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Mirae Asset Investment Managers India has launched new fund offer ‘Mirae Asset Arbitrage Fund’, an open-ended scheme investing in arbitrage opportunities.
The new fund offer will be open for subscription between June 3 and 12. It will be benchmarked with Nifty 50 Arbitrage Index.
The fund will predominantly invest in hedged arbitrage opportunities (simultaneous transactions of a long position in cash and exactly short position in futures) besides a small portion will be invested in other arbitrage opportunities driven by corporate action.
It aims to provide relatively risk-free returns without taking any directional views on equity markets. If arbitrage opportunities are limited, the scheme may invest in high quality low duration debt securities or money market instruments.
Swarup Mohanty, CEO, Mirae Asset Investment Managers, said the new fund offer is suitable for short to medium term investments.
The minimum initial investment in the scheme will be ₹5,000.
The mutual fund industry, which saw an outflow of ₹33,767 crore from the arbitrage category in March, had reversed the trend to attract an inflow of ₹6,587 crore in April.
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