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Axis Credit Risk Fund - Direct Plan

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Debt: Credit Risk

1 Lakh

Investment Grown to
₹ 1.07 Lakh

₹ 10000

Monthly SIP Grown to
₹ 1.25 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 2.16 0.10 0.20 1.44 2.93 5.42 6.58 7.27 8.40 -- --
CCIL T Bill Liquidity Weight 0.52 -0.03 0.04 0.28 0.83 1.77 4.03 4.10 4.46 -- --
Debt: Credit Risk 0.78 0.10 0.19 0.84 1.05 2.37 1.35 4.38 7.43 -- --
Rank within category 6 11 6 7 6 5 7 5 6 -- --
Number of funds in category 20 20 20 20 20 20 20 17 14 7 0

As on 24-Feb-2020

Best & Worst Performance

Best (Period) Worst (Period)
Week 0.87 (09-Nov-2016 - 16-Nov-2016) -3.46 (03-Jun-2019 - 10-Jun-2019)
Month 2.21 (25-Oct-2016 - 24-Nov-2016) -3.12 (31-May-2019 - 01-Jul-2019)
Quarter 4.17 (25-Aug-2016 - 24-Nov-2016) -2.11 (02-Apr-2019 - 02-Jul-2019)
Year 12.45 (24-Nov-2015 - 24-Nov-2016) 4.84 (26-Jun-2018 - 26-Jun-2019)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 6.67 2.55 0.39 0.31 3.00 5.82
CCIL T Bill Liquidity Weight 4.06 0.27 -6.06 -10.48 -- --
Debt: Credit Risk 4.28 4.43 0.12 0.38 2.67 2.90
Rank within category 5 9 5 6 12 7
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 74 96 74 45
Modified Duration (yrs) 1.70 1.90 1.50 1.52
Average Maturity (yrs) 2.10 2.40 1.80 2.00
Yield to Maturity (%) 9.29 10.08 9.05 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 9.70% Coastal Gujarat Power 27/08/2023 Non Convertible Debenture AA 2.70 - 3.86 3.86
equal 9.15% Birla Corporation 18/08/2021 Debenture AA 2.64 - 3.62 3.62
up Embassy Office Parks REIT 2022 Non Convertible Debenture AAA 0.00 - 3.31 3.31
equal 8.66% NUVOCO Vistas Corp. 14/09/2021 Debenture AA 0.00 - 3.27 3.27
equal 7.85% Bhopal Dhule Transmission 2022 Debenture AAA 1.17 - 3.08 3.08
equal 9.95% Narmada Wind Energy Pvt. 31/03/2023 Debenture A+ 2.27 - 3.05 3.05
equal Magma Fincorp 28/09/2023 Debenture AAA 0.00 - 3.51 3.03
equal 8.90% Vedanta 2021 Non Convertible Debenture AA 0.00 - 2.92 2.92
equal Essel Mining Industries 17/07/2022 Debenture AA- 0.00 - 2.91 2.91
equal 7.84% PVR 2020 Debenture AA- 2.55 - 3.18 2.90
equal 9.10% India Grid Trust 2022 Debenture AAA 0.00 - 2.53 2.53
equal 8.95% Punjab National Bank Bonds A 0.00 - 2.48 2.48
new Indiabulls Consumer Finance 2024 Securitised Debt AAA 0.00 - 2.46 2.46
equal IIFL Home Finance 2020 Debenture AA 0.95 - 2.35 2.35
equal 9.14% Zydus Wellness 16/01/2023 Debenture AA+ 0.00 - 2.14 2.14
equal 9.14% Zydus Wellness 14/01/2022 Debenture AA+ 1.50 - 2.13 2.13
equal TMF Holdings 2022 Debenture AA- 0.00 - 2.12 2.12
equal 8.65% Dalmia Cement (Bharat) Ltd 19/10/2020 Debenture AA 0.00 - 2.08 2.08
up 8.28% Oriental Nagpur Betul Highway 30/09/2022 Debenture AAA 0.82 - 2.07 2.07
equal 7.55% IRFC 2029 Debenture AAA 0.00 - 2.07 2.07
equal 7.99% Tata Power 16/11/2022 Debenture AA 0.00 - 2.06 2.06
new 9.50% Nirma Non Convertible Debenture AA- 0.00 - 2.04 2.04
equal Indostar Capital Finance 15/03/2021 Debenture AA- 0.00 - 2.00 2.00
equal 11.94% Ess Kay Fincorp 13/09/2022 Debenture A 0.00 - 1.67 1.67
new 11.25% Hansdeep Industries & Trading 2021 Structured Obligation AA 0.00 - 1.66 1.66

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

— 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
0.10%

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

Growth: ₹ 16.1515

Dividend Weekly: ₹ 10.2461

Dividend Monthly: ₹ 10.1780

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: 8.91%
Benchmark: NIFTY Credit Risk Bond
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 1,205 Cr (As on 31-Jan-2020)
Expense: 0.58% (As on 31-Jan-2020)
Risk Grade: Average
Return Grade: Above Average

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Weekly17-Feb-20200.0183

 10-Feb-20200.0455
 03-Feb-20200.0208
 27-Jan-20200.0199
 20-Jan-20200.0076
 13-Jan-20200.0142
 06-Jan-20200.0161
 30-Dec-20190.0157
 23-Dec-20190.0164
 02-Dec-20190.0157
 25-Nov-20190.0159
 18-Nov-20190.0269
 11-Nov-20190.0007
 04-Nov-20190.0230
 29-Oct-20190.0134
 03-Jun-20190.0091
 27-May-20190.0238
 20-May-20190.0126
 13-May-20190.0163
 06-May-20190.0073
 30-Apr-20190.0023
 22-Apr-20190.0017
 15-Apr-20190.0003
 02-Apr-20190.0344
 25-Mar-20190.0158
Dividend Monthly27-Jan-20200.0615

 26-Dec-20190.0396
 25-Nov-20190.0620
 25-Oct-20190.0251
 27-May-20190.0615
 25-Apr-20190.0375
 25-Mar-20190.0706
 25-Feb-20190.0467
 25-Jan-20190.0581
 26-Dec-20180.0758
 26-Nov-20180.0598
 25-Oct-20180.0478
 27-Aug-20180.0568
 25-Jul-20180.0541
 25-Jun-20180.0480
 25-May-20180.0065
 25-Apr-20180.0275
 26-Mar-20180.0556
 26-Feb-20180.0237
 25-Jan-20180.0311
 26-Dec-20170.0244
 27-Nov-20170.0550
 25-Oct-20170.0396
 25-Sep-20170.0459
 28-Aug-20170.0592

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: 303, Vamsee Estates, Opp. Big Bazaar, Ameerpet, Hyderabad - 500016

Phone: 040-44857874

Email: [email protected]

Website: www.karvymfs.com

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