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Mirae Asset India Opportunities Fund
This South Korean fund company-India's only one with an East Asian parentage-has done rather well with the few equity funds it has launched. It has only two funds which are eligible to be considered for a Value Research Star Rating and both are rated five star. India Opportunities was its first equity fund, which was launched in March 2008, in the midst of the global financial crisis.
However, despite the inauspicious beginning-the NAV fell to almost half within a year of launch-the fund has proven itself in these six years. In every one of the five full years it has operated in, the fund has outperformed the benchmark. It gained more than the benchmark in the four positive years (2009-10 and 2012-13) and protected the gains on a relative basis in 2011. That year, the markets were down 27 per cent and the fund was down 19 per cent; creditable considering, it was fully invested at all times.
Given this track record, it is not surprising that the fund has delivered superior risk-adjusted returns. Since the time it became eligible for ratings, it has mostly maintained the Value Research five or four Star Rating, with its an average rating of 4.7.
Fund managers, Gopal Agrawal and Neelesh Surana emphasise that the basic idea is superior stock selection; "Our investment style follows the GARP approach, which is quality growth at a reasonable price. With this approach, we do not deviate significantly at sector level and thus risks are mitigated." This strategy has resulted in the fund outperforming the individual sectors through superior stock selection. Of the various funds in this category, this fund seems most committed to exploiting opportunities in smaller companies. It's mid- and small-cap exposure has generally stayed above 30 per cent. The sectoral exposure follows the benchmark, with financials, technology, healthcare, energy and autos finding favour. To sum up, not only has the fund served investors nicely in its brief history, it looks set to do so in the future too.
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