Mirae Asset Global Investments (India) launched an open-ended equity fund, Mirae Asset India-China Consumption Fund on Tuesday. The new fund offer opens on March 9 and close on March 23.

The fund will focus on companies of sectors like financials, healthcare, utilities, telecom, consumer durables, automobile, retail, etc, which are “benefiting from consumption-led demand that is driving the world's fastest growing economies — India and China,” said a statement from the fund house.

Theme of fund

“Going forward, the consumption theme will be the engine of sustainable growth made possible by higher per capita income, disposable surplus and growing urbanisation. India and China are at the inflexion point of the Consumption J-curve with India's strong propensity to consume basic goods and services and China's strong demand for luxury goods,” said Mr Arindam Ghosh, CEO, Mirae Asset Global Investments (India) Pvt Ltd.

Of the total corpus, the fund will invest around 65-90 per cent in Indian equity and equity related instruments and around 10-35 per cent in Chinese equity and equity-related instruments. The fund may also take up to 25 per cent exposure in money market instruments (including CBLO) or debt securities instruments in India and/or units of debt or liquid schemes of domestic mutual funds.

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