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4 star

SBI Credit Risk Fund - Direct Plan


Debt: Credit Risk

1 Lakh

Investment Grown to
₹ 1.09 Lakh

₹ 10000

Monthly SIP Grown to
₹ 1.26 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 5.25 0.14 0.53 2.08 3.03 4.94 9.45 7.47 8.64 9.34 --
CCIL T Bill Liquidity Weight 2.02 0.01 0.06 0.22 0.87 1.93 3.90 4.14 4.33 4.69 --
Debt: Credit Risk -1.23 0.08 1.07 2.25 -1.02 -1.44 1.55 2.50 5.13 7.81 --
Rank within category 2 3 7 7 4 2 4 5 4 -- --
Number of funds in category 18 18 18 18 18 18 18 16 14 5 0

As on 07-Jul-2020

Peer Comparison

Fund name Rating Launch Date 1-Year Return 3-Year Return 5-Year Return Expense Ratio Assets (Cr)
SBI Credit Risk Fund - Direct Plan  | Invest Online
4 star
Jan-13 9.45 7.47 8.64 0.91 3,949
ICICI Prudential Credit Risk Fund - Direct Plan  | Invest Now
5 star
Jan-13 10.58 8.69 9.20 0.99 6,695
HDFC Credit Risk Debt Fund - Direct Plan  | Invest Online
4 star
Mar-14 9.51 7.69 9.00 1.12 6,309
Kotak Credit Risk Fund - Direct Plan  | Invest Online
4 star
Jan-13 8.03 7.64 8.94 0.76 2,052
IDFC Credit Risk Fund - Direct Plan
5 star
Mar-17 8.94 7.74 -- 0.66 837

Best & Worst Performance

Best (Period) Worst (Period)
Week 2.12 (24-Mar-2020 - 31-Mar-2020) -1.44 (12-Mar-2020 - 19-Mar-2020)
Month 2.37 (24-Mar-2020 - 23-Apr-2020) -2.00 (25-Feb-2020 - 26-Mar-2020)
Quarter 4.20 (26-Mar-2020 - 25-Jun-2020) -0.15 (10-Feb-2020 - 11-May-2020)
Year 12.33 (24-Nov-2015 - 24-Nov-2016) 4.85 (25-Mar-2019 - 24-Mar-2020)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 7.16 2.20 0.84 1.05 0.73 2.75
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 5 2 3 3 17 2
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 67 96 67 26
Modified Duration (yrs) 1.61 2.19 1.61 --
Average Maturity (yrs) 2.02 2.78 2.02 --
Yield to Maturity (%) 8.77 13.39 8.41 --

Value Research Fund Style

Credit Rating vis-à-vis Category

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Top Holdings

Company Instrument Credit Rating 1Y Range % Assets
equal 7.90% Bharat Aluminium Co. 31/07/2020 Non Convertible Debenture AA- 0.00 - 5.05 5.05
equal IndInfravit Trust 2038 Non Convertible Debenture AAA 0.00 - 3.83 3.83
equal 12.30% Sterlite Power Grid Ventures 28/03/2022 Debenture A 0.00 - 3.83 3.83
equal Tata Realty and Infrastructure 20/04/2021 Zero Coupon Bonds AA 2.58 - 3.79 3.79
equal 9.85% Tata International Non Convertible Debenture A 0.00 - 3.72 3.72
equal 8.35% Bharti Airtel 20/04/2021 Non Convertible Debenture AA 0.00 - 3.59 3.59
equal Tata Realty and Infrastructure 2021 Debenture AA 1.88 - 3.84 3.45
equal TMF Holdings 28/03/2022 Zero Coupon Bonds AA- 0.00 - 3.39 3.39
equal 10.10% L&T Vadodara Bharuch Tollway 30/06/2021 Debenture A 2.40 - 3.26 3.26
equal Pune Solapur Expressways 31/03/2029 Debenture A 2.38 - 3.22 3.22
equal Avanse Financial Services 2021 Non Convertible Debenture A+ 0.00 - 2.54 2.54
equal Motilal Oswal Home Finance 24/03/2023 Debenture AA- 0.00 - 2.53 2.53
equal Embassy Office Parks REIT 2022 Non Convertible Debenture AAA 2.29 - 3.88 2.49
equal 9.15% Aadhar Housing Finance 20/06/2023 Debenture AA 0.00 - 4.02 2.45
new 7.25% Crompton Greaves Consumer Electricals 29/05/2023 Debenture AA+ 0.00 - 2.28 2.28
new 8.75% Muthoot Finance 19/06/2021 Bonds/NCDs AA 0.00 - 2.26 2.26
equal Indostar Capital Finance 26/02/2021 Debenture AA- 0.00 - 2.17 2.17
equal 8.57% NUVOCO Vistas Corp. 14/09/2020 Debenture AA 0.56 - 2.03 2.03
equal 8.34% HUDCO 2022 Debenture AAA 0.00 - 2.01 2.01
equal 10.90% AU Small Finance Bank 30/05/2025 Debenture AA- 1.42 - 1.95 1.95
new 7.68% GOI 15/12/2023 GOI Securities SOV 0.00 - 1.93 1.93
equal 9.25% Manappuram Finance 27/03/2023 Debenture AA 0.00 - 1.86 1.86
equal Godrej Properties 178-D 22/06/2020 Commercial Paper A1+ 0.00 - 1.51 1.51
new 8.75% Tata Projects 2023 Non Convertible Debenture AA 0.00 - 1.49 1.49
equal 8.56% REC 29/11/2028 Debenture AAA 0.95 - 1.34 1.34

