Mirae Asset India Opportunities Fund | Equity Fund | Comprehensive Review


Mirae Asset India Opportunities Fund

Today we will review Mirae Asset India Equity Fund, which is large-cap equity fund.

Investment Objective of Mirae Asset India Equity Fund (name changed to Large Cap Fund)

The investment objective of the scheme is to generate long-term capital appreciation by capitalizing on potential investment opportunities through predominantly investing in equities, equity-related securities.

Performance YTD 1Y 3Y 2015 2016 2017
Absolute returns (%) -3.94 10.42 12.72 4.25 8.09 38.58
+/- Category (%) -2.87 0.06 3.68 5.11 3.67 6.98
Percentile rank 82 58 8 11 14 12
Portfolio P/E 20.06 Portfolio P/CF 5.37 3Y-Portfolio Beta 1.01 Top 10 Companies (%) 43.04
Category P/E 19.25 Category P/CF 5.58 3Y-R-squared (%) 0.94 Top 5 Sectors (%) 74.95
Portfolio P/B 2.73 Category P/B   2.58 3Y-Std Deviation (%) 14.23 AUM (Rs. billion) 74.8

Note: Returns are annualized for period greater than 1 year; Inception date: 04/04/2008; Exit not applicable if period of investment is greater than 1 year; Benchmark: S&P BSE 100 India TR INR; Performance as of May 30, 2018; Portfolio related information is as of April 30, 2017; SMID: Small+Mid cap companies. Performance above is for Regular Growth Plan and may vary depending on share class. (Source: Morningstar)

Review of Mirae Asset India Equity Fund

The fund seeks to provide the benefits of growth from equity markets.

The fund employs a time-tested investment approach and has generated steady returns across the market cycle thereby garnering a favourable view on the fund. The fund manager Mr. Neelesh Surana manages the fund since inception thus indicating stability of the management team.

The fund follows a disciplined approach to investment and risk management and seeks to predominantly invest in large-cap stocks that are priced reasonably. The fundamental bottom-up analysis has resulted in a well-diversified portfolio with no sector, stock, theme, style.

The team sticks to its belief of generating alpha by investing in sound companies and not by taking sectoral bets. While Surana employs a research-intensive process, we can’t negate the huge key-person risk. Overall, the fund follows a good investment process and its consistency in performance is likely to ensure that the performance is not carried away in an adverse market situation. The fund is rated five stars and with a Silver rating by Morningstar.

About the Fund Manager.

Mr. Neelesh Surana is the Chief Investment Officer of Equity and Fund Manager at Mirae Asset Global Investments (India) Pvt. Ltd. Mr. Surana heads the equity research and investment function at the firm, having joined in 2008.

Prior to joining Mirae, Surana served as a Senior Portfolio Manager at ASK Investment Managers Ltd. and was responsible for managing domestic and international portfolios at the firm. Surana holds an M.B.A. in Finance and a B.E. degree in Mechanical Engineering.

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Written by

Ajitesh Abhishek