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DSP Credit Risk Fund


1 Lakh

Investment Grown to
₹ 1.04 Lakh

₹ 10000

Monthly SIP Grown to
₹ 1.23 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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(₹)
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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 0.47 0.06 0.13 0.65 1.85 1.87 4.35 2.52 5.47 6.65 6.94
Debt: Credit Risk -0.31 0.06 -0.65 -0.17 0.58 1.17 -0.30 3.32 6.44 7.25 7.22
Rank within category 8 11 10 8 9 11 8 13 10 6 2
Number of funds in category 20 20 20 20 20 20 20 17 13 7 2

As on 20-Jan-2020

Best & Worst Performance

Best (Period) Worst (Period)
Week -- ( - ) -- ( - )
Month 1.95 (20-Aug-2013 - 19-Sep-2013) -3.78 (05-Dec-2018 - 04-Jan-2019)
Quarter 3.85 (29-Aug-2013 - 28-Nov-2013) -3.62 (18-Sep-2018 - 18-Dec-2018)
Year 11.81 (04-Mar-2014 - 04-Mar-2015) -4.71 (21-Aug-2018 - 21-Aug-2019)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 2.68 3.39 -0.89 -0.75 2.23 0.63
Debt: Credit Risk 3.83 4.18 -0.14 0.04 2.63 2.43
Rank within category 13 12 18 17 6 15
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 27 90 27 51
Modified Duration (yrs) 1.18 1.58 1.18 1.51
Average Maturity (yrs) 1.43 2.03 1.43 1.92
Yield to Maturity (%) 8.46 10.01 8.08 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 9.50% Nayara Energy 29/07/2021 Bonds/NCDs AA 4.57 - 15.18 15.18
equal 9.65% Green Infra Wind Energy 2023 Debenture AA 3.22 - 10.74 10.74
equal HDFC Bank 2020 Certificate of Deposit A1+ 0.00 - 7.10 7.10
equal KKR India Financial Services 2020 Debenture AA 0.00 - 6.90 6.90
down 8.97% Uttar Pradesh Power Corporation 15/02/2022 Bonds AA 4.30 - 6.97 5.52
equal Bank of Baroda 17/03/2020 Certificate of Deposit A1+ 0.00 - 5.32 5.32
equal 9.30% Export-Import Bank 2022 Bonds AAA 0.00 - 4.29 4.29
equal 9.45% ECL Finance 2021 Debenture AA- 0.00 - 2.79 2.79
equal 7.93% NTPC 2022 Non Convertible Debenture AAA 0.00 - 2.48 2.48
equal KKR India Financial Services 16/01/2020 Debenture AA 0.00 - 2.35 2.35
equal KKR India Financial Services 16/01/2021 Debenture AA 0.00 - 2.33 2.33
equal KKR India Financial Services 16/01/2022 Debenture AA 0.00 - 2.31 2.31
equal 8.28% Oriental Nagpur Betul Highway 30/03/2024 Debenture AAA 0.67 - 2.28 2.28
equal 8.28% Oriental Nagpur Betul Highway 30/09/2024 Debenture AAA 0.63 - 2.13 2.13
equal 8.28% Oriental Nagpur Betul Highway 30/03/2025 Debenture AAA 0.58 - 1.88 1.88
equal KKR India Financial Services 14/03/2020 Debenture AA 0.00 - 1.82 1.82
equal KKR India Financial Services 2021 Debenture AA 0.00 - 1.81 1.81
equal KKR India Financial Services 23/04/2021 Debenture AA 0.00 - 1.69 1.69
equal 8.28% Oriental Nagpur Betul Highway 30/09/2025 Debenture AAA 0.73 - 1.85 1.61
equal 8.60% Export-Import Bank 30/04/2099 Bonds AA+ 0.00 - 1.38 1.38
down 8.28% Oriental Nagpur Betul Highway 30/03/2026 Debenture AAA 0.50 - 1.45 0.88
equal Sintex-BAPL 31/12/2020 Debenture D 0.00 - 0.70 0.70
equal Sintex-BAPL 31/12/2021 Debenture D 0.00 - 0.69 0.69
equal Sintex-BAPL 31/12/2022 Debenture D 0.00 - 0.68 0.68
equal Magma Fincorp 27/07/2021 Pass Through Certificate AAA 0.34 - 0.50 0.47

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

— 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:


