Considering the current market volatility and attractive spreads that corporate bonds offer over the repo, we believe that the best strategy may be to invest in a portfolio with higher
exposure towards corporate bonds and money market instruments with low to moderate duration, which may provide better risk adjusted returns.
Interbank call money rates remained below the RBI’s repo rate for most of the month amid comfortable liquidity in the system. The central bank periodically infused funds via discretionary term repo auctions and targeted long-term repo auctions (TLTRO), though overall liquidity remained in surplus. It also announced TLTRO of three-year duration for a total notified Rs 250 billion to be conducted on April 3, and notified it would be extending fixed rate reverse repo and the Marginal Standing Facility (MSF) window to provide eligible market participants greater flexibility in their liquidity management.
Currency in circulation rose 12.2% on-year in the week ended March 20, 2020, compared with 17.5% growth a year ago. The RBI, via its liquidity window, absorbed Rs 2990.81 billion on a net daily average basis in March 2020, compared with net liquidity absorption of Rs 2931.09 billion in February 2020.
Bank credit growth rose 6.1% on-year in the fortnight ended March 13, 2020, compared with 6.4% on-year growth reported in the fortnight ended February 14, 2020.
ICICI Prudential - Value Discovery Fund Updateiciciprumf
This document provides an update on the ICICI Prudential Value Discovery Fund. It discusses the fund's focus on value investing principles of investing in stocks trading below their intrinsic value and maintaining a margin of safety. The fund has overweight positions in pharmaceuticals, power, and software sectors which offer reasonable valuations and earnings visibility. It has an underweight position in banking and financials. The top 10 holdings are also provided.
In continuation to RBI announcements dated March 27, 2020, the RBI announced additional liquidity and regulatory measures to improve the system liquidity and to improve credit spreads.
“Our Equity Valuation Index now into Deep Green Zone” - Invest aggressively i...iciciprumf
Our Equity Valuation Index highlights that Equities are available at attractive valuations
Our VCTS (Valuation, Cycle, Trigger, and Sentiments) framework indicates that the Valuations are
attractive, we are in the low to mid-phase of the business cycle and sentiments around the asset class
is negative
Hence, we recommend invest aggressively in equities at this juncture
Global crisis usually provided a good opportunity to invest in equities. We believe with recent
market correction due to concerns around COVID-19 spread, the market has stepped into an oversold
zone. This provides a good margin of safety for equity investments
After the storm comes the calm - Fixed Income Outlookiciciprumf
The document discusses the outlook for fixed income markets in India amidst the Covid-19 pandemic. It notes that yields have spiked across corporate bonds due to risk aversion, but that central banks globally are taking measures to support economies. The document suggests that yields may normalize from current unsustainable levels as central banks and governments implement more measures. It recommends investing in high quality debt mutual funds to benefit from an expected fall in yields and positive returns as seen after past crises.
Time to Invest in Equities – Valuations Attractiveiciciprumf
Our Equity Valuation Index highlights that Equities are available at attractive valuations
Our VCTS (Valuation, Cycle, Trigger, and Sentiments) framework indicates that the Valuations are attractive, we are in the low to mid-phase of business cycle and sentiments around the asset class is negative
Hence, we recommend to invest aggressively in equities at this juncture
Global crisis usually provided a good opportunity to invest in equities. We believe with a recent market correction due to concerns around COVID-19 spread outside China, the market has stepped into an oversold zone. This provides a good margin of safety for equity investments
UPDATE ON ICICI PRUDENTIAL CREDIT RISK FUNDiciciprumf
We have been continuously recommending ICICI Prudential Credit Risk Fund due to elevated yields and due
to higher risk reward benefit. In these challenging times, we would like to re-emphasize that we will continue
to stick to our Credit selection process which has ensured that historically we have never encountered any
delay or defaults in any of our schemes. Also, we would like to harp that we continue to remain cognizant of
managing the liquidity, concentration, credit and duration in our accrual portfolios to provide investor with
better risk adjusted returns.
This document provides a monthly fixed income market update for October 2018. It summarizes key developments in October, including average daily liquidity support from the RBI of Rs 439.45 billion, bank credit growth of 13.5% and deposit growth of 8.6%. Short-term interest rates increased during the month due to tight liquidity conditions. Inflation declined while the rupee depreciated against the dollar. The document recommends fixed income schemes suitable for different durations and strategies, favoring low duration and dynamic duration approaches given expectations of continued volatility.
Interbank call money rates remained below the RBI’s repo rate for most of the month amid comfortable liquidity in the system. The central bank periodically infused funds via discretionary term repo auctions and targeted long-term repo auctions (TLTRO), though overall liquidity remained in surplus. It also announced TLTRO of three-year duration for a total notified Rs 250 billion to be conducted on April 3, and notified it would be extending fixed rate reverse repo and the Marginal Standing Facility (MSF) window to provide eligible market participants greater flexibility in their liquidity management.
Currency in circulation rose 12.2% on-year in the week ended March 20, 2020, compared with 17.5% growth a year ago. The RBI, via its liquidity window, absorbed Rs 2990.81 billion on a net daily average basis in March 2020, compared with net liquidity absorption of Rs 2931.09 billion in February 2020.
Bank credit growth rose 6.1% on-year in the fortnight ended March 13, 2020, compared with 6.4% on-year growth reported in the fortnight ended February 14, 2020.
ICICI Prudential - Value Discovery Fund Updateiciciprumf
This document provides an update on the ICICI Prudential Value Discovery Fund. It discusses the fund's focus on value investing principles of investing in stocks trading below their intrinsic value and maintaining a margin of safety. The fund has overweight positions in pharmaceuticals, power, and software sectors which offer reasonable valuations and earnings visibility. It has an underweight position in banking and financials. The top 10 holdings are also provided.
In continuation to RBI announcements dated March 27, 2020, the RBI announced additional liquidity and regulatory measures to improve the system liquidity and to improve credit spreads.
