Mirae Asset launches Mirae Asset Money Market Fund

Mirae Asset Investment Managers (India) announced the launch of Mirae Asset Money Market Fund. The scheme is an open ended debt scheme investing in money market instruments. The New Fund Offer (NFO) will close on August 10, 2021. Scheme re-opens for continuous Sale and Repurchase from August 12, 2021. The fund will be benchmarked with the Nifty Money Market Index and will be managed by Mahendra Jajoo.

The scheme is ideal for investors with an investment horizon of up to one year. The fund manager will invest in securities that mature in less than one year. The duration of the portfolio is expected to be between 6 and 12 months. The fund house will employ a roll down strategy. Investors should ideally their match their investments time frame with the duration of the scheme.

“At a time when fixed income markets are dealing with possibility of sustained higher inflation across the globe, money Market Funds may be well suited with exposure in very liquid and high-quality money market instruments, providing attractive yield pick-up due to steep money market curve while still providing reasonable down side protection due to relatively shorter maturity of the portfolio,” said Mahendra Jajoo, CIO – Fixed Income, Mirae Asset Investment Managers (India).

Money market funds gave 3.62 percent in last one year ended August 8, 2021 as per data shared by Value Research.

The minimum initial investment in the scheme will be Rs. 5,000.