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Kotak Credit Risk Fund Regular Plan

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Debt: Credit Risk

1 Lakh

Investment Grown to
₹ 1.09 Lakh

₹ 10000

Monthly SIP Grown to
₹ 1.26 Lakh

Analyst's Choice?

Suitability:

Credit risk funds invest mainly in corporate bonds which are below the highest rating assigned by credit rating agencies. The lower rating indicates a higher possibility of these bonds defaulting on repayment of investors' money. Therefore, these funds are the riskiest of all types of debt funds. However, they compensate for this additional risk with a higher return potential as these bonds offer better rates of interest than highest rated bonds. Moreover, investors can also benefit if the rating of these bonds is subsequently upgraded.

But like most other debt fund categories, we believe that retail investors can avoid this one as well. In our opinion, debt funds make sense for retail investors only if they are investing for 3 years or less. For that kind of investment horizon, Liquid Debt funds and Short Term debt funds are much more suitable.

Taxability of earnings:

Capital gains

  • If the mutual fund units are sold after 3 years from the date of investment, gains are taxed at the rate of 20% after providing the benefit of inflation indexation.
  • If the mutual fund units are sold within 3 years from the date of investment, entire amount of gain is added to the investors' income and taxed according to the applicable slab rate.
  • No tax is to be paid as long as you continue to hold the units.

Dividends

  • Dividends paid by the mutual fund scheme are taxed at the rate of 25% (effectively 29.12%, including surcharge and cess). This is known as Dividend Distribution Tax (DDT). Though the investor does not pay this tax directly, it is deducted from the dividend income before passing on to the investor.

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Annual Returns
Quarterly Returns
Monthly Returns
Weekly Returns

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(₹)
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Trailing Returns (%)

YTD 1-Day 1-W 1-M 3-M 6-M 1-Y 3-Y 5-Y 7-Y 10-Y
Fund 0.49 0.05 0.11 1.00 2.35 4.62 8.99 7.12 8.20 8.49 --
CCIL T Bill Liquidity Weight 0.16 0.00 0.05 0.29 0.84 1.92 4.25 4.15 4.46 4.80 --
Debt: Credit Risk 0.14 -0.20 -0.16 0.47 1.06 1.60 0.13 3.54 6.62 7.50 --
Rank within category 3 8 6 1 3 2 3 2 1 2 --
Number of funds in category 20 20 20 20 20 20 20 17 13 7 2

As on 16-Jan-2020

Best & Worst Performance

Best (Period) Worst (Period)
Week -- ( - ) -- ( - )
Month 2.99 (20-Aug-2013 - 19-Sep-2013) -2.13 (17-Jun-2013 - 17-Jul-2013)
Quarter 4.66 (19-Aug-2013 - 18-Nov-2013) -3.07 (20-May-2013 - 19-Aug-2013)
Year 12.68 (19-Aug-2013 - 19-Aug-2014) 4.61 (01-Nov-2017 - 01-Nov-2018)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 7.02 1.36 0.95 1.55 2.80 5.90
CCIL T Bill Liquidity Weight 4.08 0.26 -10.52 -- -- --
Debt: Credit Risk 3.83 4.18 -0.14 0.04 2.63 2.43
Rank within category 2 2 2 2 9 4
Number of funds in category 18 18 18 18 18 18

The Risk Measures have been calculated using calendar month returns for the last three years.

As on 31-Dec-2019

Portfolio Aggregates

Fund 1Y High 1Y Low Category
Number of Securities 89 95 88 51
Modified Duration (yrs) 2.04 2.04 1.49 1.51
Average Maturity (yrs) 2.70 3.14 2.20 1.92
Yield to Maturity (%) 8.94 10.17 8.94 9.77