“Our Equity Valuation Index now into Deep Green Zone” - Invest aggressively i...iciciprumf
Our Equity Valuation Index highlights that Equities are available at attractive valuations
Our VCTS (Valuation, Cycle, Trigger, and Sentiments) framework indicates that the Valuations are
attractive, we are in the low to mid-phase of the business cycle and sentiments around the asset class
is negative
Hence, we recommend invest aggressively in equities at this juncture
Global crisis usually provided a good opportunity to invest in equities. We believe with recent
market correction due to concerns around COVID-19 spread, the market has stepped into an oversold
zone. This provides a good margin of safety for equity investments
After the storm comes the calm - Fixed Income Outlookiciciprumf
The document discusses the outlook for fixed income markets in India amidst the Covid-19 pandemic. It notes that yields have spiked across corporate bonds due to risk aversion, but that central banks globally are taking measures to support economies. The document suggests that yields may normalize from current unsustainable levels as central banks and governments implement more measures. It recommends investing in high quality debt mutual funds to benefit from an expected fall in yields and positive returns as seen after past crises.
Time to Invest in Equities – Valuations Attractiveiciciprumf
Our Equity Valuation Index highlights that Equities are available at attractive valuations
Our VCTS (Valuation, Cycle, Trigger, and Sentiments) framework indicates that the Valuations are attractive, we are in the low to mid-phase of business cycle and sentiments around the asset class is negative
Hence, we recommend to invest aggressively in equities at this juncture
Global crisis usually provided a good opportunity to invest in equities. We believe with a recent market correction due to concerns around COVID-19 spread outside China, the market has stepped into an oversold zone. This provides a good margin of safety for equity investments
UPDATE ON ICICI PRUDENTIAL CREDIT RISK FUNDiciciprumf
We have been continuously recommending ICICI Prudential Credit Risk Fund due to elevated yields and due
to higher risk reward benefit. In these challenging times, we would like to re-emphasize that we will continue
to stick to our Credit selection process which has ensured that historically we have never encountered any
delay or defaults in any of our schemes. Also, we would like to harp that we continue to remain cognizant of
managing the liquidity, concentration, credit and duration in our accrual portfolios to provide investor with
better risk adjusted returns.
This document provides a monthly fixed income market update for October 2018. It summarizes key developments in October, including average daily liquidity support from the RBI of Rs 439.45 billion, bank credit growth of 13.5% and deposit growth of 8.6%. Short-term interest rates increased during the month due to tight liquidity conditions. Inflation declined while the rupee depreciated against the dollar. The document recommends fixed income schemes suitable for different durations and strategies, favoring low duration and dynamic duration approaches given expectations of continued volatility.
We recommend adding equities through Asset allocation schemes and Fund of fund schemes like
ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund (FOF)
Read the full doc to know more
- Capital protection funds are a type of closed-ended hybrid mutual fund that aims to provide capital protection through investments in fixed income securities while also providing potential returns from equity investments.
- The fund invests majority of assets in highly rated fixed income instruments to guarantee return of capital at maturity. The remaining amount is invested in equities to enhance overall returns.
- Sundaram Mutual Fund has launched the Sundaram Capital Protection Oriented Fund Series 2, a 3 year close-ended fund that aims to invest over 80% in fixed income to guarantee capital and the rest in equities to boost potential returns.
- The RBI kept key policy rates unchanged, including keeping the repo rate at 4%.
- Inflation increased in June 2020 to 6.09% due to rising food and fuel prices.
- Economic activity has remained fragile both domestically and globally, though equity markets have rebounded.
- RBI is likely to continue its accommodative stance to support growth but may reduce the pace of rate cuts. It is also expected to address the oversupply of government bonds through measures like increasing banks' bond holding limits.
Best short term investment plans in india myinvestmentideas.comMyinvestmentideas.com
This document discusses and evaluates 10 best short term investment plans in India for 2019. It begins by defining short term plans as those with a 1 week to 1 year timeframe and notes they can provide higher returns but also carry higher risk. The top 10 plans discussed are: 1) Liquid funds for 1 week to 3 months, 2) Ultra short term debt funds for 3-6 months, 3) Medium duration funds for 1 year, 4) Secured high-rated NCDs, 5) Company FDs, 6) Bank FDs, 7) Bank RDs, 8) Post Office term deposits, 9) Direct equity/IPOs, and 10) Futures for very high risk investors. The document provides
This document provides an analysis of the Indian fixed income market and recommendations for positioning bond portfolios. It begins with a review of historical yield movements and the current high levels of term premium and spread premium. The document then recommends adding duration to benefit from higher term premiums and adding higher-rated corporate bonds to benefit from wider spread premiums. It provides examples of portfolio adjustments made across several ICICI Prudential bond funds to increase government bond and Treasury bill holdings and add exposure to AA-rated corporate bonds. The document concludes with fund-specific positioning strategies and takeaways for various maturity categories.
The presentation covers all the details about Reliance AMC. It gives an investor a clear overview about the given AMC. The presentation covers the the most relevant topics of Reliance Mutual Fund that an investor wants to know, like - SWOT Analysis, Investment philosophy, types of funds along with the top performing funds of the AMC, the experience of the investors and the team which comprises of the management team as well as the team of fund mangers.
2020 was an eventful year for Fixed income space with RBI providing 135 bps rate cut, supporting the system with ample
liquidity in the second half of the year, RBI’s shift from OMO’s for liquidity to Operation Twist to reduce term premiums,
RBI’s unexpected pause in policy rate cuts in December etc. In the midst of all this, the benchmark 10 year treasury yield
ended the year lower by ~87 bps as compared to last year and settled at 6.55%.
Read the full document to know more.
"Tide is Turning" aims to simplify key pointers pertaining to the recent RBI's policy. It details newly introduced Standing Deposit Facility (SDF) and how with SDF, LAF (Liquidity Adjustment Facility) corridor will be restored back to pre-pandemic levels. Floating rate bonds can provide necessary cushion in such an rising rate environment.
