The Mirae Asset Large Cap Fund is an open-ended equity mutual fund that primarily invests in large-cap stocks of well-established companies. It is available in two variants: Regular Plan and Direct Plan. Below are the comprehensive details for both:
Key Fund Details
- Fund Type: Open-ended equity scheme investing in large-cap stocks
- Fund House: Mirae Asset Mutual Fund
- Launch Date: January 1, 2013 (Direct Plan)
- Fund Managers: Neelesh Surana and Harshad Borawake
- Benchmark Index: BSE 100 (or BSE 200)
- Assets Under Management (AUM): ₹37,778 crore (as of March 31, 2025)
- Net Asset Value (NAV): ₹119.55 (as of April 19, 2025)
- Expense Ratio: 0.74% (Direct Plan)
- Minimum Investment: ₹5,000 (lump sum) or ₹99 (SIP)
- Exit Load: 1% if redeemed within 365 days
- Risk Level: Very High
Fund Managers of Mirae Asset Large Cap Fund
The Fund is managed by Mr. Gaurav Misra, who has been at the helm since January 31, 2019. He brings over 24 years of experience in investment management and equity research. Before joining Mirae Asset Mutual Fund, he served as a Senior Portfolio Manager at ASK Investment Managers Limited.
About Gaurav Misra
- Current Role: Co-Head of Equity at Mirae Asset Mutual Fund
- Experience: Over 24 years in investment management and equity research
Previous Positions:
- Senior Portfolio Manager at ASK Investment Managers Limited
- Roles in institutional and private equity research at IL&FS Investsmart, Vickers Ballas Asset Management, and Classic Share & Stock Broking
Education:
- Bachelor’s Degree in Economics from St. Stephen’s College, Delhi
Funds Managed by Gaurav Misra
- Mirae Asset Large Cap Fund
- Mirae Asset Focused Fund
Under his stewardship, these funds have demonstrated consistent performance, adhering to a disciplined investment approach.
Mirae Asset Large Cap Fund Share Price
- Direct Plan – Growth Option: ₹119.55
- Regular Plan – Growth Option: ₹106.32
These NAVs represent the per-unit price of the fund on that date.
Investment Considerations:
- Direct Plan offers a lower expense ratio, which can lead to higher net returns over the long term.
- Regular Plan includes distributor commissions, resulting in a higher expense ratio.
- Both plans have identical portfolios and are managed by the same fund managers.
Portfolio Quality
- Focused exposure to high-quality blue-chip companies like HDFC Bank, ICICI Bank, Infosys, and Reliance.
- Diversified across sectors, with major allocation to Financials, IT, and Consumer sectors.
- Lower portfolio churn (less trading), which helps reduce costs and tax burden.
Risk Profile
- Volatility: Moderate – typical of large-cap funds.
- Standard Deviation (5-year): ~14.4 – slightly lower than category average.
- Sharpe Ratio (5-year): ~1.16 – indicates better risk-adjusted returns.
Mirae Asset Large Cap Fund Portfolio
As of April 17, 2025, the Mirae Asset Large Cap Fund maintains a diversified portfolio with a strong emphasis on large-cap stocks, complemented by select mid-cap investments. Here’s an overview of its holdings and sector allocations:
Top Equity Holdings
The fund’s largest investments are in well-established companies:
- HDFC Bank Ltd. – 10.28%
- ICICI Bank Ltd. – 7.77%
- Infosys Ltd. – 5.24%
- Reliance Industries Ltd. – 4.81%
- Axis Bank Ltd. – 4.16%
- Bharti Airtel Ltd. – 4.09%
- Tata Consultancy Services Ltd. – 3.88%
- Larsen & Toubro Ltd. – 3.57%
- ITC Ltd. – 2.63%
- Kotak Mahindra Bank Ltd. – 2.60%
These top 10 holdings constitute approximately 49% of the fund’s total assets.
Sector Allocation
The fund’s investments are spread across various sectors:
- Private Banks – 25.43%
- Information Technology Services & Consulting – 10.18%
- Oil & Gas – Refining & Marketing – 5.73%
- Construction & Engineering – 5.45%
This sectoral distribution reflects the fund’s strategy to balance stability with growth potential.
Asset Allocation
The fund’s assets are allocated as follows:
- Equity – 99.45%
- Cash & Equivalents – 0.48%
- Rights – 0.06%
This allocation underscores the fund’s commitment to equity investments while maintaining liquidity.
