Mirae's Global Great Consumer Fund to benefit from active consumers

By Toni Weeks

San Diego, Jan. 31 - Mirae Asset Discovery Funds has launched its Global Great Consumer Fund, according to an N-1A filing with the Securities and Exchange Commission.

The fund will launch with class A, class C and class I shares, which will trade under the symbols "MGUAX," "MGUCX" and "MGUIX," respectively.

The fund seeks to achieve long-term growth by investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of issuers in both developed and emerging markets that are expected to be beneficiaries of the "great consumer."

The great consumer is the collective direct and indirect economic effect resulting from increased consumption activities and growing purchasing power of individuals within the world's emerging economies.

The fund will benefit from rapid growth in domestic consumption within emerging markets. Key themes, such as population growth, increasing industrialization, income growth, wealth accumulation, increasing consumption among youths and the pursuit of a higher quality of life, will drive this consumption, according to the filing.

Under normal market conditions, the fund will invest at least 40% of its total assets in issuers (i) who are organized or located outside of, (ii) whose primary trading market is located outside of, or (iii) who are deriving at least 50% of its revenue from businesses outside of the United States. The fund will not be invested in fewer than three countries at any given time.

Jose Gerardo Morales and James Dominick will serve as portfolio managers.

Only class A shares are subject to a sales charge, which will be 5.75%. All three share classes are subject to a 2% redemption fee for shares exchanged or redeemed within 60 days of purchase.

The management fees are 1.05% across the board. The fund's investment manager, Mirae Asset Global Investments (USA) LLC, has agreed to waive its fee and reimburse the fund if necessary in order to maintain total annual fund operating expenses at 1.85%, 2.6% and 1.6% for class A, class C and class I share classes, respectively. The fee waiver agreement expires Aug. 31, 2013.

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