“RBI Monetary Policy Analysis : Leaving no stone unturned “iciciprumf
The RBI cut the Repo rate by 75bps to 4.4%, the Reverse Repo by 90bps to 4% and the Cash Reserve Ratio (CRR) by 100bps to 3%, targeting an increase in liquidity with banks to invest in investment-grade corporate bonds, commercial papers etc. and announced macro-prudential measures such as relaxing repayments for all term loans and improving access for working capital for the next 3 months.
Index Performance: Indian equity indices S&P BSE Sensex and Nifty 50 tanked 23% each in March 2020 due to worries about the rapid spread of Covid19 in the country and the government’s lockdown decision. The benchmark
indices also logged their biggest one-day fall on March 23 and hit their lower circuits twice in the month, triggering trading halts for 45 minutes.
Inflation: Retail inflation, based on Consumer Price Index (CPI), fell to 6.58% in February 2020 from a 68-month high of 7.59% in January, because of a decline in food prices and the base effect.
SBI Long Term Advantage Fund Series V - A Close-Ended Equity Linked Savings S...SBI Mutual Fund
SBI Long Term Advantage Fund Series V aims to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related instruments of companies along with income tax benefit under 80C of the Income Tax Act, 1961. Key benefits of SBI Long Term Advantage Fund - Series V include Tax Savings, Potential Capital Appreciation and Tax Free Returns. Know more about this mutual fund at https://www.sbimf.com/en-us/sbi-long-term-advantage-fund-series-v
The Benchmark 10-Year Gsec yield closed at 7.41% up by 6 bps based on month end values. The yields hardened despite
the Monetary Policy Committee (MPC) delivering a 25bps rate-cut in the month of April. This upward movement of yields
clearly highlights that, in addition to the rate cut market was anticipating a change in the policy stance.
Read the full document to know more.
Interbank call money rates were mostly below the RBI’s repo rate of 6.50% during the month. However, some stress was witnessed in the rates on reversal of repo auctions conducted in earlier sessions and following outflows towards payment of goods and services tax (GST).
1. The document discusses various investment avenues available in India, including their pros and cons. It analyzes options like public provident fund, mutual funds, equity shares, real estate, bullions, bonds, and life insurance.
2. Each investment option has different minimum and maximum amounts, as well as minimum investment periods. For example, the public provident fund has a maximum annual deposit of Rs. 150,000 with a 15-year lock-in period.
3. The document outlines some benefits and drawbacks of each avenue. For example, real estate provides steady income but is high risk, while the public provident fund is very secure but only allows withdrawal after 6 years.
New Mutual Fund Scheme Categorization for Equity & Debt Funds | SBI Mutual FundSBI Mutual Fund
Equity and Debt Mutual fund schemes offered by SBI Mutual Fund have undergone change in attributes like investment objective, asset allocation, investment strategy etc. This PPT highlights the re-categorization of equity and debt funds as per SEBI's latest rules and regulations. View the presentation to know more.
PM Gati Shakti master plan
Inclusive development
Productivity enhancement
Sunrise opportunities
Energy Transition
Climate Action
Financing of Investments
INFLATION
FISCAL DEFICIT
This document provides a guide to various tax saving investment instruments that offer low risk and high capital gains. It discusses the key features of tax free bonds, equity linked savings schemes (ELSS), Rajiv Gandhi equity savings scheme (RGESS), National Savings Certificates (NSC), Public Provident Fund (PPF), tax saver fixed deposits, life insurance, and health insurance. All of these instruments provide tax benefits under various sections of the Income Tax Act and allow investors to achieve their financial goals through long-term savings and investment.
Liquid Funds (category of Debt Mutual Funds) are a better way of parking your contingency or idle money normally kept in bank fixed deposits or savings/current bank accounts earning NIL or low returns. Please go through a note from our Research desk - "Liquid funds - A wise investment" to understand it in detail.
The document summarizes an interview with Pradeep Gokhale, Senior Fund Manager of Tata Ethical Fund, about the fund. The Tata Ethical Fund is a Sharia-compliant fund that invests only in stocks selected by Dar-al-Sharia that meet Islamic finance principles. It excludes companies in banking, alcohol, tobacco, and those with high debt levels or interest income. The fund has consistently outperformed peers over market cycles due to its focus on high-quality companies with strong earnings growth and low debt.
SBI Corporate Bond Fund : Debt Mutual Fund - Apr 2016SBI Mutual Fund
This three sentence summary provides the key details about the SBI Corporate Bond Fund:
The SBI Corporate Bond Fund seeks to generate returns through investments in high quality corporate debt securities ranging from 80-100% of its portfolio, while maintaining up to 20% in low-to-medium risk money market instruments. The fund aims to offer reasonable returns to investors with a medium-term investment horizon and low risk appetite by actively managing a portfolio of corporate bonds and maintaining average credit quality of AA or higher. The fund manager aims to generate alpha through prudent credit selection and maintaining an average portfolio maturity of under 3 years.
This document discusses active duration management strategies for fixed income portfolios. It notes that interest rates are expected to become more volatile as the central bank normalizes liquidity. It recommends keeping portfolios nimble by actively managing duration across different debt schemes based on their investment horizon and objectives. Specific strategies discussed include running a barbell strategy in short duration funds and adding exposure to floating rate bonds and corporate bonds. The document also provides updates on duration positions across various ICICI debt mutual fund schemes.
We recommend adding equities through Asset allocation schemes and Fund of fund schemes like
ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund (FOF)
Read the full doc to know more
- Capital protection funds are a type of closed-ended hybrid mutual fund that aims to provide capital protection through investments in fixed income securities while also providing potential returns from equity investments.
- The fund invests majority of assets in highly rated fixed income instruments to guarantee return of capital at maturity. The remaining amount is invested in equities to enhance overall returns.
- Sundaram Mutual Fund has launched the Sundaram Capital Protection Oriented Fund Series 2, a 3 year close-ended fund that aims to invest over 80% in fixed income to guarantee capital and the rest in equities to boost potential returns.
- The RBI kept key policy rates unchanged, including keeping the repo rate at 4%.
- Inflation increased in June 2020 to 6.09% due to rising food and fuel prices.
