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Thursday, November 3, 2016

Reliance Medium Term Fund

Reliance Medium Term Fund Online
 
The primary investment objective of the scheme is to generate regular income in order to make regular dividend payments to unitholders and the secondary objective is growth of capital.
 

This is a veteran fund in the category. The regular plan's returns are just a tad above that of the category average, with the five-year CAGR at 9 per cent plus. The direct plan is about 40 basis points ahead of the regular plan on annualised returns.

 

Despite its label, the fund runs a very short duration portfolio, with an average maturity that has seldom crossed 1.5 years in the last five years. This is far lower than the category and materially reduces the interest rate risk taken by the fund. The fund takes minimal exposure to G-secs and has mostly invested in corporate bonds and commercial papers.

 

The corporate bond portfolio leans towards safety. AAA and AA+ papers make up 62 per cent of the assets by April 2016. The fund has invested 13 per cent of its portfolio in lower-rated bonds, though not lower than AA-. However, risks are contained through a diversified portfolio, with individual bonds making up no more than 6 per cent of assets.

 

The expense ratio of the regular plan is 0.64 per cent while that of the direct plan is 0.24 per cent.

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