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Investment Objective
The scheme seeks to generate regular income through investments in debt and money market instruments.

Fund Managers
Dwijendra Srivastava since Jul 2010
Sandeep Agarwal since Jun 2012

Analysis   
In its ten-year old history, this fund has not posted highly remarkable returns for most of the time. However, in the past three years this fund has found its bearings to emerge as one of the best in the short term debt category.

Strategy

This fund invests across several debt and money market instruments of various credit ratings (above investment grade) with a view to maximise income while maintaining an optimal balance of yield, safety and liquidity. Further, the fund managers restrict investments in well-diversified, high credit portfolio of debt (including securitised debt) and other securities with maturities not exceeding three years, to check volatility.

“Our current strategy is conservative and in this fund we have lower average maturity and increased allocation to high rated instruments,” says Dwijendra Srivastava, fund manager. There may be another 25 basis rate hike according to the fund manager, after which Bamboli sees interest rates easing.
Buoyant on the performance of the scheme, Bamboli feels the shorter end of the yield curve which is still elevated might come down in the next six months.
“So our overall view on the scheme is quite positive at this point of time,” he stresses.

Performance
In the five years preceding 2008, this fund did well. But in 2008-10, it fared poorly and in 2009 it earned a paltry 2 per cent. Since 2010, this fund has bounced back and has done better than the category average and has been a top quartile performer since. This year, it posted returns of 7.97 per cent in the first 11 months compared to 5.99 per cent by the category average.

The change adopted in maintaining a higher average maturity of over three years since 2010 has helped in its performance.
 

 

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