- Economic activity has remained fragile both domestically and globally, though equity markets have rebounded.
- RBI is likely to continue its accommodative stance to support growth but may reduce the pace of rate cuts. It is also expected to address the oversupply of government bonds through measures like increasing banks' bond holding limits.
Best short term investment plans in india myinvestmentideas.comMyinvestmentideas.com
This document discusses and evaluates 10 best short term investment plans in India for 2019. It begins by defining short term plans as those with a 1 week to 1 year timeframe and notes they can provide higher returns but also carry higher risk. The top 10 plans discussed are: 1) Liquid funds for 1 week to 3 months, 2) Ultra short term debt funds for 3-6 months, 3) Medium duration funds for 1 year, 4) Secured high-rated NCDs, 5) Company FDs, 6) Bank FDs, 7) Bank RDs, 8) Post Office term deposits, 9) Direct equity/IPOs, and 10) Futures for very high risk investors. The document provides
This document provides an analysis of the Indian fixed income market and recommendations for positioning bond portfolios. It begins with a review of historical yield movements and the current high levels of term premium and spread premium. The document then recommends adding duration to benefit from higher term premiums and adding higher-rated corporate bonds to benefit from wider spread premiums. It provides examples of portfolio adjustments made across several ICICI Prudential bond funds to increase government bond and Treasury bill holdings and add exposure to AA-rated corporate bonds. The document concludes with fund-specific positioning strategies and takeaways for various maturity categories.
The presentation covers all the details about Reliance AMC. It gives an investor a clear overview about the given AMC. The presentation covers the the most relevant topics of Reliance Mutual Fund that an investor wants to know, like - SWOT Analysis, Investment philosophy, types of funds along with the top performing funds of the AMC, the experience of the investors and the team which comprises of the management team as well as the team of fund mangers.
2020 was an eventful year for Fixed income space with RBI providing 135 bps rate cut, supporting the system with ample
liquidity in the second half of the year, RBI’s shift from OMO’s for liquidity to Operation Twist to reduce term premiums,
RBI’s unexpected pause in policy rate cuts in December etc. In the midst of all this, the benchmark 10 year treasury yield
ended the year lower by ~87 bps as compared to last year and settled at 6.55%.
Read the full document to know more.
"Tide is Turning" aims to simplify key pointers pertaining to the recent RBI's policy. It details newly introduced Standing Deposit Facility (SDF) and how with SDF, LAF (Liquidity Adjustment Facility) corridor will be restored back to pre-pandemic levels. Floating rate bonds can provide necessary cushion in such an rising rate environment.
“RBI Monetary Policy Analysis : Leaving no stone unturned “iciciprumf
The RBI cut the Repo rate by 75bps to 4.4%, the Reverse Repo by 90bps to 4% and the Cash Reserve Ratio (CRR) by 100bps to 3%, targeting an increase in liquidity with banks to invest in investment-grade corporate bonds, commercial papers etc. and announced macro-prudential measures such as relaxing repayments for all term loans and improving access for working capital for the next 3 months.
Index Performance: Indian equity indices S&P BSE Sensex and Nifty 50 tanked 23% each in March 2020 due to worries about the rapid spread of Covid19 in the country and the government’s lockdown decision. The benchmark
indices also logged their biggest one-day fall on March 23 and hit their lower circuits twice in the month, triggering trading halts for 45 minutes.
Inflation: Retail inflation, based on Consumer Price Index (CPI), fell to 6.58% in February 2020 from a 68-month high of 7.59% in January, because of a decline in food prices and the base effect.
SBI Long Term Advantage Fund Series V - A Close-Ended Equity Linked Savings S...SBI Mutual Fund
SBI Long Term Advantage Fund Series V aims to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related instruments of companies along with income tax benefit under 80C of the Income Tax Act, 1961. Key benefits of SBI Long Term Advantage Fund - Series V include Tax Savings, Potential Capital Appreciation and Tax Free Returns. Know more about this mutual fund at https://www.sbimf.com/en-us/sbi-long-term-advantage-fund-series-v
The Benchmark 10-Year Gsec yield closed at 7.41% up by 6 bps based on month end values. The yields hardened despite
the Monetary Policy Committee (MPC) delivering a 25bps rate-cut in the month of April. This upward movement of yields
clearly highlights that, in addition to the rate cut market was anticipating a change in the policy stance.
Read the full document to know more.
Interbank call money rates were mostly below the RBI’s repo rate of 6.50% during the month. However, some stress was witnessed in the rates on reversal of repo auctions conducted in earlier sessions and following outflows towards payment of goods and services tax (GST).
1. The document discusses various investment avenues available in India, including their pros and cons. It analyzes options like public provident fund, mutual funds, equity shares, real estate, bullions, bonds, and life insurance.
2. Each investment option has different minimum and maximum amounts, as well as minimum investment periods. For example, the public provident fund has a maximum annual deposit of Rs. 150,000 with a 15-year lock-in period.
3. The document outlines some benefits and drawbacks of each avenue. For example, real estate provides steady income but is high risk, while the public provident fund is very secure but only allows withdrawal after 6 years.
New Mutual Fund Scheme Categorization for Equity & Debt Funds | SBI Mutual FundSBI Mutual Fund
Equity and Debt Mutual fund schemes offered by SBI Mutual Fund have undergone change in attributes like investment objective, asset allocation, investment strategy etc. This PPT highlights the re-categorization of equity and debt funds as per SEBI's latest rules and regulations. View the presentation to know more.
PM Gati Shakti master plan
Inclusive development
Productivity enhancement
Sunrise opportunities
Energy Transition
Climate Action
Financing of Investments
INFLATION
FISCAL DEFICIT
This document provides a guide to various tax saving investment instruments that offer low risk and high capital gains. It discusses the key features of tax free bonds, equity linked savings schemes (ELSS), Rajiv Gandhi equity savings scheme (RGESS), National Savings Certificates (NSC), Public Provident Fund (PPF), tax saver fixed deposits, life insurance, and health insurance. All of these instruments provide tax benefits under various sections of the Income Tax Act and allow investors to achieve their financial goals through long-term savings and investment.
