Mirae Asset Tax Saver Fund (Growth)

Mirae Asset Tax Saver Fund- Growth is an open-ended equity linked savings scheme with a mandatory lock-in period of 3 years and a tax deduction. An equity-linked savings scheme provides long-term capital appreciation and growth along with tax saving under Direct Taxes. The fund maintains a diversified portfolio of strong companies at reasonable prices across different industries and sectors. The fund follows an investment strategy of investing across market capitalisation, theme, and investment styles. The scheme follows a bottom-up investment approach which is driven by value investing in growth and appreciation-focused business models. 

As of 3rd April 2022, the fund has invested 99.6% of its assets in equity securities and 0.4% of its assets in other instruments. Moreover, of its 99.6% of equity holdings the fund has a major investment in large-cap companies. Due to the nature of the fund, the lock-in period is 3 years. Hence, an investor seeking long-term growth and tax saving may consider investing in this fund. The fund is managed by Mr. Neelesh Surana.

Investment Objective of Mirae Asset Tax Saver Fund (Growth)

The scheme aims to provide long-term capital appreciation from a diversified portfolio. The dynamic diversification is maintained through equity and equity-related instruments across different sectors, market capitalization, and companies.

The fund focuses on investing in companies that have delivered visible and sustainable earning growth in the long term. The AMC follows selection criteria which are based on a company’s large market opportunity, sustainable competitive advantages, ROI, and corporate governance & thought leadership.

Scheme Details of Mirae Asset Tax Saver Fund (Growth)

On 28th December 2015, Mirae Asset Mutual Fund had launched Mirae Asset Tax saver Fund-Growth. With an existence of over 7 years, the fund continues to provide growth opportunities as well as capital appreciation.

• NAV and Returns – The NAV of the fund as of 3rd April 2022 is Rs 30.92. The risk-o-meter of the fund is very high risk. Hence, an investor must understand that their principal amount of investment will be at very high risk. Since its inception, Mirae Asset Tax saver Fund-Growth has delivered a return of 19.80%.
• Minimum Investment – For a SIP investment, the fund mandates a minimum SIP investment of Rs 500. To make a lump sum investment an investor must invest a minimum amount of Rs 500.
• Expense Ratio and Exit Load – The fund charges an expense ratio of 1.80% on the units of the mutual funds at the NAV. The fund does not charge an exit load.
• Fund Manager – Since its inception, the fund has been managed by Mr. Neelesh Surana. Mr. Neelesh Surana comes with a wide experience of 26 years in equity research and portfolio management. Currently, Mr. Surana is the Chief Investment Officer at Mirae Asset Investment Managers (India) Private Limited. Being the Chief Investment Officer, Mr. Surana leads the research and fund management function
• Other Details – Being an ELSS fund, the fund has a mandatory 3 year lock-in period from the date on which investment is made. Any redemption of any units of the fund is not allowed during this 3 year lock-in period. As of 3rd April 2022, the AUM of Mirae Asset Tax saver Fund- Growth is Rs 10,802.014 cr. The fund benchmarks to IISL Nifty 200 TR INR and aims to beat the benchmark through a bottom-up investment approach and selection of large-cap companies.

Growth Review

Mirae Asset Tax Saver Fund-Growth is recommended by Scripbox within the equity-linked tax saving mutual fund category. Equity-Linked Tax saving mutual funds are designed to help you save taxes while offering the opportunity for growth and appreciation in line with equity returns.  

The fund holds a good rank on the basis of average 1 year rolling return – 23.69% and average 3 years rolling return – 20.91%. Returns were calculated based on 1 year and 3 years rolling returns rolled monthly for the last 4 years. Trailing returns have a recency bias and point to point returns are specific to the period in consideration. Rolling returns, on the other hand, measures the fund’s absolute and relative performance across all timescales, without bias. The fund is ranked 2 based on the quarterly outperformance count in the category. Out of 16 quarters the fund has outperformed the category average 12 times.

The fund has the highest information ratio in the category. The information ratio is used to evaluate the skill of a portfolio manager at generating returns more than a given benchmark. With the AUM value of 10802.01 Cr. The fund is in the top 5 in the category.

1. With an existence of over 7 years, the fund has a relatively moderate history for analysis of the fund. 
2. With an AUM or relative size of Rs 10,802.014 cr, the fund is a leader w.r.t. size within the tax-saving mutual fund’s category.
3. Over a period of time, the funds performed well by providing benchmark beating returns. 

Fund Performance

Annualised Returns

Period	Returns
5 Years	18.10%
3 Years	20.50%
1 Years	20.40%

Performance Ratio

Standard Deviation	21.60%
Portfolio Beta	1
Treynor’s Ratio	0.17
Sharpe Ratio	0.8

Asset Allocation

Asset Allocation as per Asset Type

Asset Allocation as per Asset Type (Equity vs Debt)	Weightage
Equity	99.60%
Debt & Cash	0.40%

Asset Allocation As per Sector

Sector	Percentage of Holding
Financial Services	35.50%
Technology	14.80%
Basic Materials	9.80%
Consumer Cyclical	7.90%
Industrials	7.70%
Energy	7%
Healthcare	6.70%
Consumer Defensive	5%
Others	4.40%

Frequently Asked Questions

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