Value Research Fund Style

Credit Rating vis-à-vis Category

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Top Holdings

Company Instrument Credit Rating 1Y Range % Assets
equal 8.58% HDFC 18/03/2022 Debenture AAA 0.00 - 4.88 4.30
equal 9.23% Talwandi Sabo Power 30/07/2021 Debenture AA 3.80 - 4.06 3.85
new 11.50% Tata Steel Debenture AA- 0.00 - 3.57 3.57
equal 9.25% Power Finance Corp. 25/09/2024 Non Convertible Debenture AAA 0.00 - 3.29 3.11
equal 11.40% Prestige Estates Projects 24/07/2020 Bonds/Debentures A+ 1.49 - 3.19 3.00
equal 10.90% Punjab & Sind Bank 31/12/2099 Bonds A+ 2.75 - 2.97 2.82
equal 10.99% Andhra Bank 31/08/2050 Bonds A+ 2.72 - 2.95 2.79
equal 8.85% Power Finance Corp. 25/05/2029 Bonds/NCDs AAA 0.00 - 2.67 2.62
equal Muthoot Finance 19/04/2023 Bonds/Debentures AA 0.00 - 2.72 2.58
up 7.50% Tata Motors 22/06/2022 Debenture AA- 0.00 - 2.34 2.34
equal 9.20% Andhra Bank Bonds/Debentures A+ 2.15 - 2.36 2.25
equal 8.42% Bank of Baroda 2028 Debenture AAA 0.00 - 2.15 2.04
equal 9.90% Coastal Gujarat Power 27/08/2028 Debenture AA 1.96 - 2.15 2.03
equal 8.60% LIC Housing Fin. 14/01/2022 Debenture AAA 0.00 - 2.16 2.03
up Embassy Office Parks REIT 2022 Zero Coupon Bonds AAA 0.00 - 2.06 2.00
new 8.55% L&T Infrastructre Finance 29/11/2022 Non Convertible Debenture AAA 0.00 - 1.98 1.98
equal 8.70% Future Lifestyle Fashion 2022 Bonds/Debentures AA- 0.96 - 2.05 1.94
equal 9.91% Dalmia Cement (Bharat) Ltd 2021 Debenture AA 0.00 - 2.06 1.88
equal 9.75% Uttar Pradesh Power Corporation 20/10/2020 Debenture A+ 1.85 - 1.98 1.86
equal 9.75% Uttar Pradesh Power Corporation 20/10/2021 Debenture A+ 1.84 - 1.97 1.85
equal 9.50% Nayara Energy 29/07/2021 Bonds/NCDs AA 1.80 - 1.95 1.81
equal 9.75% Uttar Pradesh Power Corporation 20/10/2022 Debenture A+ 1.73 - 1.85 1.74
equal 9.50% Union Bank of India 31/12/2048 Bonds AA- 1.18 - 1.65 1.60
equal 8.95% Punjab National Bank Bonds A 0.00 - 1.66 1.57
equal 9.35% Tata Motors 2023 Debenture AA- 0.00 - 1.57 1.54

up down equal Indicates an increase or decrease or no change in holding since last portfolio
new Indicates a new holding since last portfolio

As on 31-Dec-2019

Fund Manager

— Deepak Agrawal since 12-Apr-2010

Education: Mr. Agrawal is Post Graduate in Commerce from Mumbai University, Chartered Accountant, Company Secretary and CFA.

Experience: He has been associated with Kotak AMC since 2000.

Funds Managed:

Invest Online
0.05%

Change from previous, NAV as on 16-Jan-2020

Growth: ₹ 21.8239

Dividend Yearly: ₹ 11.0779

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Dividend Weekly: ₹ 10.0135

Dividend Quarterly: ₹ 10.9247

Dividend Monthly: ₹ 10.3046

Investment Strategy

The scheme seeks to generate income by investing in debt /and money market securities across the yield curve and predominantly in AA rated and below corporate securities.