Liquid Funds (category of Debt Mutual Funds) are a better way of parking your contingency or idle money normally kept in bank fixed deposits or savings/current bank accounts earning NIL or low returns. Please go through a note from our Research desk - "Liquid funds - A wise investment" to understand it in detail.
The document summarizes an interview with Pradeep Gokhale, Senior Fund Manager of Tata Ethical Fund, about the fund. The Tata Ethical Fund is a Sharia-compliant fund that invests only in stocks selected by Dar-al-Sharia that meet Islamic finance principles. It excludes companies in banking, alcohol, tobacco, and those with high debt levels or interest income. The fund has consistently outperformed peers over market cycles due to its focus on high-quality companies with strong earnings growth and low debt.
SBI Corporate Bond Fund : Debt Mutual Fund - Apr 2016SBI Mutual Fund
This three sentence summary provides the key details about the SBI Corporate Bond Fund:
The SBI Corporate Bond Fund seeks to generate returns through investments in high quality corporate debt securities ranging from 80-100% of its portfolio, while maintaining up to 20% in low-to-medium risk money market instruments. The fund aims to offer reasonable returns to investors with a medium-term investment horizon and low risk appetite by actively managing a portfolio of corporate bonds and maintaining average credit quality of AA or higher. The fund manager aims to generate alpha through prudent credit selection and maintaining an average portfolio maturity of under 3 years.
This document discusses active duration management strategies for fixed income portfolios. It notes that interest rates are expected to become more volatile as the central bank normalizes liquidity. It recommends keeping portfolios nimble by actively managing duration across different debt schemes based on their investment horizon and objectives. Specific strategies discussed include running a barbell strategy in short duration funds and adding exposure to floating rate bonds and corporate bonds. The document also provides updates on duration positions across various ICICI debt mutual fund schemes.
SBI Corporate Bond Fund: An Income Mutual Fund Scheme - Aug 16SBI Mutual Fund
SBI Corporate Bond Fund with moderate risk invests predominantly in corporate debt securities and aims to generate regular income over medium term. Mutual Fund investors can invest in this mutual fund via SIP or lump sum. Know more about this debt fund on SBI Mutual Fund website page https://www.sbimf.com/Products/DebtSchemes/SBI_Corporate_Bond_Fund.aspx
Holi Special | Fixed Income Booklet | March 2023 iciciprumf
Color your portfolio with the hues of attractive investment opportunities of fixed income. Explore how you can invest better with ICICI Prudential AMC’s debt oriented schemes in this festive season!
#ICICIPrudentialMutualFund #Holi #FixedIncome #Investments #MutualFunds
• RBI reduced the Repo rate by 40 bps to 4.00%
• Reverse Repo rate accordingly is adjusted to 3.35%
• Marginal Standing Facility (MSF) rate and the Bank rate accordingly is
adjusted to 4.25%
• Cash Reserve Ratio (CRR) remains unchanged at 3%
• Statutory Liquidity Ratio (SLR) stands adjusted to 18.00%
The Reserve Bank of India's monetary policy committee kept the repo rate unchanged at 6.5% in its October policy review, changing its stance to "calibrated tightening". With inflation projections revised downwards, the rate pause provides comfort to fixed income markets after recent hikes and credit tightening. RBI will observe the impact of past hikes on inflation, which continues to direct monetary policy.
This document provides information on IDFC Floating Rate Fund, an open-ended debt scheme that predominantly invests in floating rate instruments including fixed rate instruments converted to floating rate exposures using swaps/derivatives.
The summary highlights that the fund is positioned in the satellite bucket, with a minimum recommended investment horizon of 6 months. It may invest across the credit spectrum including in Additional Tier 1 bonds, and aims to maintain a minimum of 70% in highest rated instruments. The strategy involves investing in floating rate instruments, debt/money market instruments, and units of REITs and InvITs.
This document provides information on IDFC Floating Rate Fund, an open-ended debt scheme that predominantly invests in floating rate instruments including fixed rate instruments converted to floating rate exposures using swaps/derivatives. The summary is as follows:
1) The fund is positioned in the "Satellite" bucket, meant for a minimum recommended investment horizon of 6 months.
2) The fund's strategy includes investing 65-100% in floating rate instruments and fixed rate instruments converted to floating rates using swaps/derivatives.
3) The fund may invest across the credit spectrum including additional tier 1 bonds, but aims to maintain a minimum of 70% in highest rated instruments at the time of investment.
RBI policy highlights:
- RBI reduced the Repo rate by 25 basis points to 6.00%
- Reverse Repo rate stands adjusted to 5.75%
- Marginal Standing Facility (MSF) rate and the Bank rate stands adjusted to 6.25%
- Cash Reserve Ratio (CRR) remains unchanged at 4%
- Statutory Liquidity Ratio (SLR) stands adjusted to 19.25%
Read the full document to know more.
The Reserve Bank of India (RBI) cut its key policy rate by 25 basis points to 6.25% in its sixth bi-monthly monetary policy meeting of FY19, shifting its policy stance to neutral from calibrated tightening. Inflation continued to remain within the RBI's target range, prompting the rate cut. The RBI lowered its inflation projections and revised downwards its growth projections for FY20. It expects domestic growth to be influenced by bank credit growth and moderating global growth. The RBI Governor welcomed lower-than-expected inflation and growth concerns in deciding to lower rates.
Interbank call money rates found itself below the Reserve Bank of India (RBI)’s repo rate of 6.00% for most parts of the month as systemic liquidity remained comfortable amid periodic repo auctions conducted by the RBI. However, intermittent tightness in call rates was seen on fund demand from banks to meet their mandatory reserve requirements. Meanwhile, the apex bank sporadically offered banks the opportunity to park funds through some reverse repo auctions. Read the full document to know more.
• Interbank call money rates remained mostly below the RBI’s repo rate of 4% in June as overall systemic liquidity remained surplus.
