The investment philosophy of this fund is to generate alpha by investment into credit assets at absolute high yields and attractive spreads in the 2-3 years horizon without carrying high duration (not above 2 years) in the fund

·         The portfolio is well diversified on issuer, rating and maturity parameters so as to manage credit risk and illiquidity risk in the portfolio.

·         The RRSF-Debt portfolio is well diversified with total of close to 50 - 60 issuers in the portfolio

·         In order to manage the illiquidity risk of underlying bonds in the portfolio we have adopted a strategy of laddering the maturity of the portfolio which has created a self liquidating structure for the portfolio.

·         Because of the low to moderate duration, fund volatility is also low while higher gross yields will give consistent higher returns in the fund. Rich carry due to higher short term yields & right mix credits.

Details as on 31^st March 2016:

YTM:        10.53%

Weighted Avg Maturity: 1.81 Years

Modified Duration: 1.41 Years

Cash & Other Receivables: 4.5%

Exit Load: 1% on or before 1 Year of Investment. Nil Thereafter.

Performance Update: