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3 star

DSP Credit Risk Fund - Direct Plan


Debt: Credit Risk

1 Lakh

Investment Grown to
₹ 1.04 Lakh

₹ 10000

Monthly SIP Grown to
₹ 1.22 Lakh

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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(₹)
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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 1.42 0.04 0.21 1.13 -0.42 1.14 3.68 2.44 5.51 6.81 --
CCIL T Bill Liquidity Weight 2.04 0.01 0.05 0.23 0.93 1.94 3.95 4.14 4.33 4.70 --
Debt: Credit Risk -2.39 -0.16 0.79 1.96 -0.69 -2.65 -0.01 1.92 4.68 6.80 --
Rank within category 12 17 18 14 16 12 11 13 11 4 --
Number of funds in category 19 19 19 19 19 19 19 17 15 6 0

As on 08-Jul-2020

Peer Comparison

Fund name Rating Launch Date 1-Year Return 3-Year Return 5-Year Return Expense Ratio Assets (Cr)
DSP Credit Risk Fund - Direct Plan  | Invest Online
3 star
Jan-13 3.68 2.44 5.51 0.79 428
ICICI Prudential Credit Risk Fund - Direct Plan  | Invest Now
5 star
Jan-13 10.67 8.72 9.23 0.99 6,695
HDFC Credit Risk Debt Fund - Direct Plan  | Invest Online
4 star
Mar-14 9.63 7.75 9.04 1.12 6,309
SBI Credit Risk Fund - Direct Plan  | Invest Online
4 star
Jan-13 9.46 7.50 8.66 0.91 3,949
Kotak Credit Risk Fund - Direct Plan  | Invest Online
4 star
Jan-13 8.12 7.70 8.98 0.76 2,052

Best & Worst Performance

Best (Period) Worst (Period)
Week 1.54 (24-Mar-2020 - 31-Mar-2020) -4.17 (11-Dec-2018 - 18-Dec-2018)
Month 1.99 (20-Aug-2013 - 19-Sep-2013) -3.71 (05-Dec-2018 - 04-Jan-2019)
Quarter 3.99 (05-Jul-2016 - 05-Oct-2016) -3.44 (18-Sep-2018 - 18-Dec-2018)
Year 12.47 (24-Nov-2015 - 24-Nov-2016) -3.90 (21-Aug-2018 - 21-Aug-2019)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 2.46 3.73 -0.76 -0.63 -0.14 -3.01
CCIL T Bill Liquidity Weight 4.07 0.28 -4.34 -7.86 -- --
Debt: Credit Risk 2.01 6.41 -0.07 0.13 -2.77 -6.70
Rank within category 14 9 16 17 12 9
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 30-Jun-2020

Portfolio Aggregates

Fund 1Y High 1Y Low Category
Number of Securities 11 63 11 27
Modified Duration (yrs) 0.76 1.44 0.61 --
Average Maturity (yrs) 1.03 1.81 0.73 --
Yield to Maturity (%) 12.69 12.69 7.99 --

Value Research Fund Style

Credit Rating vis-à-vis Category

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Top Holdings

Company Instrument Credit Rating 1Y Range % Assets
equal 9.50% Nayara Energy 29/07/2021 Bonds/NCDs AA 6.61 - 49.01 49.01
equal KKR India Financial Services 16/01/2021 Debenture AA 0.00 - 7.87 7.87
equal KKR India Financial Services 16/01/2022 Debenture AA 0.00 - 7.71 7.71
equal 9.45% ECL Finance 2021 Debenture A+ 0.00 - 6.74 6.74
equal KKR India Financial Services 2021 Debenture AA 0.00 - 6.08 6.08
equal KKR India Financial Services 23/04/2021 Debenture AA 0.00 - 5.69 5.69
equal Sintex-BAPL 31/12/2022 Debenture D 0.00 - 2.26 2.26
equal Sintex-BAPL 31/12/2020 Debenture D 0.00 - 2.26 2.26
equal Sintex-BAPL 31/12/2021 Debenture D 0.00 - 2.26 2.26
equal 7.40% Tata Motors 29/06/2021 Bonds AA- 0.00 - 0.12 0.12
equal 8.35% Bharti Airtel 20/04/2021 Non Convertible Debenture AA 0.01 - 2.49 0.05

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-May-2020

Fund Manager

— Laukik Bagwe since 18-Jul-2016

Education: Mr. Bagwe is a B.Com (H) and PGDBA (Finance)

Experience: Prior to joining DSPBR he has worked with Derivium Capital and Securities Pvt. Ltd. and with Birla Sun Life Securities Ltd.

Funds Managed:

— Saurabh Bhatia since 01-Mar-2019

Education: Mr. Bhatia holds Post Graduation Diploma in Business Management, Finance.

Experience: Prior to joining DSPBR Mutual Fund, had worked with ICICI Bank, HSBC Global Asset Management.

