and this lends stability and consistency to the fund’s performance and portfolio allocation. Thus, investors willing to take some risk can opt for limited exposure to this fund. Alike any other opportunities fund, it carries a higher beta and has a higher portfolio turnover, and therefore a higher expense ratio.
| Fact Sheet | |
| AMC | Mirae Asset Management Company Ltd |
| Category | Equity - Large & Midcap |
| Investment Option | Growth & Dividend |
| Exit load | 1% for redemption within 365 days of allotment |
| Corpus | Rs 185.75 crore (30/09/11) |
| 52 Weeks High/ Low | Rs 17.50 (03/01/11) / Rs 14.24 (23/11/11) |
| Minimum Investment | Rs 5000 |
| Benchmark | BSE 200 |
| Launch Date | March 2008 |
| Fund Manager/s | Gopal Agrawal, Neelesh Surana |
| Trailing returns (%) as on 09/12/2011 | ||
| Time Frames | Fund | Category |
| Year-to-Date | -15.59 | -19.31 |
| 1-Year | -10.83 | -15.09 |
| 3-Year | 33.8 | 21.35 |
| 5-Year | - | 4.64 |
| Returns up to 1 year are absolute and over 1 year are annualized | ||
| Top Five Holdings (% of Net Asset as on 31/10/11) | |
| Infosys Technologies | 6.06% |
| ICICI Bank | 5.60% |
| ICICI Bank | 4.28% |
| HDFC | 3.82% |
| HDFC Bank | 3.75% |
| Total of Ten Holdings | 38.88% |
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