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| ICICI PRUDENTIAL FLEXIBLE INCOME PLAN- GROWTH |
Investment Strategy: The fund invests in a wide variety of securities like short-term debt and money market instruments. Over the past year, the fund reduced exposure to Certificates of Deposit (CDs) from 47% (December 2011) to 10% (November 2012). On the other hand, allocation to Commercial Paper (CP) rose from 31% (December 2011) to 41% (November 2012). Since December 2011, the funds investments of around 3-4% in Corporate Debt increased to 11% (September 2012) and currently stands at 8%. The average maturity and modified duration of the fund have been in the range 18-61 days and 16-56 days, respectively, over the past year.
Performance: The fund is one of the best performing ultra short-term funds on our platform. It has been able to outperform its benchmark across the 1- and 5-year periods. It has generated a CAGR of 8.06% and 7.95%, vis-à-vis benchmark returns of 7.10% and 7%, during a 3- and 5-year time horizon, respectively.
Inception Date: September 27, 2002
Fund Manager: Rahul Goswami & Manish Banthia
Asset Size: Rs 12,744.17 crore (AUM as on November 30, 2012)
Exit Load: Nil
Benchmark: CRISIL Liquid Fund Index |
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| TEMPLETON INDIA ULTRA SHORT BOND FUND- SUPER INSTITUTIONAL PLAN- GROWTH |
Investment Strategy: The fund invests in a wide variety of short-term debt and money market instruments. As on December 2011, the fund had around 37% exposure to Commercial Paper (CP), 52% to Certificates of Deposit (CD), 12% to Corporate Debt and 0.48% to Pass Through Certificates (PTCs) and securitized debt. During the course of 2012, the fund gradually decreased exposure to CDs and increased allocation to CP and Corporate Debt. In addition, the fund completely moved out from PTCs and securitized debt. As of November 2012, the fund's allocation was predominantly to CP (68%), Corporate Debt (18%) and CDs (10%).
The fund's average maturity and modified duration for the last 12 months was in the range of 40-113 days and 37-106 days, respectively. However, by November 2012, the average maturity and modified duration stood at 105.85 days and 98.55 days, respectively.
Performance: This fund re-entered our recommended funds list in 2012 and is our top pick this year. Over the 3- and 4-year time period, the fund has generated a CAGR of 8.35% and 7.94% respectively as compared to 7.10% and 6.71% delivered by its benchmark.
Inception Date: December 18, 2007
Fund Manager: Pallab Roy & Sachin Padwal - Desai
Asset Size: Rs 4,578.54 crore (AUM as on November 30, 2012)
Exit Load: Nil
Benchmark: CRISIL Liquid Fund Index |
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| AXIS TREASURY ADVANTAGE FUND- GROWTH |
Investment Strategy: The fund's strategy is to invest in a mix of money market and short-term debt instruments. A perusal of the portfolio composition shows that the exposure to Certificates of Deposit (CD) and Corporate Debt has gradually reduced from 55% and 16% in December 2011 to 33% and 10% in November 2012. On the other hand, allocation to Commercial Paper (CP) increased from 9% (December 2011) to 43% (November 2012). The fund's average maturity and modified duration over the last year has been on an average 52 days and 49 days, respectively.
Performance: A relatively new fund in the ultra short-term space, this fund has been able to outperform its benchmark over a 3-year time frame. If we consider a time horizon of 2 and 3 years, this fund has generated a CAGR of 9.38% and 8.00% as against benchmark returns of 8.32% and 7.10%, respectively.
Inception Date: October 9, 2009
Fund Manager: Kedar Karnik
Asset Size: Rs 1,513.47 crore (AUM as on November 30, 2012)
Exit Load: Nil
Benchmark: CRISIL Liquid Fund Index |
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| ICICI PRUDENTIAL GILT FUND INVESTMENT PLAN- GROWTH |
Investment Strategy: The fund manager invests only in long-term government securities while actively managing the duration of the holdings depending on his view of interest rates. The investment into G-Secs rose from 64% in December 2011 to 97% in November 2012. On the other hand, cash and cash equivalents dropped from 36% to 3% during the same time period. The average maturity of the fund as on December 2011 was 9.10 years, which rose to 15.5 years by November 2012.
Performance: The fund is one of the better performing G-Sec funds on our platform. The fund generated a 3-year CAGR return of 6.47% vis-à-vis 7.54% delivered by the benchmark. However, over a 5 year period, the fund delivered 9.80% as against its benchmark return of 8.64%.
