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Axis Credit Risk Fund - Regular Plan

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Debt: Credit Risk

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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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 0.63 0.05 0.22 0.80 2.09 4.16 4.44 5.48 6.93 -- --
CCIL T Bill Liquidity Weight 0.24 0.00 0.07 0.28 0.84 1.91 4.21 4.15 4.45 -- --
Debt: Credit Risk -0.11 0.05 0.26 -0.05 0.57 1.36 -0.21 3.37 6.46 -- --
Rank within category 11 10 15 7 7 5 7 5 6 -- --
Number of funds in category 20 20 20 20 20 20 20 17 13 7 2

As on 24-Jan-2020

Best & Worst Performance

Best (Period) Worst (Period)
Week 0.84 (09-Nov-2016 - 16-Nov-2016) -3.49 (03-Jun-2019 - 10-Jun-2019)
Month 2.09 (25-Oct-2016 - 24-Nov-2016) -3.23 (31-May-2019 - 01-Jul-2019)
Quarter 3.82 (25-Aug-2016 - 24-Nov-2016) -2.44 (02-Apr-2019 - 02-Jul-2019)
Year 11.10 (24-Nov-2015 - 24-Nov-2016) 3.65 (26-Jun-2018 - 26-Jun-2019)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 5.45 2.56 -0.10 -0.08 3.11 4.84
CCIL T Bill Liquidity Weight 4.08 0.26 -6.21 -10.52 -- --
Debt: Credit Risk 3.83 4.18 -0.14 0.04 2.63 2.43
Rank within category 7 10 6 6 12 8
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 77 96 77 51
Modified Duration (yrs) 1.70 1.90 1.40 1.51
Average Maturity (yrs) 2.10 2.40 1.70 1.92
Yield to Maturity (%) 9.20 10.08 9.05 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 9.70% Coastal Gujarat Power 27/08/2023 Non Convertible Debenture AA 2.66 - 3.66 3.66
equal 9.15% Birla Corporation 18/08/2021 Debenture AA 2.58 - 3.46 3.46
equal 8.66% NUVOCO Vistas Corp. 14/09/2021 Debenture AA 0.00 - 3.11 3.11
equal Magma Fincorp 28/09/2023 Debenture AAA 0.00 - 3.51 3.07
equal 7.85% Bhopal Dhule Transmission 2022 Debenture AAA 1.15 - 2.93 2.93
equal 9.95% Narmada Wind Energy Pvt. 31/03/2023 Debenture A+ 2.27 - 2.91 2.91
equal 8.70% JK Lakshmi Cement 2020 Debenture AA- 2.06 - 2.78 2.78
equal Essel Mining Industries 17/07/2022 Debenture AA- 0.00 - 2.78 2.78
new 8.90% Vedanta 2021 Non Convertible Debenture AA 0.00 - 2.78 2.78
equal 7.84% PVR 2020 Debenture AA- 2.55 - 3.18 2.77
up 9.10% India Grid Trust 2022 Debenture AAA 0.00 - 2.41 2.41
equal 8.95% Punjab National Bank Bonds A 0.00 - 2.36 2.36
new Indiabulls Consumer Finance 2024 Securitised Debt AAA 0.00 - 2.35 2.35
equal IIFL Home Finance 2020 Debenture AA 0.91 - 2.22 2.22
new Embassy Office Parks REIT 2022 Non Convertible Debenture AAA 0.00 - 2.12 2.12
equal 9.14% Zydus Wellness 16/01/2023 Debenture AA+ 0.00 - 2.05 2.05
equal 9.14% Zydus Wellness 14/01/2022 Debenture AA+ 1.48 - 2.03 2.03
equal TMF Holdings 2022 Debenture AA- 0.00 - 2.01 2.01
equal 7.55% IRFC 2029 Debenture AAA 0.00 - 1.99 1.99
equal Bahadur Chand Investments 16/01/2024 Floating Rate Debenture AA 1.48 - 1.99 1.99
equal 9.26% Jubilant Life Sciences 2022 Non Convertible Debenture AA 1.48 - 1.99 1.99
equal India Infoline Finance 24/08/2020 Securitised Debt A1+ 0.00 - 2.82 1.98
equal 8.65% Dalmia Cement (Bharat) Ltd 19/10/2020 Debenture AA 0.00 - 1.98 1.98
equal 7.99% Tata Power 16/11/2022 Debenture AA 0.00 - 1.97 1.97
equal Indostar Capital Finance 15/03/2021 Debenture AA- 0.00 - 1.93 1.93

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

— Devang Shah since 25-Jun-2014

Education: Mr. Shah is B.Com and ACA.