0.06%

Change from previous, NAV as on 20-Jan-2020

Growth: ₹ 28.7286

Dividend Weekly: ₹ 10.1236

More

Dividend Quarterly: ₹ 10.6165

Dividend Monthly: ₹ 10.4081

Dividend Daily: ₹ 10.1200

Dividend: ₹ 11.2749


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 365 days

Basic Details

Fund House: DSP Mutual Fund
Launch Date: 13-May-2003
Return Since Launch: 6.52%
Benchmark: CRISIL Short Term Credit Risk
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 1,396 Cr (As on 31-Dec-2019)
Expense: 1.05% (As on 31-Dec-2019)
Risk Grade: Above Average
Return Grade: Below Average

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Weekly29-Aug-20180.0055

 22-Aug-20180.0122
 15-Aug-20180.0037
 08-Aug-20180.0080
 01-Aug-20180.0188
 25-Jul-20180.0079
 18-Jul-20180.0146
 11-Jul-20180.0141
 04-Jul-20180.0137
 04-Apr-20180.0150
 02-Apr-20180.0466
 21-Mar-20180.0113
 14-Mar-20180.0242
 07-Mar-20180.0133
 14-Feb-20180.0025
 07-Feb-20180.0094
 24-Jan-20180.0074
 17-Jan-20180.0058
 10-Jan-20180.0031
 06-Dec-20170.0116
 29-Nov-20170.0048
 08-Nov-20170.0044
 01-Nov-20170.0053
 25-Oct-20170.0059
 22-Oct-20170.0159
Dividend Daily28-Aug-20180.0013

 27-Aug-20180.0009
 26-Aug-20180.0048
 23-Aug-20180.0003
 22-Aug-20180.0027
 20-Aug-20180.0021
 19-Aug-20180.0074
 15-Aug-20180.0003
 13-Aug-20180.0011
 09-Aug-20180.0023
 08-Aug-20180.0024
 07-Aug-20180.0015
 06-Aug-20180.0005
 05-Aug-20180.0035
 01-Aug-20180.0033
 31-Jul-20180.0063
 30-Jul-20180.0035
 29-Jul-20180.0035
 26-Jul-20180.0023
 25-Jul-20180.0030
 24-Jul-20180.0015
 22-Jul-20180.0034
 18-Jul-20180.0007
 17-Jul-20180.0028
 16-Jul-20180.0048
Dividend Monthly28-Aug-20180.0443

 27-Jul-20180.0553
 28-Jun-20180.0115
 28-Mar-20180.0993
 28-Feb-20180.0002
 25-Jan-20180.0303
 28-Nov-20170.0104
 27-Oct-20170.0386
 28-Sep-20170.0252
 28-Aug-20170.0402
 28-Jul-20170.0688
 28-Jun-20170.0574
 26-May-20170.0514
 28-Apr-20170.0453
 27-Mar-20170.0332
 27-Jan-20170.0593
 28-Nov-20160.1150
 28-Oct-20160.0537
 28-Sep-20160.0841
 26-Aug-20160.0648
 28-Jul-20160.1067
 28-Jun-20160.0508
 27-May-20160.0433
 28-Apr-20160.0828
 28-Mar-20160.0987
Dividend Quarterly28-Jun-20180.0100

 28-Mar-20180.0891
 28-Dec-20170.0510
 28-Sep-20170.1307
 28-Jun-20170.1709
 27-Mar-20170.0955
 28-Dec-20160.1489
 28-Sep-20160.2422
 28-Jun-20160.1720
 28-Mar-20160.1590
 28-Dec-20150.1502
 28-Sep-20150.1718
 26-Jun-20150.1333
 27-Mar-20150.1726
 26-Dec-20140.2016
 26-Sep-20140.1213
 27-Jun-20140.2254
 28-Mar-20140.1572
 27-Dec-20130.1985
 27-Sep-20130.0552
 28-May-20130.1938
 28-Mar-20130.1535
 28-Dec-20120.1348
 28-Sep-20120.2000
 28-Jun-20120.2154
Dividend28-Mar-20180.4838

 27-Mar-20170.7571
 28-Mar-20160.7293
 27-Mar-20150.4258
 26-Sep-20140.1304
 27-Jun-20140.2420
 28-Mar-20140.1692
 27-Dec-20130.2131
 27-Sep-20130.0593
 28-May-20130.2085
 28-Mar-20130.1649
 28-Dec-20120.1447
 28-Sep-20120.2149
 28-Jun-20120.1941
 28-Mar-20120.1380
 28-Dec-20110.1679
 29-Sep-20110.1879
 28-Jun-20110.1730
 28-Mar-20110.1614
 28-Dec-20100.1304
 28-Sep-20100.1086
 28-Jun-20100.0952
 26-Mar-20100.0865
 28-Dec-20090.0899
 28-Sep-20090.0797

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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