Inception Date: August 19, 1999
Fund Manager: Rahul Goswami
Asset Size: Rs. 335.96 crore (AUM as on November 30, 2012)
Exit Load: NIL
Benchmark: I-BEX (I-Sec Sovereign Bond Index) |
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| BSL GOVERNMENT SECURITIES FUND LONG TERM PLAN - GROWTH |
Investment Strategy: The fund invests in securities issued by the Government of India or state governments. Over the past year, the fund, on an average, had 69% concentrated in G-Secs, while the cash and cash equivalent component cornered around 34% of the portfolio. As of November 2012, the fund had an exposure of 95% to G-Secs and the rest in cash and cash equivalents. The modified duration of the fund, which was 4.71 years in December 2011, stood at 7.98 years in November 2012.
Performance: The fund is the best performing long-term gilt fund on our platform. Over a 3- and 5-year time horizon, the fund delivered a CAGR of 8.77% and 9.81%, respectively beating the benchmark returns of 7.67% and 8.60%.
Inception Date: October 28, 1999
Fund Manager: Prasad Dhonde
Asset Size: Rs. 355.56 crore (AUM as on November 30, 2012)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: I-Sec Li-BEX Index |
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| ICICI PRUDENTIAL GILT FUND TREASURY PLAN- GROWTH |
Investment Strategy: The fund invests in short-term government securities. In December 2011, the exposure to G-Secs and cash and cash equivalents was around 88% and 12%, respectively. During the course of the past year, this further rose to 95% (G-Secs) and cash and cash equivalents dropped to 5%. Naturally, the average maturity of the fund rose from 1.34 years (December 2011) to 15.51 years (November 2012).
Performance: This fund is the best performing gilt fund on our platform and has found a place in our recommended fund's list this year as well. It has outperformed its benchmark over 4 and 5 years. Over the 3-year period, its CAGR of 5.72% was less than that of the benchmark (6.94%). But over a 5-year period it beat it marginally with a CAGR of 8.38% (benchmark: 8%).
Inception Date: August 19, 1999
Fund Manager: Rahul Goswami
Asset Size: Rs. 404.54 crore (AUM as on November 30, 2012)
Exit Load: Nil
Benchmark: I-Sec Si-BEX Index |
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| HDFC SHORT TERM PLAN- GROWTH |
Investment Strategy: Though the fund invests in debt securities and money market instruments, the portfolio is normally concentrated in Corporate Debt. In the last 12 months, allocation to Corporate Debt has been on an average 64%. Exposure to Certificates of Deposit (CDs) has reduced to 14% (November 2012) from 29% (December 2011). Simultaneously, exposure to Commercial Papers (CP) has increased from 2% to 7%. This fund barely takes any exposure to G-secs. The average maturity of the fund normally remains above 1 year. In December 2011, the average maturity of the fund was 1.70 years, which was gradually reduced to 1.41 years in May 2012 and then again increased to stand at 2.19 years in November 2012.
Performance: This is the first time this fund has found a place in our recommended funds list. The fund has outperformed its benchmark across various time periods spanning from 1- 5 years. Over a period of 3 and 5 years, the fund has generated a CAGR of 7.54% and 9.02% compared to 7.04% and 7.55% generated by the benchmark, respectively.
Inception Date: February 28, 2002
Fund Manager: Anil Bamboli
Asset Size: Rs 2,527.92 crore (AUM as on November 30, 2012)
Exit Load: 0.75% on or before 9 months, Nil after 9 months
Benchmark: CRISIL Short Term Bond Fund Index |
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| PINEBRIDGE SHORT TERM FUND STANDARD PLAN- GROWTH |
Investment Strategy: The fund invests in short to medium term debt and money market instruments. A major chunk of the portfolio is normally allocated to Certificates of Deposit (CDs). The average allocation to CDs was 72% in 2010 and 87% in 2011. However, during the course of 2012, allocation to this instrument reduced from 93% (June 2012) to 35% (November 2012). The fund, which took a low exposure to Corporate Debt and G-Secs over the last two years, began to show a preference for these instruments in 2012. Exposure to Corporate Debt, which stood at a mere 12% in December 2011, went up to 45% in November 2012, with the allocation going as high as 93% in March 2012. In addition to this, the fund which had zero exposure to G-Secs gradually began increasing allocation into the same since June 2012 to stand at 9% on November 2012. During the entire 2011 and the first half of 2012, the average maturity of the fund was below 1 year. However, there has been a slight change in this trend since June 2012 as the average maturity increased to 1.1 years and stood at 1. 7 years in November 2012. One salient feature of this fund is that unlike other short-term funds, it does not have an exit load.
Performance: This new entrant in our recommended funds list is one of the better performing short-term funds on our platform. It has been able to outperform its benchmark over a 3- and 4-year time period with a CAGR of 8.16% (benchmark: 7.04%) and 8.12% (benchmark: 7.74%), respectively.
