BNP Paribas Flexi Debt Fund

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Investment Objective

The scheme aims to generate income through investments in a range of debt and money market instruments of various maturities to maximise income while maintaining an optimum balance between yield, safety and liquidity.

 

Fund Managers

Puneet Pal since Feb 2012

BNP Paribas Flexi Debt fund has generated superior returns than most of its peers in recent times and stays true to its name by being flexible in its investments.

 

Strategy
The scheme aims to generate income through investments in a range of debt and money market instruments of various maturities to maximise income while maintaining an optimum balance between yield, safety and liquidity. It is suitable for regular income in long term and is a medium risk fund.
Currently, the fund's average maturity is 8 years. On occasions, the fund bets big based on its interest rate outlook. In January 2009, it heavily moved into long maturity debt taking its portfolio maturity to over 24 years. By December 2009, the average maturity of the portfolio cam down to below 1 year.

 

Performance
The fund has underperformed its category average only thrice. Its best performance was during 2008 and 2009 when it significantly outperformed the category average. It gave a return of 3.12 per cent while most of its peers struggled to stay in positive territory. But it couldn't keep the momentum going in 2010 and 2011 and lagged behind the category average. But last year it performed reasonably well and its year-to-date return of 6.74 per cent also exceeds the category average of 4.67 per cent.
Talking about its portfolio, the fund earlier had higher investments in bonds and certificate of deposits with its holdings in government securities going up during some months. During 2008-09 its commercial papers holdings increased to 60 per cent. Currently, its government securities' exposure is above 50 per cent.

 

Why invest?
This fund's name is apt as half of its investments are in long term securities while the rest in relatively shorter term securities. It has tried to change its average maturity as per the prevailing rates and has also performed well since inception with it being part of the top two quartile majority of the times.

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