The falling interest rate scenario helped the fund deliver double-digit returns during its first six years. Since then returns have moderated as it opted for a more conservative path. Though the fund was known to always have a portfolio maturity higher than the average, in the six months ended March 2008, it went to the extreme (12.34 years to 21.04 years). From that time onward, there has been a perceptible change in stance with very few instances when the portfolio maturity has exceeded the average. This resulted in a few missed opportunities but over time evens out. For instance, the fund abstained from increasing its average maturity towards the end of 2008. The result: a return of 7.34 per cent in 2008 (category average: 14.15%). Nevertheless, this turned out to be beneficial in the first quarter of 2009 when yields unexpectedly started moving up and the fund delivered 0.64 per cent (category average: -3.88%). The expense ratio keeps fluctuating and is currently on the higher side