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Mutual Fund Publication

ICICI Prudential Credit Risk Fund

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Debt: Credit Risk

1 Lakh

Investment Grown to
₹ 1.11 Lakh

₹ 10000

Monthly SIP Grown to
₹ 1.27 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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(₹)
cal
cal

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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 2.22 0.05 0.18 1.46 2.75 5.85 10.88 8.02 8.37 8.69 --
CCIL T Bill Liquidity Weight 0.55 0.02 0.05 0.31 0.85 1.81 4.08 4.11 4.45 4.77 --
Debt: Credit Risk 0.67 0.00 0.16 0.78 0.95 1.96 0.54 3.51 6.47 7.12 --
Rank within category 3 5 7 4 2 1 1 1 2 1 --
Number of funds in category 20 20 20 20 20 20 20 17 14 7 2

As on 26-Feb-2020

Best & Worst Performance

Best (Period) Worst (Period)
Week 1.37 (29-Aug-2013 - 05-Sep-2013) -1.72 (10-Jul-2013 - 17-Jul-2013)
Month 2.69 (20-Aug-2013 - 19-Sep-2013) -2.02 (15-Jul-2013 - 14-Aug-2013)
Quarter 4.33 (28-Aug-2013 - 27-Nov-2013) -2.86 (20-May-2013 - 19-Aug-2013)
Year 12.63 (19-Aug-2013 - 19-Aug-2014) 4.86 (25-Sep-2017 - 25-Sep-2018)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 7.37 1.30 1.32 2.13 2.48 5.69
CCIL T Bill Liquidity Weight 4.06 0.27 -6.06 -10.48 -- --
Debt: Credit Risk 3.44 4.43 -0.21 -0.02 2.67 2.06
Rank within category 1 1 1 1 8 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-Jan-2020

Portfolio Aggregates

Fund 1Y High 1Y Low Category
Number of Securities 124 126 108 45
Modified Duration (yrs) 1.81 1.81 1.20 1.52
Average Maturity (yrs) 2.30 2.30 1.47 2.00
Yield to Maturity (%) 9.41 10.66 9.20 9.40

Value Research Fund Style

Credit Rating vis-à-vis Category

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Top Holdings

Company Instrument Credit Rating 1Y Range % Assets
equal 9.15% ICICI Bank Debenture AA+ 3.81 - 5.55 3.81
equal 8.95% Pipeline Infrastructure 22/03/2024 Non Convertible Debenture AAA 0.00 - 3.87 3.54
equal 9.15% NUVOCO Vistas Corp. 30/08/2022 Non Convertible Debenture AA 0.00 - 3.20 2.87
new 9.85% Tata International Non Convertible Debenture A 0.00 - 2.71 2.71
equal Walwhan Renewables Energy 31/01/2022 Debenture AA 2.36 - 3.02 2.69
equal 11.95% Aqua Space Developers 27/06/2022 Non Convertible Debenture A 2.44 - 2.79 2.44
equal 9.50% Nirma Non Convertible Debenture AA- 0.00 - 2.38 2.38
equal 8.75% Muthoot Finance 19/06/2021 Bonds/NCDs AA 2.30 - 2.60 2.30
equal 8.85% REC 16/04/2029 Non Convertible Debenture AAA 0.00 - 2.14 2.02
equal 10.50% Prestige Estates Projects 2023 Non Convertible Debenture A+ 2.00 - 2.29 2.00
new 9.60% Aadhar Housing Finance 29/09/2021 Non Convertible Debenture AA 0.00 - 2.00 2.00
equal 7.99% Great Eastern Shipping Co. 18/01/2024 Non Convertible Debenture AA+ 0.00 - 2.12 1.95
equal 7.79% LIC Housing Fin. 18/10/2024 Debenture AAA 0.00 - 1.86 1.82
equal Adarsh Advisory Services Pvt. 2021 Zero Coupon Bonds A 1.70 - 1.92 1.76
equal 9.75% Jamnagar Utilities and Power 2024 Debenture AAA 1.65 - 1.84 1.70
equal Adarsh Advisory Services Pvt. 2022 Zero Coupon Bonds A 1.60 - 1.81 1.66
equal 8.10% Sundaram Bnp Paribas Home Finance 2022 Non Convertible Debenture AA+ 0.00 - 1.65 1.62
equal 11.51% Ardour Developers 30/04/2020 Bonds/Debentures Unrated 1.62 - 1.85 1.62
equal 11.51% Kalpataru Properties Thane 30/04/2021 Non Convertible Debenture Unrated 1.62 - 1.86 1.62
equal 9.70% Coastal Gujarat Power 27/08/2023 Non Convertible Debenture AA 0.00 - 1.77 1.59
equal 9.45% Vedanta 17/08/2020 Debenture AA 1.51 - 1.71 1.51
equal 11.50% Sterlite Power Grid Ventures 28/03/2022 Non Convertible Debenture A+ 0.00 - 1.65 1.45
equal Aditya Birla Fashion and Retail 2022 Debenture AA 0.00 - 1.50 1.44
equal 8.50% Vedanta 2021 Debenture AA 1.33 - 1.77 1.33
equal TMF Holdings 28/03/2022 Zero Coupon Bonds AA- 0.00 - 1.37 1.26

