Though launched in August 2007, the Net Asset Value (NAV) of the growth plan was discontinued in March 2008. It started on a fresh note from May 2009. Since then it has been on a roll. After beating its peers by impressive margins in the September and December quarters of 2009, it was a category topper in the two subsequent years bagging the top slots.
Though the average portfolio maturity has always been under four years, there have been numerous occasions when it does take slightly bolder bets in comparison to its peers. Last year, despite the rate hikes, the fund opted for relatively higher maturity bets and still was able to deliver an outperformance. Its average maturity ranged between 1.53 years and 3.80 years and averaged around 2.15 years (category average: 1.21 years).
Over the last two years, the fund has increased allocation to AA and below rated paper. It touched a high of 65 per cent in March 2011 and is currently around 32 per cent. Expo-sure to CDs has again gone-up but debentures dominate the portfolio.