Investment Details

Minimum Investment (₹) 5,000
Minimum Addl Investment (₹) 1,000
Minimum SIP Investment (₹) 1,000
Minimum No of Cheques 6
Minimum Withdrawal (₹) 1,000
Minimum Balance (₹) 1,000
Exit Load For units in excess of 10% of the investment,1% will be charged for redemption within 365 days

Basic Details

Fund House: Kotak Mahindra Mutual Fund
Launch Date: 11-May-2010
Return Since Launch: 8.39%
Benchmark: NIFTY Credit Risk Bond
Riskometer: Moderately Low
Type: Open-ended
Assets: ₹ 5,043 Cr (As on 31-Dec-2019)
Expense: 1.62% (As on 31-Dec-2019)
Risk Grade: Low
Return Grade: High

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Monthly13-Jan-20200.0709

 12-Dec-20190.0315
 13-Nov-20190.0741
 15-Oct-20190.0463
 14-Oct-20190.0463
 12-Sep-20190.0624
 13-Aug-20190.0627
 12-Jul-20190.0656
 12-Jun-20190.0681
 13-May-20190.0270
 12-Apr-20190.0530
 12-Mar-20190.0409
 12-Feb-20190.0304
 14-Jan-20190.0757
 12-Dec-20180.0676
 12-Nov-20180.0418
 12-Oct-20180.0298
 12-Sep-20180.0030
 13-Aug-20180.0553
 12-Jul-20180.0736
 12-Jun-20180.0084
 14-May-20180.0097
 12-Apr-20180.0664
 12-Mar-20180.0288
 12-Feb-20180.0449
Dividend Weekly14-Jan-20200.0095

 07-Jan-20200.0211
 31-Dec-20190.0092
 24-Dec-20190.0072
 03-Dec-20190.0104
 26-Nov-20190.0268
 19-Nov-20190.0203
 13-Nov-20190.0010
 05-Nov-20190.0234
 30-Oct-20190.0201
 23-Oct-20190.0220
 15-Oct-20190.0179
 09-Oct-20190.0154
 01-Oct-20190.0030
 17-Sep-20190.0082
 11-Sep-20190.0217
 04-Sep-20190.0094
 27-Aug-20190.0251
 20-Aug-20190.0046
 14-Aug-20190.0175
 06-Aug-20190.0134
 30-Jul-20190.0176
 23-Jul-20190.0039
 16-Jul-20190.0211
 09-Jul-20190.0327
Dividend Quarterly20-Dec-20190.1698

 20-Sep-20190.1810
 20-Jun-20190.1385
 20-Mar-20190.1296
 20-Dec-20180.1412
 21-Sep-20180.1119
 20-Jun-20180.0428
 20-Mar-20180.0938
 20-Dec-20170.0774
 20-Sep-20170.1219
 20-Jun-20170.1905
 20-Mar-20170.0770
 20-Dec-20160.1880
 20-Sep-20160.2606
 20-Jun-20160.1543
 21-Mar-20160.1289
 21-Dec-20150.0486
 21-Sep-20150.1353
 22-Jun-20150.1391
 20-Mar-20150.1417
 22-Dec-20140.2253
 22-Sep-20140.1628
 20-Jun-20140.2523
 20-Mar-20140.1584
 20-Dec-20130.1932
Dividend Yearly12-Mar-20190.4539

 12-Mar-20180.4581
 15-Mar-20170.7411
 14-Mar-20160.6162
 20-Mar-20150.7911
 20-Mar-20140.5735
 20-Mar-20130.8632
 20-Mar-20120.8300
 14-Mar-20110.2878

Contact Information

AMC: Kotak Mahindra Asset Management Company Ltd

Address: 27 BKC, C-27, G Block, Bandra Kurla Complex, Bandra (E) Mumbai - 400051

Phone: 022-61152100 / 1800-22-2626

Fax: 022-66384455

Email: [email protected]

Website: www.kotakmutual.com

Registrar & Transfer Agent: Computer Age Management Services Ltd.

Address: 7th Floor, Tower II, Rayala Towers, 158, Anna Salai, Chennai - 600002

Phone: 1800-3010-6767 / 1800-419-7676

Fax: 044-30407101

Email: [email protected]

Website: www.camsonline.com

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