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-Jan-2020

Fund Manager

— Akhil Kakkar since 05-Jun-2017

Education: Mr. Kakkar is B.Tech (IIT Roorkee) and PGDM (Finance)

Experience: Prior to Joining ICICI Prudential Mutual Fund he has worked with Kotak Mahindra Bank in Debt Capital Markets, SBI Capital Markets in Project Advisory & Structured Finance and Goldman Sachs Services Pvt Ltd as Analyst Developer.

— Manish Banthia since 07-Nov-2016

Education: Mr. Banthia is B.Com, CA and MBA

Experience: He is associated with ICICI Prudential Asset Management Company since Oct 2005, ICICI Prudential AMC - Fixed Income Investments - Aug 2007 to Oct 2009, ICICI Prudential AMC - New Product Development - Oct 2005 to Jul 2007, Aditya Birla Nuvo Ltd. - From May 2005 to Oct 2005, Aditya Birla Management Corporation Ltd. - From May 2004 to May 2005.

Funds Managed:

Invest Now
0.05%

Change from previous, NAV as on 26-Feb-2020

Growth: ₹ 21.7399

Dividend Yearly: ₹ 11.1500

More

Dividend Quarterly: ₹ 10.7479

Dividend Half Yearly: ₹ 10.8855

Bonus: ₹ 15.7586

Investment Strategy

The scheme seeks to generate income through investing predominantly in AA and below rated corporate bonds while maintaining the optimum balance of yield, safety and liquidity.

Investment Details

Minimum Investment (₹) 100
Minimum Addl Investment (₹) 100
Minimum SIP Investment (₹) 100
Minimum No of Cheques 6
Minimum Withdrawal (₹) 100
Minimum Balance (₹) --
Exit Load For units in excess of 10% of the investment,1% will be charged for redemption within 365 days

Basic Details

Fund House: ICICI Prudential Mutual Fund
Launch Date: 03-Dec-2010
Return Since Launch: 8.77%
Benchmark: CRISIL Short Term Credit Risk
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 12,381 Cr (As on 31-Jan-2020)
Expense: 1.58% (As on 31-Jan-2020)
Risk Grade: Low
Return Grade: High

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Quarterly30-Dec-20190.2106

 27-Sep-20190.1771
 27-Jun-20190.1431
 28-Mar-20190.1267
 28-Dec-20180.1703
 28-Sep-20180.0965
 28-Jun-20180.0758
 27-Mar-20180.1124
 27-Dec-20170.0629
 28-Sep-20170.1260
 30-Jun-20170.1577
 31-Mar-20170.1226
 29-Dec-20160.1443
 30-Sep-20160.2427
 30-Jun-20160.1677
 29-Mar-20160.0841
 29-Dec-20150.1374
 28-Sep-20150.1595
 30-Jun-20150.1365
 30-Mar-20150.1799
 29-Dec-20140.2003
 30-Sep-20140.1615
 30-Jun-20140.2035
 28-Mar-20140.1658
 31-Dec-20130.2089
Dividend Half Yearly26-Sep-20190.3189

 28-Mar-20190.3267
 26-Sep-20180.1753
 27-Mar-20180.1767
 27-Sep-20170.2980
 31-Mar-20170.2674
 30-Sep-20160.4281
 30-Mar-20160.2307
 28-Sep-20150.2993
 30-Mar-20150.3974
 29-Sep-20140.3935
 27-Mar-20140.4067
 27-Sep-20130.0828
 24-May-20130.1856
 28-Mar-20130.3584
 27-Sep-20120.4169
 29-Mar-20120.3432
 23-Sep-20110.2144
 26-May-20110.1085
 28-Mar-20110.1829
Dividend Yearly20-Mar-20190.4835

 20-Mar-20180.4721
 23-Mar-20170.7281
 18-Mar-20160.5020

Contact Information

AMC: ICICI Prudential Asset Management Company Ltd

Address: One BKC , A Wing , 13th Floor, Bandra Kurla Complex, Mumbai - 400051

Phone: 022-26525000 / 1800-222-999 / 1800-200-6666

Fax: 022-26528100

Email: [email protected]

Website: www.icicipruamc.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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