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

— Lokesh Mallya since 01-Feb-2017

Education: Mr. Mallya is MBA and FRM.

Experience: Prior to SBI Mutual Fund, he has worked with Aditya Birla Sun Life AMC as fund manager (Sept 2009-Sept 2014) and as Credit Analyst (July 2006 - Aug 2009).

— Mansi Sajeja since 01-Feb-2017

Education: Ms. Sajeja is a CFA and has done Post Graduate Diploma in Business Management.

Experience: She was a Rating Analyst at ICRA Limited


0.14%

Change from previous, NAV as on 07-Jul-2020

Growth: ₹ 34.0718

Dividend Quarterly: ₹ 15.8568

Dividend Daily: ₹ 10.8025


Investment Strategy

The scheme seeks to provide the investors an opportunity to predominantly invest in corporate bonds rated AA and below(excluding AA+ rated corporate bonds) so as to generate attractive returns while maintaining moderate liquidity in the portfolio through investment in money market securities.

Investment Details

Minimum Investment (₹) 5,000
Minimum Addl Investment (₹) 1,000
Minimum SIP Investment (₹) 500
Minimum No of Cheques 12
Minimum Withdrawal (₹) 500
Minimum Balance (₹) 1,000
Exit Load For units in excess of 8% of the investment,3% will be charged for redemption within 365 days
For units in excess of 8% of the investment,1.5% will be charged for redemption between 366 - 730 days
For units in excess of 8% of the investment,0.75% will be charged for redemption between 731 - 1095 days

Basic Details

Fund House: SBI Mutual Fund
Launch Date: 01-Jan-2013
Return Since Launch: 9.35%
Benchmark: CRISIL Composite Credit Risk
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 3,949 Cr (As on 31-May-2020)
Expense: 0.91% (As on 31-May-2020)
Risk Grade: Below Average
Return Grade: Above Average

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Daily19-Mar-20200.0105

 09-Mar-20200.0037
 06-Mar-20200.0049
 05-Mar-20200.0024
 04-Mar-20200.0040
 03-Mar-20200.0025
 02-Mar-20200.0016
 28-Feb-20200.0048
 27-Feb-20200.0063
 26-Feb-20200.0017
 25-Feb-20200.0016
 24-Feb-20200.0016
 20-Feb-20200.0065
 18-Feb-20200.0032
 17-Feb-20200.0021
 14-Feb-20200.0060
 13-Feb-20200.0016
 12-Feb-20200.0016
 11-Feb-20200.0016
 10-Feb-20200.0018
 07-Feb-20200.0048
 06-Feb-20200.0016
 05-Feb-20200.0127
 04-Feb-20200.0025
 03-Feb-20200.0033
Dividend Quarterly27-Dec-20190.1657

 27-Sep-20190.1513
 28-Jun-20190.1513
 29-Mar-20190.1513
 28-Dec-20180.1441
 07-Sep-20180.1441
 23-Mar-20180.1445
 29-Dec-20170.1806
 29-Sep-20170.1806
 30-Jun-20170.1806
 24-Mar-20170.1445
 30-Dec-20160.1445
 30-Sep-20160.1445
 30-Jun-20160.1445
 23-Mar-20160.1445
 23-Dec-20150.1445
 24-Sep-20150.1445
 26-Jun-20150.1697
 20-Mar-20150.1452
 29-Dec-20140.1815
 29-Sep-20140.2049
 27-Jun-20140.2494
 28-Mar-20140.1559
 27-Dec-20130.3000

Contact Information

AMC: SBI Funds Management Ltd

Address: 9th Floor-Crescenzo, C-38 & 39- G Block, Bandra-Kurla Complex, Bandra (East) Mumbai - 400051

Phone: 022-61793000 / 1800-425-5425

Fax: 022-22189663

Email: [email protected]

Website: http://www.sbimf.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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