This fund has been a middle-of-the-road performer in the short-term category, with a CAGR of 9 and 9.2 per cent on the regular option over three and five years, 20 to 30 basis points ahead of the category.
The fund follows a conservative strategy by keeping its average portfolio maturity within the one- to three-year range at most times. It also plays it quite safe on credit quality, with G-secs or AAA bonds dominating the portfolio. As of April 2016, the fund had as much as 88 per cent of its portfolio parked in G-secs (19 per cent), AAA bonds (55 per cent) and top-rated commercial paper (14 per cent). The portfolio mix shows that the fund owns very short-term corporate debt, with a couple of long-dated G-secs to take advantage of rate falls. The strategy makes it a good fund for investors looking for returns with low volatility.
There is a substantial differential in the expense ratio between the direct and regular plans of this fund, with the direct plan charging a very modest 0.25 per cent against the regular plan's 1.08 per cent.
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