Mirae Asset Large and Midcap Fund to accept lumpsum, SIP, STP from Aug 1
lumpsum methods from August 1. Till now, the fund house had capped SIPs at Rs 25,000 per person per month and did not accept lumpsum investments for this scheme-- the largest product in this category with assets under management of Rs37,846 crore.
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Mirae Large and Midcap Fund had suspended lumpsum investments since October 25, 2016, but continued to accept investments through SIPs. In November 2020, the fund house had restricted subscription in the scheme to Rs 2,500 through monthly SIP which was increased to Rs 25,000 per person in October 2023.
The scheme invests a minimum of 35% each in large and midcap stocks with a balance of 30% at the fund manager's discretion in either large, mid, or small-cap stocks. It has returned 39.3% in the past year as against the category average of 42.5%. The benchmark BSE Large Mid-cap TRI gained 34.7% in the period.
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Mirae Large and Midcap Fund's decision to restart investments comes amid concerns that the current stock market levels are overbought.
The fund house said it has removed the investment restrictions because the investment universe has expanded, and there is increased market depth, liquidity, and overall growth in fund size. As per the fund house, the aggregate market cap of the Nifty Midcap 150 index has