Experience: Prior to joining Axis AMC he has worked with ICICI Prudential AMC, Deutsche Asset Management (India) Pvt. Ltd. and Pricewaterhouse Coopers.

Funds Managed:

Invest Online
0.05%

Change from previous, NAV as on 24-Jan-2020

Growth: ₹ 14.9343

Dividend Weekly: ₹ 10.1829

Dividend Monthly: ₹ 10.1654

Investment Strategy

The scheme seeks to generate stable returns by investing in debt & money market instruments across the yield curve & credit spectrum.

Investment Details

Minimum Investment (₹) 5,000
Minimum Addl Investment (₹) 100
Minimum SIP Investment (₹) 1,000
Minimum No of Cheques 6
Minimum Withdrawal (₹) 1,000
Minimum Balance (₹) 1
Exit Load For units in excess of 10% of the investment,1% will be charged for redemption within 365 days

Basic Details

Fund House: Axis Mutual Fund
Launch Date: 15-Jul-2014
Return Since Launch: 7.52%
Benchmark: NIFTY Credit Risk Bond
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 1,260 Cr (As on 31-Dec-2019)
Expense: 1.67% (As on 31-Dec-2019)
Risk Grade: Average
Return Grade: Average

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Weekly20-Jan-20200.0060

 13-Jan-20200.0126
 06-Jan-20200.0144
 30-Dec-20190.0140
 23-Dec-20190.0117
 02-Dec-20190.0141
 25-Nov-20190.0138
 18-Nov-20190.0224
 03-Jun-20190.0071
 27-May-20190.0218
 20-May-20190.0106
 13-May-20190.0142
 06-May-20190.0022
 02-Apr-20190.0322
 25-Mar-20190.0140
 18-Mar-20190.0231
 11-Mar-20190.0229
 05-Mar-20190.0106
 25-Feb-20190.0082
 18-Feb-20190.0039
 11-Feb-20190.0197
 28-Jan-20190.0142
 21-Jan-20190.0010
 14-Jan-20190.0209
 07-Jan-20190.0106
Dividend Monthly26-Dec-20190.0306

 25-Nov-20190.0452
 27-May-20190.0534
 25-Apr-20190.0298
 25-Mar-20190.0641
 25-Feb-20190.0397
 25-Jan-20190.0517
 26-Dec-20180.0695
 26-Nov-20180.0526
 25-Oct-20180.0372
 27-Aug-20180.0503
 25-Jul-20180.0472
 25-Jun-20180.0375
 25-Apr-20180.0190
 26-Mar-20180.0474
 26-Feb-20180.0145
 25-Jan-20180.0226
 26-Dec-20170.0160
 27-Nov-20170.0456
 25-Oct-20170.0399
 25-Sep-20170.0413
 28-Aug-20170.0532
 25-Jul-20170.0426
 27-Jun-20170.0549
 25-May-20170.0441

Contact Information

AMC: Axis Asset Management Company Ltd.

Address: "Axis House" - 1st Floor, C-2 - Wadia International Centre, Pandurang Budhkar Marg , Worli, Mumbai - 400025

Phone: 022-24255161

Fax: 022-43255199

Email: [email protected] / [email protected]

Website: www.axismf.com

Registrar & Transfer Agent: KFin Technologies Pvt Ltd.

Address: Karvy House, No. 46, 8-2-609/K, Avenue 4, Street No.1 Banjara Hills, Hyderabad - 500034

Phone: 040-23312454

Email: [email protected]

Website: www.karvymfs.com

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