• Currency in circulation rose 20.6% on-year in the week ended June 19, 2020, compared with 12.7% growth a year ago. The RBI, via its liquidity window, absorbed Rs 3770.33 billion on a net daily average basis in June 2020, compared with net liquidity absorption of Rs 5114.71 billion in May 2020.
• Bank credit growth rose 6.2% on-year in the fortnight ended June 5, 2020, compared with 6.5% on-year growth reported in the fortnight ended May 8, 2020.
RBI policy highlights:
- RBI reduced the Repo rate by 25 basis points to 5.75%
- Reverse Repo rate stands adjusted to 5.50%
- Marginal Standing Facility (MSF) rate and the Bank rate stands adjusted to 6.00%
- Cash Reserve Ratio (CRR) remains unchanged at 4%
- Statutory Liquidity Ratio (SLR) stands adjusted to 19.00%
Read the full document to know more.
Invest in Flexi Cap Fund | UTI Equity Mutual FundsRinkuMishra13
UTI Flexi Cap Fund was formerly known as UTI Equity Fund. It's an open-ended equity scheme investing across large-cap, mid-cap and small-cap stocks. Get the latest info about Nav, returns, etc. Invest in the Flexi Cap Fund now!
Invest in Flexi Cap Fund | UTI Equity Mutual FundsRinkuMishra13
UTI Flexi Cap Fund was formerly known as UTI Equity Fund. It's an open-ended equity scheme investing across large-cap, mid-cap and small-cap stocks. Get the latest info about Nav, returns, etc. Invest in the Flexi Cap Fund now!
Interbank call money rates hovered above the RBI’s repo rate of 6.25% for most parts of the month owing to tightness in systemic liquidity. To ease the liquidity situation and provide funds for banks’ liquidity requirements, the central bank sporadically conducted repo auctions and later in the month also notified that it will conduct additional term repo auctions in March for a total amount of Rs 1 trillion.
Read the full document to know more
ICICI Prudential Equity Schemes Bluebook | September 2022iciciprumf
Equity in your portfolio can be your solution for long term wealth creation. There's a scheme for each one of you depending on your goal.
To know more about key equity offerings- read our Equity Product bouquet "Equity Bluebook"
Similar to Better Credit Quality Fund Bouquet – A Good (20)
- Weighted average yields are provided for various Indian government securities (G-Secs) and treasury bills (T-Bills) with maturities from 1 to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), based on data from CRISIL Research.
- Yields have decreased over the past day, week and month for most securities, with the largest decreases seen in 10-30 year G-Secs and lower rated corporate bonds.
- The US 10-year Treasury yield has increased over the past day but remains up significantly compared to one year ago.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields decreased over the past day but increased from 1 month ago. The 10-year G-sec yield saw the largest month-over-month increase of 16 basis points.
- US 10-year Treasury yields increased 14 basis points in the past day but remain higher than 1 month ago.
Does your portfolio have a blend of reasonable stability and potential growth?
Just as how a Sturdy Suspension and Powerful Engine together contribute to a smoother car ride, investing in a combination of Large and Mid cap stocks can offer the best of both worlds – Reasonable Stability + Potential Growth.
Know more: https://bit.ly/3UuS9x8
#ICICIPrudentialMutualFund #LargeCapFund #MidCapFund #MutualFunds #Investment
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields declined over the past day, week and month except for shorter term T-bills and CPs. Rates remain lower than one year ago, except for the US 10-year yield which is higher by 45 basis points from a year ago.
- The source is CRISIL Research and performance shown may not indicate future yields.
The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
- The document provides weighted average yields for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists current call money rates, repo rates set by the RBI, and yields on certificates of deposit (CDs), commercial paper (CP), and corporate bonds of different credit ratings and maturities.
- The source is CRISIL Research and all figures are in basis points, with most yields down from 1 day to 1 month ago but higher than the last day of the previous fiscal year.
This document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, as well as commercial paper (CP) and certificate of deposit (CD) rates. It shows small decreases in most short-term rates over the past day and larger decreases over the past month. Long-term government bond yields have increased slightly over the past day but remain lower than one month ago.
Equity Valuations Perspective | January 2024iciciprumf
Navigate Equity Markets better through our VCTS (Valuations, Cycle, Triggers and Sentiments) framework. The document below highlights the impact of various dynamic variables on the equity market across time periods. Read on to know more!”
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Stepping into 2024 with resilience and foresight!
New year has begun with a Paradigm Shift in trends of global and domestic macros.
While the global economies remain fragile, the Indian economy emerges as robust, defying the label of a fragile economy.
Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from overnight to 30 years. It also lists commercial paper (CP) and certificate of deposit (CD) rates across tenors.
- Yield rates decreased slightly over the past day for most securities, but were down more substantially from a month ago. The largest monthly decreases were seen in 1-month CP (down 42 basis points) and 1-year AAA corporate bonds (down 25 basis points).
- US 10-year Treasury yields increased 6 basis points from the previous day but remain lower than a month ago, when they were 49 basis points higher
- The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), for the last day, 1 day ago, 1 week ago, 1 month ago, and the last day of the previous fiscal year.
- Yields have generally decreased over the past month for most tenors of G-secs, T-bills, CPs and CDs, while corporate bond yields have shown mixed movements depending on credit rating.
- The US 10-year Treasury yield has fallen 45 basis points over the past month but risen
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates across different durations as well as corporate bond yields segmented by credit ratings. The yields have decreased over the past week and month but are higher than the last day of the previous fiscal year for most instruments.
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates as well as corporate bond yields across rating categories. Yields have increased over the past month but remain lower than 1 year ago, with the exception of 30-year G-secs which have risen, and US 10-year treasury yields which are substantially higher than last fiscal year.
The document provides weighted average yields for various Indian government securities (G-Secs) and treasury bills (T-Bills) with tenors ranging from 1 day to 30 years. It also lists yields on commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturities from the previous day, week, month, and fiscal year. Yields on most instruments decreased in the past day but increased from the last day of the previous fiscal year.
