(Previously known as IDFC Super Saver Income Fund - Medium Term Plan)
An open ended medium term debt scheme investing in instruments such
that the Macaulay duration of the portfolio is between 3 years and 4 years
(Previously known as IDFC Super Saver Income Fund - Medium Term Plan)
An open ended medium term debt scheme investing in instruments such
that the Macaulay duration of the portfolio is between 3 years and 4 years
The fund is positioned in the medium term fund category and invests in a mix of high quality debt and money market instruments, including G Secs.
The government has been prudent so far in rationing its stimulus response,
focusing first on sustenance and keeping a growth stimulus for later.
Despite the government’s prudence so far, however, the load on the fiscal
is heavy. A necessary condition for financing this is a well-functioning bond
market. The measures announced in August should now restore normal
functioning and allow the substantial borrowing requirement to start going
through without undoing the transmission channel.
Having said that, it is also true that more than 50% of an INR 20 lakh crore
plus (center and states combined) borrowing program is still ahead of us.
One shouldn’t expect a very large sustainable rally in bonds basis just the
current set of triggers, although one should reasonably expect most of the
recent aggressive sell-off to get unwound. However re-instatement of
orderly functioning now allows participants to start deploying risk capital
with more confidence to take advantage of what are quite attractive
valuations given the underlying backdrop of an unprecedented growth
drawdown and a collapse in credit growth.
The external account is our one significant macro strength today and
provides adequate cushion to RBI to persist with a dovish policy for the
time-being. For all these reasons, our view remains that the important
current pillars of policy will sustain for the foreseeable future. The spike in
inflation presents an interpretation problem for now and it remains our
base case that it will not shift the narrative away from growth for monetary
policy, despite throwing up higher average CPI prints for the year. In our
opinion, focus has to be on best quality AAA and sovereign / quasi
sovereign. There is no macro logic whatsoever for pursuing high yield
strategies.
Category:Medium Duration
Monthly Avg AUM: Rs3,487.95 Crores
Inception Date: 8th July 2003
Fund Manager:
Mr. Suyash Choudhary
(w.e.f. 15/09/2015)
Standard Deviation (Annualized): 2.82%
Modified duration 3.67 years
Average Maturity: 4.49 years
Macaulay Duration: 3.79 years
Yield to Maturity: 5.63%
Benchmark: NIFTY AAA Medium Duration
Bond Index (w.e.f 11/11/2019)
Minimum Investment Amount: Rs5,000/- and any amount thereafter
Exit Load: NIL (w.e.f. 15th January 2019)
Options Available : Growth, Dividend - Daily
(Reinvestment only) and Fortnightly, Monthly,
Bi-monthly, Quarterly and Periodic frequency
(each with payout, reinvestment and sweep
facility).
Maturity Bucket:
PORTFOLIO | (31 August 2020) |
Name | Rating | Total (%) |
Government Bond | 68.79% | |
6.79% - 2027 G-Sec | SOV | 24.10% |
7.35% - 2024 G-Sec | SOV | 17.16% |
6.18% - 2024 G-Sec | SOV | 13.72% |
7.59% - 2026 G-Sec | SOV | 6.66% |
7.17% - 2028 G-Sec | SOV | 4.34% |
7.26% - 2029 G-Sec | SOV | 1.51% |
6.97% - 2026 G-Sec | SOV | 1.30% |
Corporate Bond | 27.02% | |
Power Finance Corporation | AAA | 8.30% |
Reliance Industries | AAA | 7.73% |
LIC Housing Finance | AAA | 6.06% |
REC | AAA | 2.58% |
HDFC | AAA | 1.62% |
Indian Railway Finance Corporation | AAA | 0.71% |
NABARD | AAA | 0.03% |
PTC | 1.06% | |
First Business Receivables Trust^ | AAA(SO) | 1.06% |
State Government Bond | 0.96% | |
8.25% Maharastra SDL - 2025 | SOV | 0.45% |
8.2% Gujarat SDL - 2025 | SOV | 0.45% |
8.37% Tamil Nadu SDL - 2028 | SOV | 0.06% |
8.25% Andhra Pradesh SDL - 2023 | SOV | 0.001% |
8.68% Gujarat SDL - 2023 | SOV | 0.0001% |
Net Cash and Cash Equivalent | 2.17% | |
Grand Total | 100.00% |
This product is suitable for investors who are seeking*:
• To generate optimal returns over medium term
• Investments in Debt & Money Market securities such that the Macaulay
duration of the portfolio is between 3 years and 4 years
*Investors should consult their financial advisers if in doubt about
whether the product is suitable for them.
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