Investment Strategy
The fund primarily invests in large-cap stocks (top 100 companies by market capitalization) and selectively includes mid-cap stocks, up to a maximum of 20% of the portfolio.
The investment approach focuses on identifying companies with sustainable competitive advantages, strong pricing power, and sector leadership, aiming for long-term value creation.
Mirae Asset Large Cap Fund Returns
| Investment Horizon | Absolute Return | Annualized Return | Benchmark (NIFTY 100 TRI) |
|---|---|---|---|
| 1 Year | 10.55% | 10.55% | 7.25% |
| 3 Years | 38.79% | 11.50% | 12.55% |
| 5 Years | 173.99% | 22.32% | 23.29% |
| 10 Years | 247.49% | 13.25% | 12.17% |
| Since Inception | 512.08% | 15.98% | 13.82% |
Mirae Asset Large Cap Fund – Direct Growth
| Investment Horizon | Absolute Return | Annualized Return | Benchmark (BSE 200 TRI) |
|---|---|---|---|
| 1 Year | 7.93% | 7.93% | 5.07% |
| 3 Years | 10.91% | 3.46% | 12.79% |
| 5 Years | 22.22% | 4.02% | 24.99% |
| Since Inception | 15.91% | 15.91% | 11.65% |
Mirae Asset Large Cap Fund – Regular Growth
| Investment Horizon | Absolute Return | Annualized Return | Benchmark (BSE 200) |
|---|---|---|---|
| 1 Year | 10.42% | 10.39% | 7.74% |
| 2 Years | 36.68% | 16.88% | 19.69% |
| 3 Years | 35.99% | 10.74% | 12.86% |
| 5 Years | 151.21% | 20.22% | 21.02% |
| 10 Years | 224.55% | 12.48% | 11.36% |
| Since Inception | 963.24% | 14.87% | 13.75% |
Strengths of Mirae Asset Large Cap Fund:
- Consistent Performance: The fund has delivered solid returns over both short and long-term horizons. It has shown a strong performance track record compared to its benchmark and peers, especially over 5-10 years.
- Well-Diversified Portfolio: With a focus on large-cap stocks and some exposure to mid-cap stocks, the fund offers a well-diversified portfolio that balances stability (from large-cap stocks) and growth potential (from select mid-cap stocks).
- Experienced Fund Manager: Gaurav Misra has over 15 years of experience managing equity funds. His expertise and disciplined investment approach have helped the fund navigate market cycles successfully.
- Low Expense Ratio: The fund has a relatively low expense ratio (0.55% for direct plan), making it an attractive option for long-term investors looking for cost-efficient growth.
- Transparency and Regular Updates: Mirae Asset provides regular updates about the portfolio, performance, and strategy, ensuring transparency for investors.
- Strong Risk-Adjusted Returns: The fund has generated strong risk-adjusted returns, with favorable Sharpe and Sortino ratios, which indicates that it delivers good returns per unit of risk.
Risks of Mirae Asset Large Cap Fund:
- Market Risk: Being an equity fund, it is exposed to market volatility. A downturn in the stock market or economic recessions can impact the fund’s performance negatively, especially since a significant portion of its assets are invested in large-cap equities.
- Concentration Risk: While the fund is diversified across sectors, it has significant weight in a few stocks like HDFC Bank, ICICI Bank, and Reliance Industries. This could lead to concentration risk if these stocks face any major setbacks.
- Interest Rate Sensitivity: The fund’s large exposure to financial stocks (banks, insurance companies) and certain high-growth sectors makes it sensitive to interest rate changes. Rising interest rates could impact the valuation of these stocks.
- Fund Manager Risk: While Gaurav Misra has a proven track record, there is always a risk related to changes in the fund management team. Any shift in strategy or style may affect the fund’s performance.
- Sector Risk: While large-cap stocks generally provide stability, sectoral risks exist. For instance, if the financial or IT sector underperforms, it could negatively impact the overall returns of the fund due to its heavy exposure to those sectors.
- Economic and Political Risk: The fund’s exposure to domestic and global macroeconomic factors (such as inflation, currency fluctuation, government policies, and geopolitical tensions) could also influence the performance.
Conclusion:
The Mirae Asset Large Cap Fund is a strong option for long-term investors seeking stability and growth potential. However, like any equity fund, it comes with inherent risks that investors should be aware of. It’s important to assess your risk tolerance and investment horizon before investing.
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