Tuesday, November 8, 2016
by
Indian Real Estate News
Invest HDFC MF Debt Funds Online
Recent credit policy review was along our expected lines with the MPC reducing policy repo rate by 25bps in a surprisingly unanimous decision. In its post policy conference call RBI highlighted that the current 1.50% to 2.00% real neutral rate is a time bearing concept and with decline in global real rates the more appropriate real neutral rate for India is around 1.25% to 1.75%. This is a significant positive announcement and in our view will provide space for further easing of rates going forward.
Additionally, still high real yields, low and stable level of core inflation, continuing weak private investments, and potential of strong capital flows from debt FPIs are all supportive of lower yields going forward. In line with the above, our recommendation to investors would be to remain invested in duration funds.
Below bubble chart for positioning of our Debt Funds wrt Average Maturity of our Funds Vs AAA/G-Sec exposure. Size of bubble represents AUM as on 30th Sept'16. Also, refer subsequent reckoner for our products positioned as Low maturity/ Accrual strategy and High maturity/ Duration strategy
| | | MD | AUM (Rs.cr) | AAA* | Below AAA* | Cash* | G-Sec / T- Bills | CD/CP/BRDS | Exp. Ratio | Exit Load | Load period (m) |
7.99% | 4.86 | 3.37 | 1,793 | 32.0% | 37.3% | 2.9% | 27.9% | - | 1.10% | 0.25% | 1 |
| 7.49% | 3.57 | 2.84 | 6,885 | 75.8% | - | 0.9% | 23.3% | 0.0% | 0.36% | - | - |
| 7.87% | 3.46 | 2.53 | 1,565 | 60.6% | 28.9% | 10.5% | - | 5.8% | 0.65% | - | - |
| 9.02% | 3.79 | 2.88 | 8,811 | 20.7% | 74.4% | 3.3% | - | 1.4% | 1.75% | 2% / 1% / 0.5% | 12 / 24 / 36 |
8.87% | 2.02 | 1.69 | 3,584 | 23.2% | 71.1% | 1.0% | 2.2% | 10.0% | 1.52% | 0.75% | 12 |
| 7.45% | 1.67 | 1.44 | 7,719 | 72.4% | 9.7% | 3.3% | 14.6% | 2.9% | 0.36% | - | - |
High Maturity / Duration Strategy | Yield & Maturity | Corpus | Portfolio Concentration | Expenses & Loads |
Scheme Name | | | MD | AUM (Rs.cr) | AAA* | Below AAA* | Cash* | G-Sec / T- Bills | CD/CP/BRDS | Exp. Ratio | Exit Load | Load period (m) |
| | 7.10% | 15.99 | 8.21 | 2,579 | - | - | -0.1% | 100.1% | - | 0.77% | - | - |
| 7.38% | 17.07 | 8.59 | 2,605 | 4.0% | 11.3% | 2.0% | 82.7% | - | 1.95% | 0.50% | 6 |
| 7.50% | 13.12 | 7.30 | 1,908 | 5.0% | 14.4% | 2.1% | 78.5% | - | 1.52% | 0.50% | 6 |
| 6.76% | 4.75 | 3.57 | 386 | - | - | 21.9% | 78.1% | - | 0.38% | - | - |
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