Inception Date: March 6, 2008
Fund Manager: Vikrant Mehta
Asset Size: Rs 767.08 crore (AUM as on November 30, 2012)
Exit Load: Nil
Benchmark: CRISIL Short Term Bond Fund Index |
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| TEMPLETON INDIA SHORT TERM INCOME PLAN- GROWTH |
Investment Strategy: By investing in fixed income securities, the fund aims to provide a steady income while avoiding interest rate volatility. The portfolio composition of this fund is normally skewed towards Corporate Debt. Exposure to this instrument increased from 36% (December 2011) to 69% (November 2012). However, exposure to Certificates of Deposit (CDs) and Commercial Paper (CP) reduced from 26% and 16% to 6% and 10%, respectively, during the same period. The fund was one of the few in the industry which maintained a good exposure to Pass Through Certificates (PTCs) and securitized debt. However, during the last one year, allocation to PTCs and securitized debt has shown a decrease from 21% (December 2011) to 5% (November 2012).
The average maturity of the fund, which was less than 1 year in December 2011, gradually rose to 2.29 years in November 2012.
Performance: The fund has been a part of our recommended list over the last 2 years. Its outstanding performance gives us the confidence to go ahead with it this year as well. The fund has generated a CAGR of 8.06% and 9.17% as compared to benchmark returns of 7.04% and 7.55% during a time period of 3 and 5 years, respectively.
Inception Date: January 31, 2002
Fund Manager: Umesh Sharma & Sachin Padwal - Desai
Asset Size: Rs 6,032.14 crore (AUM as on November 30, 2012)
Exit Load: 0.50% on or before 9 months, Nil after 9 months
Benchmark: CRISIL Short Term Bond Fund Index |
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| CANARA ROBECO INCOME- GROWTH |
Investment Strategy: The fund invests in bonds, debentures, government securities and money market instruments of varying maturities. An actively managed fund, the asset allocation pattern is changed in sync with the fund managers views on interest rates. The fund normally has a good chunk of the portfolio allocated to Commercial Paper (CP), Corporate Debt and G-Secs. In December 2011, the fund had a 23% exposure to Certificates of Deposit (CDs), 14% to CP, 41% to Corporate Debt, 10% to G-Secs, and the rest in Treasury Bills and cash and cash equivalents. During the course of the year, the exposure to CDs and CP was reduced to nil by October 2012. However, allocation to Corporate Debt and G-Secs was gradually increased to stand at 45% and 31%, respectively, by November 2012. The average maturity of the fund in December 2011 stood at around 3.16 years, remained in the range of 2.42 years to 6.53 years during the past year and in November 2012 was 5.53 years.
Performance: The fund is one of the better performing income funds on our platform with a track record of beating its benchmark. Over a 3-year time frame, the fund generated a CAGR of 7.19% as compared to 6.73% delivered by the benchmark. In a 5-year period, the fund generated a CAGR of 11.44%, way above the benchmark return of 6.74%.
Inception Date: September 19, 2002
Fund Manager: Ritesh Jain
Asset Size: Rs. 250.02 crore (AUM as on November 30, 2012)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: CRISIL Composite Bond Fund Index |
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| DWS PREMIER BOND FUND- GROWTH |
Investment Strategy: The fund invests in debt securities including bonds and money market instruments. Over the past year, the fund increased exposure to Corporate Debt from 33% in December 2011 to around 89% in November 2012, while Commercial Paper (CP) and Certificates of Deposit (CDs) saw a decrease in allocation from 26% and 35% to 0% and 2%, respectively. The funds average maturity during the initial months of the last year was less than 1 year but rose to 4.37 years (April 2012) before decreasing to 3.65 years (August 2012) to finally stand at 3.89 years (November 2012).
Performance: This fund has been able to outperform its benchmark over a 3- and 5-year period. Its CAGR of 7.43% and 8.35%, respectively, is higher than that of the benchmark at 6.73% and 6.74%.
Inception Date: January 30, 2003
Fund Manager: Nitish Gupta & Kumaresh Ramakrishnan
Asset Size: Rs. 1,013.42 crore (AUM as on November 30, 2012)
Exit Load: 1% on or before 1 year, Nil after 1 year
Benchmark: CRISIL Composite Bond Fund Index |
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| TEMPLETON INDIA INCOME BUILDER ACCOUNT PLAN A- GROWTH |
Investment Strategy: The fund invests in quality bonds and debentures and has been managed like an active long-term income fund. Over the last 1 year, the average allocation to Corporate Bonds was to the tune of 83%, while Pass Through Certificates (PTCs) and securitized debt, along with cash and cash equivalents had an allocation of 4% and 11%, respectively. As of November 2012, the allocation was predominantly to Corporate Debt (77%), followed way behind by cash and cash equivalents (14%) and PTCs and securitized debt (9%). As far as the average maturity of the fund is concerned, the fund manager has slowly increased the same from 3.29 years (December 2011) to 4.54 years in November 2012.
