Mirae Asset ELSS Tax Saver Fund offers 17.6% returns in 3 years; is it a good fund to invest?

ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.

Mirae Asset ELSS Tax Saver Fund
BASIC FACTS
DATE OF LAUNCH
28 DECEMBER 2015

CATEGORY
EQUITY
TYPE
ELSS
AUM*
Rs.24,346 crore
BENCHMARK
NIFTY 500 TOTAL
RETURN INDEX

WHAT IT COSTS
NAV**
GROWTH OPTION
Rs.46.86
IDCW
Rs.26.74
MINIMUM INVESTMENT
Rs.500

MINIMUM SIP AMOUNT
Rs.500

EXPENSE RATIO# (%)
1.56
EXIT LOAD
Nil

*AS ON 30 JUNE 2024
**AS ON 23 JULY 2024
#AS ON 30 JUNE 2024

FUND MANAGER
NEELESH SURANA
8 YEARS, 7 MONTHS

Recent portfolio changes
New entrants
Apollo Hospitals, Arvind, Dr. Reddy’s Labs, Go Digit General Insurance, Mahindra & Mahindra Financial Services, Power Finance Corp, United Spirits (May).
Apollo Tyres, L&T Finance, Multi Commodity Exchange of India (Jun).
Complete exits
Atul, Data Patterns (India), Max Financial Services (May).
Dabur India, Indian Energy Exchange (Jun).

Should You Buy?
This fund retains the essence of its larger siblings—Mirae Asset Large Cap and Mirae Asset Large and Mid Cap—with emphasis on quality of earnings. The fund tends to give more weight to large caps compared to mid-cap ideas from the same funds. The fund portfolio size has expanded and it has pared back some of its larger positions. Even as the fund has mirrored the impressive track record of outperformance of its siblings in the initial years, it has also witnessed a blip in the past few years, in line with the latter. The fund is likely to underperform till market preferences are aligned towards the value segment. Investors can take comfort in the proven capabilities of its fund manager to steer the fund in the right direction.