September 15, 2022
mayank
Mirae Asset Overnight Fund
Growth : Rs 1,089.9679
IDCW Weekly : Rs 1,000.5733
IDCW Monthly : Rs 1,001.1063
Suitable For Which Investors ?
“Overnight funds invest in bonds having a maturity of just one day. They are suitable to earn a little extra on idle money lying in the bank. You may invest in these funds the money that you have set aside to meet any emergency needs or any surplus money that you don’t need for a few days up to a year.
The risk of incurring a loss in these funds is negligible but they do not guarantee returns or safety of capital.
Remember, these funds are geared to deliver only marginally higher returns than your bank account. They deliver steady, but low returns and are not suitable to build wealth in the long run.”
Fund’s Investment Strategy :
The scheme seeks to generate returns commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day.
Fund Manager :
1) Abhishek Iyer
Education : Mr. Iyer is a B. Com, Master in Finance management, Master of Arts (MA) Economics
Experience : Prior to joining Mirae Asset Mutual Fund, he has worked with IDBI Mutual Fund, IIFL Mutual Fund, L&T Mutual Fund and Sahara Mutual Fund.
Investment Details
| Min. Investment (Rs) : | 5,000 |
| Min. Addl Investment (Rs) : | 1,000 |
| Min. SIP Investment (Rs) : | 1,000 |
| Min. Withdrawal (Rs) : | — |
| Min. No of Cheques : | 5 |
| Min. Balance (Rs) : | — |
| Lock-in Period : | NA |
| Exit Load : | 0 |
Basic Details
| Fund House : | Mirae Asset Mutual Fund |
| Launch Date : | 15-Oct-19 |
| Return Since Launch : | 3.70% |
| Benchmark : | NIFTY 1D Rate Index |
| Riskometer : | Low |
| Type : | Open-ended |
| Assets : | Rs 700 Cr |
| (As on 31-Aug-2022) | |
| Expense Ratio : | 0.11% |
| (As on 31-Jul-2022) | |
| Risk Grade : | — |
| Return Grade : | High |
Mirae Asset Overnight Fund Trailing Returns (%)
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Mirae Asset Overnight Dir | 2.93 | 0.01 | 0.47 | 1.25 | 2.22 | 3.94 | — | — | — | — |
| CCIL T Bill Liquidity Weight | 1.48 | 0 | 0.19 | 0.75 | 1.1 | 2.06 | — | — | — | — |
| Debt: Overnight | 2.9 | 0.01 | 0.44 | 1.24 | 2.2 | 3.89 | — | — | — | — |
| Rank within category | 5 | 2 | 1 | 7 | 6 | 4 | — | — | — | — |
| Number of funds in category | 29 | 32 | 31 | 30 | 30 | 29 | 24 | 3 | 3 | 0 |
Peer Comparison
| Fund name | Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age |
| Mirae Asset Overnight Dir | 5 star | 3.94 | — | — | 0.11 | 700 | 3.70 | — | 2yrs 11mo |
| Axis Overnight Dir | 4 star | 3.93 | 3.68 | — | 0.04 | 12,063 | 3.99 | — | 3yrs 6mo |
| ABSL Overnight Dir | 4 star | 3.91 | 3.67 | — | 0.08 | 11,825 | 4.21 | — | 3yrs 10mo |
| HSBC Overnight Dir | 5 star | 3.94 | 3.71 | — | 0.11 | 587 | 3.89 | — | 3yrs 3mo |
| SBI Overnight Dir | 3 star | 3.88 | 3.64 | 4.62 | 0.10 | 20,844 | 6.17 | — | 9yrs 8mo |
Portfolio Breakup
| Fund | Category | |
| Number of Securities | 1 | 2 |
| Modified Duration (yrs) | 0.01 | — |
| Average Maturity (yrs) | 0.01 | — |
| Yield to Maturity (%) | 5.34 | 5.43 |
| Avg Credit Rating | — |
Mirae Asset Overnight Fund by Chanakya :
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