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
ICICI Prudential Equity Valuation Index | Nov 2023 iciciprumf
Our latest Equity Valuation Index remains in the Neutral Index even after market corrections. But how do you smartly navigate through the market's volatility? Allocating your funds across different classes may help you. Have a look to understand better!
#ICICIPrudentialMutuaFund #Equity #EquityValuationIndex #Market #Investments
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists commercial paper (CP) and certificate of deposit (CD) rates, as well as corporate bond yields of different credit ratings.
- The source is CRISIL Research and yields are as of November 1st, with changes shown in basis points compared to various prior periods.
- US 10 year bond yields are also provided for comparison.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) with maturity periods ranging from 1 day to 30 years. It also lists rates for commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturity periods.
- The yields are shown as of October 27th, 2022 along with changes over the past 1 day, 1 week, 1 month, and compared to the last day of the previous fiscal year (March 31st, 2023).
- US 10 year bond yields are also provided, showing a 25 basis point increase over 1 month but 136 basis point rise compared to
How can we prepare for the mood of the market? Use micro indicators for a comprehensive look at the market in this month's Market Outlook!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #October #Investment #MutualFunds
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
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Better Credit Quality Fund Bouquet – A Good
1. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
Corporate Bonds still at elevated levels: AAA Corporate Bond yield spreads over Government Securities (G-secs)
have inched up even post RBI unleashed it’s bazooka of measures. We believe the current elevated levels of AAA
Corporate Bond space provides a good opportunity to invest, as this may help in generating additional returns in
AAA Corporate Bond space.
Corporate Bonds are offering High Margin of Safety: Spread over repo and spread over the corresponding
maturity government bonds are offering reasonable returns as well as margin of safety. This gives a good
opportunity to invest in better quality corporate bonds which can benefit from capital appreciation once the yields
starts to normalize.
4%
5%
6%
7%
8%
1 Yr 3 Yr 5 Yr 10 Yr
Repo Gsec AAA AA
S
P
R
E
A
D
Avg 58
bps
Avg
163 bps
Avg
220 bps
Source: CRISIL Research; Data as of May 13, 2020
Market Overview:
Considering the current market volatility and attractive spreads that corporate bonds offer
over the repo, we believe that the best strategy may be to invest in a portfolio with higher
exposure towards corporate bonds and money market instruments with low to moderate
duration, which may provide better risk adjusted returns.
Source: CRISIL Research; Data as of May 13, 2020
2. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ModifiedDuration
2.43
years
Yield-to-Maturity (YTM)
3.00
years
3.94
years ICICI Prudential Bond Fund
ICICI Prudential Banking &
PSU Debt Fund
ICICI Prudential Corporate Bond
Fund
An open ended medium to long term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 4 Years and 7 Years. The Macaulay duration of the portfolio is 1
Year to 7 years under anticipated adverse situation.
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions and Municipal Bonds.
An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.
ICICI Prudential Money
Market Fund
An open ended debt scheme investing in money market instruments
7.56
months
YTM:
6.12%
Data as of April 30, 2020. Please note: Macaulay duration is the weighted average term to maturity of the cash flows from the bond. The weight of each cash
flow is determined by dividing the present value of the cash flow by the price.
YTM:
7.13%
YTM:
7.29%
YTM:
7.28%
2.82
years
ICICI Prudential Short Term
Fund
An open ended short term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 1 Year and 3 Years.
YTM:
7.58%
Our Recommendations for Better Credit Quality Portfolio
MacaulayDuration
2.57
years
3.20
years
4.19
years
8.04
months
2.98
years
3. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Money Market Fund
ICICI Prudential Money Market Fund is an open-ended debt scheme investing in money market instruments. The scheme aims to
provide reasonable returns, commensurate with moderately low risk while providing a high level of liquidity.
Investment Strategy:
• The Scheme aims to provide high liquidity with moderately low risk. It intends to generate returns by investing in money market
instruments of good credit quality.
• The Scheme seeks to generate accrual income with low volatility.
• Investors with surplus cash in their portfolio can seek to generate reasonable returns by investing in this scheme.
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.6,093.60Crs. Data as on April 30, 2020
ICICI Prudential Corporate Bond Fund
ICICI Prudential Corporate Bond Fund is an open ended debt scheme predominantly investing in AA+ and above rated corporate
bonds. The Scheme seeks to generate income through investments in a basket of AA+ and above rated corporate bonds with a
view to provide reasonable returns, while maintaining an optimum balance of yield, safety and liquidity.
Investment Strategy:
• The scheme aims to generate potential capital appreciation in falling interest rate cycle.
• The scheme follows buy and hold strategy which aims to generate optimum yield with lower duration risk and with good credit
quality portfolio.
• The scheme is suitable for investors who are looking to invest in the shorter maturity portfolio to benefit from accrual income and
potential capital appreciation.
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.11, 860.11Crs. Data as on April 30, 2020
0.37 0.36 0…
0.34
0.87
0.67
0.35 0.34 0.28
0.32
0.82
0.63
5.45% 5.63%
5 5.71%
6.07% 6.12%
3.5%
5.5%
7.5%
9.5%
0.00
0.34
0.68
1.02
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years 98.01%
1.68% 0.32% AAA/A1+ &
Equivalent
TREPs, Term
Deposits &
Net Current
Assets
Sovereign
2.58 2.40 2.26
2.5
3.18
3.37
1.85 1.75 1.69 1.84
2.29 2.43
6.80% 6.96% 6.76%
6.61% 6.98% 7.13%
4.6%
6.6%
8.6%
10.6%
0.00
1.33
2.67
4.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
77.98%
18.06%
3.33% 0.63% AAA/A1+ &
Equivalent
Sovereign
TREPs, Term
Deposits & Net
Current Assets
AA &
Equivalent
Fund Positioning
4. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Banking & PSU Debt Fund
ICICI Prudential Banking & PSU Debt Fund is an open-ended debt scheme predominantly investing in Debt instruments of banks,
Public Sector Undertakings, Public Financial Institutions and Municipal Bonds.