Funds Managed:


0.04%

Change from previous, NAV as on 08-Jul-2020

Growth: ₹ 30.3024

Dividend Weekly: ₹ 10.1357

More

Dividend Quarterly: ₹ 10.7437

Dividend Monthly: ₹ 10.5043

Dividend Daily: ₹ 10.1350

Dividend: ₹ 11.3483


Investment Strategy

The scheme seeks to generate returns commensurate with risk from a portfolio constituted of money market securities and debt securities.

Investment Details

Minimum Investment (₹) 500
Minimum Addl Investment (₹) 500
Minimum SIP Investment (₹) 500
Minimum No of Cheques 6
Minimum Withdrawal (₹) 500
Minimum Balance (₹) 500
Exit Load For units in excess of 10% of the investment,1% will be charged for redemption within 364 days

Basic Details

Fund House: DSP Mutual Fund
Launch Date: 01-Jan-2013
Return Since Launch: 7.00%
Benchmark: CRISIL Short Term Credit Risk
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 428 Cr (As on 31-May-2020)
Expense: 0.79% (As on 31-May-2020)
Risk Grade: Above Average
Return Grade: Average

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Weekly22-Apr-20200.0274

 02-Apr-20200.0367
 04-Mar-20200.0114
 26-Feb-20200.0092
 19-Feb-20200.0110
 12-Feb-20200.0203
 05-Feb-20200.0278
 29-Jan-20200.0166
 22-Jan-20200.0027
 29-Aug-20180.0063
 22-Aug-20180.0131
 15-Aug-20180.0045
 08-Aug-20180.0087
 01-Aug-20180.0196
 25-Jul-20180.0088
 18-Jul-20180.0155
 11-Jul-20180.0149
 04-Jul-20180.0184
 27-Jun-20180.0023
 20-Jun-20180.0040
 04-Apr-20180.0153
 02-Apr-20180.0480
 21-Mar-20180.0121
 14-Mar-20180.0250
 07-Mar-20180.0159
Dividend Daily21-Apr-20200.0036

 19-Apr-20200.0191
 16-Apr-20200.0045
 30-Mar-20200.0110
 29-Mar-20200.0035
 26-Mar-20200.0093
 05-Mar-20200.0022
 03-Mar-20200.0081
 02-Mar-20200.0018
 01-Mar-20200.0012
 25-Feb-20200.0026
 24-Feb-20200.0014
 23-Feb-20200.0062
 19-Feb-20200.0042
 17-Feb-20200.0003
 16-Feb-20200.0051
 13-Feb-20200.0015
 12-Feb-20200.0040
 11-Feb-20200.0015
 10-Feb-20200.0016
 09-Feb-20200.0063
 06-Feb-20200.0070
 05-Feb-20200.0137
 04-Feb-20200.0016
 03-Feb-20200.0027
Dividend27-Mar-20200.1621

 28-Mar-20180.5356
 27-Mar-20170.8140
 28-Mar-20160.7755
 27-Mar-20150.4465
 26-Sep-20140.1401
 27-Jun-20140.2519
 28-Mar-20140.1786
 27-Dec-20130.2230
 27-Sep-20130.0739
 28-May-20130.2199
 28-Mar-20130.1731
Dividend Monthly27-Mar-20200.0221

 28-Feb-20200.0690
 28-Jan-20200.0156
 28-Aug-20180.0479
 27-Jul-20180.0589
 28-Jun-20180.0223
 28-Mar-20180.1029
 28-Feb-20180.0039
 25-Jan-20180.0376
 28-Nov-20170.0140
 27-Oct-20170.0422
 28-Sep-20170.0290
 28-Aug-20170.0438
 28-Jul-20170.0725
 28-Jun-20170.0613
 26-May-20170.0545
 28-Apr-20170.0492
 27-Mar-20170.0410
 28-Feb-20170.0032
 27-Jan-20170.0681
 28-Nov-20160.1192
 28-Oct-20160.0576
 28-Sep-20160.0881
 26-Aug-20160.0685
 28-Jul-20160.1105
Dividend Quarterly27-Mar-20200.0609

 27-Dec-20190.0479
 28-Jun-20180.0200
 28-Mar-20180.0998
 28-Dec-20170.0617
 28-Sep-20170.1418
 28-Jun-20170.1822
 27-Mar-20170.1077
 28-Dec-20160.1612
 28-Sep-20160.2537
 28-Jun-20160.1832
 28-Mar-20160.1698
 28-Dec-20150.1594
 28-Sep-20150.1811
 26-Jun-20150.1419
 27-Mar-20150.1813
 26-Dec-20140.2104
 26-Sep-20140.1305
 27-Jun-20140.2345
 28-Mar-20140.1663
 27-Dec-20130.2076
 27-Sep-20130.0687
 28-May-20130.2047
 28-Mar-20130.1612

Contact Information

AMC: DSP Investment Managers Pvt. Ltd.

Address: NATRAJ, Office No. 302-3rd Floor-Plot No. 194, MV Road Junction Western Express Highway, Andheri East Mumbai - 400069

Phone: 022-66178000

Fax: 022-56578181

Website: https://www.dspim.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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