The Mirae Asset NYSE FANG+ ETF Fund of Fund (FoF) has really made a mark this year, being named the mutual fund scheme of 2024 thanks to an impressive return of 88%.
This open-ended fund mainly puts money into the Mirae Asset NYSE FANG+ ETF, giving Indian investors a chance to get involved with major global tech companies like Meta, Amazon, Tesla, and Google. By tracking the NYSE FANG+ Index, this fund opens doors to opportunities beyond India, aiming to benefit from global tech growth and the weakening of the rupee.
If someone had invested Rs 10,000 every month starting at the beginning of this year, their investment would now be worth about Rs 1.82 lakh, which reflects a remarkable XIRR of 111.50%.
On the other hand, if someone had invested a lump sum of Rs 1 lakh on January 1, 2024, that amount would have grown to Rs 1.88 lakh at this point, yielding a CAGR of 88.35%.
The scheme's assets under management jumped by 34% this year, going from Rs 1,265.34 crore in January to Rs 1,694 crore by November, according to the latest data.
Since its launch in May 2021, the scheme is managed by Ekta Gala and Vishal Singh and is benchmarked against the NYSE FANG + TRI. This year, the NAV climbed from Rs 15.2730 on January 2 to Rs 28.9480 by December 27.
As stated in the scheme information document, it’s a good fit for investors looking for long-term growth or income, with a focus on units of Mirae Asset NYSE FANG+ ETF. The aim is to provide long-term capital growth through investments mainly in these units. If you decide to redeem your investment within three months, there’s an exit load of 0.50%. After that period, there’s no exit load at all.
The scheme requires a minimum investment of Rs 5,000, and you can invest in increments of Re 1 after that. For a monthly SIP, the starting amount is Rs 99, with the same increment rules. It plans to invest 95-100% in Mirae Asset NYSE FANG+ ETF and 0-5% in money market instruments or debt securities from domestic mutual funds.
The maximum total expenses ratio allowed by regulation is up to 1%.
This year has seen around 472 equity schemes make their mark, with about four of them returning over 50%. The standout schemes were both from Mirae Asset Mutual Fund: after the Mirae Asset NYSE FANG+ ETF FoF, the next best was the Mirae Asset S&P 500 Top 50 ETF FoF, which returned 66.47% in 2024.
Motilal Oswal’s Nasdaq 100 FoF and Midcap Fund followed closely with returns of 57.55% and 55.30%, respectively. Meanwhile, the LIC MF Infra Fund and HDFC Pharma and Healthcare Fund yielded returns of 48.92% and 48.20% during this calendar year.