Investment Strategy:
• The scheme is suitable for investors who wish to take exposure towards bonds issued by Banks and Public Sector Undertakings.
• The scheme aims to generate optimum yield with good credit quality portfolio with reasonable accrual.
• The scheme is suitable for investors who are looking for moderate duration and like to benefit from short-term rates comingdown
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.9, 304.29Crs. Data as on April 30, 2020
ICICI Prudential Bond Fund
ICICI Prudential Bond Fund is an open ended medium to long term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 4 Years and 7 Years. The Macaulay duration of the portfolio is 1 Year to 7 years under anticipated
adverse situation. The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of
each cash flow is determined by dividing the present value of the cash flow by the price.
Investment Strategy:
• ICICI Prudential Bond Fund seeks to gain predominantly from accruals and potential capital gains from changes in interest rates.
• The scheme intends to provide an avenue to invest with medium to long duration strategy and also seeks to benefit from higher
carry on papers at inception, given the current market scenario.
• Investors who wish to add an exposure to medium to long-term debt securities can consider this scheme for their investments.
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.3, 153.22Crs. Data as on April 30, 2020
4.44
4.14
3.63 3.71
4.23
4.44
2.81 2.65
2.36
2.43
2.77
3.00
6.96% 7.01% 6.82% 6.71%
7.32% 7.29%
4.7%
6.7%
8.7%
10.7%
0.00
1.67
3.33
5.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
64.89%
17.16%
16.51%
1.44% AAA/A1+ &
Equivalent
AA &
Equivalent
Sovereign
TREPs, Term
Deposits & Net
Current Assets
4.76
5.20 5.26 5.24 5.29 5.42
3.51
3.83 3.82
3.82 3.86 3.94
7.17% 7.39% 7.29% 7.03% 7.10% 7.28%
5.0%
7.0%
9.0%
11.0%
0.00
2.00
4.00
6.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
94.17%
5.83%
AAA/A1+ &
Equivalent
TREPs, Term
Deposits &
Net Current
Assets
5. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Short Term Fund
ICICI Prudential Short Term Fund is an open-ended short term debt scheme investing in instruments such that the Macaulayduration
of the portfolio is between 1 Year and 3 Years
Investment Strategy:
• The scheme aims to generate income through investments in a range of debt and money market instruments while maintaining
the optimum balance of yield, safety and liquidity
• The scheme seeks to derive benefit from any potential mark-to-market returns by tactical, calibrated and opportunistic approach
to Government securities
• The scheme is suitable for investors who aim to invest for 6 months and above and wish to benefit from accrual income as well
as opportunistic gains through potential capital appreciation from any favourable rates movements
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.13,140.30Crs. Data as on April 30, 2020
ICICI Prudential Money Market Fund (An open ended debt scheme investing in money market
instruments)is suitable for investors who are seeking*:
Short term savings
A money market scheme that seeks to provide reasonable returns, commensurate with low risk
while providing a high level of liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Bond Fund (An open ended medium to long term debt scheme investing in
instruments such that the Macaulay duration of the portfolio is between 4 Years and 7 Years. The
Macaulay duration of the portfolio is 1 Year to 7 years under anticipated adverse situation.) is
suitable for investors who are seeking*:
Medium to Long term savings
A debt scheme that invests in debt and money market instruments with an aim to maximize
income while maintaining an optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Corporate Bond Fund (An open ended debt scheme predominantly investing in AA+
and above rated corporate bonds.) is suitable for investors who are seeking*:
Short term savings
An open ended debt scheme predominantly investing in highest rated corporate bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
2.84 2.94 3.01 3.1
3.63
3.83
2.08 2.20 2.27
2.31
2.65
2.82
7.23% 7.40% 7.32%
7.08%
7.51% 7.58%
5.1%
7.1%
9.1%
11.1%
0.00
1.33
2.67
4.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
56.08%
22.12%
18.67%
3.13% AAA/A1+ &
Equivalent
Sovereign
AA &
Equivalent
TREPs, Term
Deposits & Net
Current Assets
Risk-o-Meters
6. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Banking & PSU Debt Fund (An open ended debt scheme predominantly investing in
Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal
Bonds.) is suitable for investors who are seeking*:
Short term savings
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions and Municipal Bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Short Term Fund (An open ended short term debt scheme investing in instruments
such that the Macaulay duration of the portfolio is between 1 Year and 3 Years) is suitable for
investors who are seeking*:
Short term income generation and capital appreciation solution
A debt fund that aims to generate income by investing in a range of debt and money market
instruments of various maturities
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Please note: Macaulayduration is theweighted average term to maturity of the cash flows from the bond. The weight of each cash flow is determined bydividing
the present value of the cash flow by the price.
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In preparation of the material contained in this document, ICICI Prudential Asset Management Company Limited (the AMC)hasused
information that is publicly available, including information developed in-house. Some of the material used in thedocumentmayhave
been obtained from members/persons other than the AMC and/or its affiliates and which may have been made availabletotheAMC
and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC,
however, does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements/
opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and
similar expressions or variations of such expressions that are “forward looking statements”. Actual results may differ materiallyfrom
those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to,
but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which
have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated
turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. The AMC (including its affiliates), the
Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not be liable for any loss, damage of any
nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in anyway
arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision takenon
this material. All figures and other data given in this document are dated and the same may or may not be relevant in future. The
information contained herein should not be construed as a forecast or promise nor should it be considered as an investment advice.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial
implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund. The debt securities mentioned in this
communication do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may nothaveanyfuture
position in these debt securities. Past performance may or may not be sustained in the future. The portfolio of the scheme is subject
to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investmentpattern,
strategy and risk factors.
The information contained herein is only for the purpose of information and not for distribution and do not constitute an offer to buy
or sell or solicitation of any offer to buy or sell any securities or financial instruments in the United States of America ("US") and/or
Canada or for the benefit of US persons (being persons falling within the definition of the term "US Person" under the US Securities
Act, 1933, as amended) or persons residing in Canada.
Disclaimers