NFO Alert: TRUST Mutual Fund announces launch of TRUSTMF Mid Cap Fund

TRUST Mutual Fund has announced the launch of the TRUST Mid Cap Fund, an open-ended equity scheme predominantly investing in mid-cap companies. The fund seeks to generate long-term capital appreciation by investing in equity and equity-related instruments of businesses ranked 101st to 250th in terms of full market capitalisation, as defined by Sebi.

The new fund offer, or NFO, of the scheme is open for subscription and will close on March 13.

The scheme will be benchmarked against the Nifty Midcap 150 TRI and will be managed by Mihir Vora and Aakash Manghani.


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For lump sum purchase (incl. switch-in), the minimum is Rs 1,000 and in multiples of any amount thereafter. “Growth investing* is central to our philosophy. In the mid-cap universe, outcomes can vary significantly, making research depth and valuation discipline especially important. Our investment process combines fundamental analysis, relative valuation and Terminal Value Investing* to identify businesses that can create sustainable long-term value,” said Sandeep Bagla, Chief Executive Officer, TRUST MF.

The TRUSTMF Mid Cap Fund will be managed in line with TRUST Mutual Fund’s core investment philosophy of Growth at Reasonable Valuations (GARV) and Terminal Value Investing. The investment team applies the LIM framework, Leadership, Intangibles and Megatrends, to evaluate companies with durable competitive positioning, scalable models and structural growth alignment.

“Midcaps fit naturally within our Terminal Value Investing framework. These companies typically have established business models and a long runway for growth. Our approach focuses on identifying scalable businesses with strong leadership, competitive advantages and alignment with structural megatrends. Given the relatively lower research coverage in the midcap space compared to large caps, disciplined stock selection becomes critical,” said Mihir Vora, Chief Investment Officer, TRUST MF.

The fund will allocate 65-100% in equity and equity-related instruments of mid-cap companies, 0-35% in equity and equity-related instruments other than midcap companies, 0-35% in debt and money market instruments (including cash and cash equivalents), and 0-10% in units issued by InvITs.

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“Mid-cap investing demands strong bottom-up research and sharp execution focus. We are looking for companies that are gaining market share, improving operating efficiencies and demonstrating consistent earnings delivery. By maintaining valuation discipline and focusing on quality growth businesses, we aim to build a resilient portfolio positioned to benefit from India’s next phase of expansion,” said Aakash Manghani, Fund Manager, Equities, TRUST Mutual Fund.

The TRUSTMF Mid Cap Fund is suitable for investors with a high-risk appetite who can withstand short-term volatility, long-term investors with a minimum investment horizon of five years, SIP-oriented investors seeking disciplined exposure to mid-caps, and investors looking to diversify portfolios with dedicated midcap allocation.