Performance: The best performing fund on our platform, Templeton India Income Builder Account has found a place in our recommended funds for the first time. The fund has generated a CAGR of 8.52% and 7.87% over 3 and 5 years, respectively, as against the benchmark return of 6.73% and 6.74%.
Inception Date: June 23, 1997
Fund Manager: Umesh Sharma & Sachin Padwal - Desai
Asset Size: Rs. 359.89 crore (AUM as on November 30, 2012)
Exit Load: 0.50% on or before 6 months, Nil after 6 months
Benchmark: CRISIL Composite Bond Fund Index |
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| UTI DYNAMIC BOND FUND- GROWTH |
Investment Strategy: The fund invests in debt and money market instruments to generate optimal returns through active management of the portfolio. A major exposure of the portfolio is to Corporate Debt as can be seen by the fact that the average exposure since December 2011 has been to the tune of around 83%. In addition, the fund also started to take an exposure to G-Secs whose allocation rose from 14% (September 2012) to 22% (November 2012). As for the average maturity of the fund, it increased from 1.49 years (December 2011) to 8.35 years (November 2012).
Performance: A relatively new fund in this category, it has been able to outperform its benchmark over a 1-2 year time frame. The fund has generated a CAGR of 11.28% and 9.76% over 1 and 2 years, respectively, during which the benchmark returned 9.52% and 7.86%.
Inception Date: June 23, 2010
Fund Manager: Amandeep S. Chopra
Asset Size: Rs. 689.43 crore (AUM as on November 30, 2012)
Exit Load: 0.75% on or before 6 months, Nil after 6 months
Benchmark: CRISIL Composite Bond Fund Index |
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| BSL DYNAMIC BOND FUND- GROWTH |
Investment Strategy: The fund invests in high quality debt and money market instruments to generate optimal returns through active management of the portfolio. Normally, more than 50% of the portfolio is allocated to Corporate Debt though it has averaged 60% over the past year. During the course of the year, the fund manager also began to gradually take an exposure to G-Secs. The allocation to this instrument increased from 1% (April 2012) to 25% (November 2012). The portfolio composition as on November 2012 was tilted towards Corporate Debt (55%) and G-Secs (25%) followed by Commercial Paper (6%), Certificates of Deposit (3%), Floating Rate Instruments (2%) and cash and cash equivalents (9%).
The modified duration in December 2011 was 2.44 years which rose to 3.18 years by November 2012.
Performance: On our platform, the fund has been the best performer in the dynamic category and has been a part of our recommended funds list since June 2009. The performance of the fund over 3 and 5 years shows that the fund has generated a CAGR of 8.18% and 9.63%, respectively, while the benchmark delivered 6.73% and 6.74%.
Inception Date: September 30, 2004
Fund Manager: Maneesh Dangi
Asset Size: Rs. 14,744.53 crore (AUM as on November 30, 2012)
Exit Load: 0.50% on or before 6 months, Nil after 6 months
Benchmark: CRISIL Composite Bond Fund Index |
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| DSP BLACKROCK STRATEGIC BOND FUND- INSTITUTIONAL PLAN- GROWTH |
Investment Strategy: The fund invests in high quality debt and money market instruments to generate optimal returns through active management of the portfolio. During the last 1 year, the average allocation has been mostly to Certificates of Deposit (52%) and Corporate Debt (25%) followed by G-Secs (12%), Commercial Paper (6%) and Cash and Cash and Cash Equivalents (5%). Since December 2011, the fund has reduced exposure into Certificates of Deposit (CDs) while increasing the allocation to G-Secs. The average maturity of the fund dropped from 2.45 years (December 2011) to 2.02 years (August 2012) to climb to 6.16 years by November 2012.
Performance: This fund has been able to outperform its benchmark over a 1-3 year time period. Over a period of 3 years, the fund has generated a CAGR of 7.66% while the benchmark delivered 6.73%. However, if we take a 5-year time period, the fund has delivered a CAGR of 4.72% vis-a-vis index returns of 6.74%.
Inception Date: May 09, 2017
Fund Manager: Dhawal Dalal & Kushal Choksi
Asset Size: Rs. 3,114.47 crore (AUM as on November 30, 2012)
Exit Load: 0.10% on or before 7 days, Nil after 7 days
Benchmark: CRISIL Composite Bond Fund Index |
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