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Mirae Asset MF sees market outlook 'stable', launches multi-cap fund

PTI   

Mirae Asset MF sees market outlook 'stable', launches multi-cap fund
Kolkata, Mirae Asset Mutual Fund on Thursday said it remains optimistic about a stable capital market outlook, aided by improved macroeconomic conditions. Ankit Jain, the fund manager at Mirae Asset AMC, said the 25-basis point rate hike by the Federal Reserve was in line with expectations.

According to him, inflationary pressures are easing globally, and supply and demand imbalances are being rectified.

Jain emphasised that "India's healthy GDP growth projections contribute to the stability of the capital market outlook".

He also expected that corporate earnings will rise, particularly in sectors that have already shown significant improvement.

Jain expressed bullish sentiment towards sectors such as banking, pharma & healthcare, consumer discretionary and manufacturing.

Speaking about Mirae Asset Mutual Fund, which has an asset under management worth Rs 1.38 lakh crore, Jain said it has registered a compound annual growth rate of 40 per cent in the last few years.

He expressed optimism about continued expansion due to the untapped potential of the mutual fund industry in the country.

Despite the mutual fund industry's total assets under management standing at Rs 40 lakh crore, the "number of unit folios is currently only 3.5 crore, whereas there are over 8 crore taxpayers and 60 crore PAN card holders", he said.

Speaking at the launch of the new Mirae Asset Multicap Fund, Jain described its investment strategy, stating that it will allocate 25 per cent each to large, mid and small-cap companies.

He believes that this "balanced approach will enable investors to capitalise on long-term opportunities in high-growth small and mid-cap sectors".

The NFO (New Fund Offer) of the assent management company is scheduled to open for subscription on July 28 and will close on August 11.

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