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PGIM India Credit Risk Fund - Direct Plan


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 0.40 0.09 0.20 0.57 1.54 4.65 3.90 6.09 8.15 -- --
CCIL T Bill Liquidity Weight 0.19 0.03 0.02 0.25 0.81 1.86 4.19 4.14 4.47 -- --
Debt: Credit Risk -0.27 0.07 -0.63 -0.11 0.78 1.56 0.50 4.19 7.37 -- --
Rank within category 14 7 3 13 14 3 9 8 6 -- --
Number of funds in category 20 20 20 20 20 20 20 17 13 7 0

As on 20-Jan-2020

Best & Worst Performance

Best (Period) Worst (Period)
Week -- ( - ) -- ( - )
Month 6.13 (25-Sep-2019 - 25-Oct-2019) -4.31 (26-Aug-2019 - 25-Sep-2019)
Quarter 7.02 (24-Sep-2019 - 24-Dec-2019) -3.30 (29-Mar-2019 - 28-Jun-2019)
Year 12.99 (09-Oct-2014 - 09-Oct-2015) -0.65 (19-Sep-2018 - 20-Sep-2019)

Risk Measures (%)

Mean Std Dev Sharpe Sortino Beta Alpha
Fund 6.07 2.64 0.13 0.12 3.09 5.42
CCIL T Bill Liquidity Weight 4.08 0.26 -10.52 -- -- --
Debt: Credit Risk 4.67 4.19 0.20 0.47 2.64 3.29
Rank within category 9 11 9 9 11 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 31-Dec-2019

Portfolio Aggregates

Fund 1Y High 1Y Low Category
Number of Securities 21 36 21 51
Modified Duration (yrs) 1.44 1.62 1.28 1.51
Average Maturity (yrs) 1.87 2.15 1.74 1.92
Yield to Maturity (%) 10.61 14.08 9.87 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 11.25% Hansdeep Industries & Trading 2021 Structured Obligation AA- 4.30 - 11.03 11.03
equal 9.65% Green Infra Wind Energy 2023 Debenture AA 5.26 - 10.99 10.99
equal 10.90% Punjab & Sind Bank 31/12/2099 Bonds A+ 5.22 - 11.78 9.77
down 8.48% Uttar Pradesh Power Corporation 15/03/2021 Structured Obligation AA 4.64 - 11.84 9.61
down 8.66% NUVOCO Vistas Corp. 14/09/2021 Debenture AA 4.11 - 10.59 8.25
equal 8.19% Tata Housing Devp. Co. 23/04/2020 Debenture AA 3.67 - 6.97 6.97
equal 9.50% Nirma Non Convertible Debenture AA- 2.55 - 6.51 6.51
up 6.98% National Bank Agr. Rur. Devp 19/09/2022 Debenture AAA 0.00 - 5.85 4.83
down 9.50% Yes Bank Bonds BBB 0.00 - 3.83 3.83
equal Yes Bank Bonds/NCDs BBB 0.00 - 3.34 3.34
equal 10.25% SD Corporation 17/04/2021 Debenture A+ 0.00 - 2.90 2.90
equal 7.55% REC 26/09/2022 Debenture AAA 0.00 - 2.77 2.77
new 6.99% HDFC 25/11/2021 Non Convertible Debenture AAA 0.00 - 2.74 2.74
equal 10.50% Sunny View Estates 2021 Debenture A 0.00 - 2.31 2.31
equal 7.55% SBI Cards & Payments Services 2020 Debenture AAA 1.68 - 4.18 2.06
equal 8.02% BPCL 2024 Debenture AAA 0.00 - 1.42 1.42
down 8.75% State Bank of India Non Convertible Debenture AA+ 0.00 - 2.68 1.39
equal 7.17% Reliance Industries 2022 Non Convertible Debenture AAA 0.00 - 2.35 1.38
equal 8.28% Oriental Nagpur Betul Highway 30/09/2021 Debenture AAA 0.00 - 1.63 1.37
equal Syndicate Bank Debenture A+ 0.04 - 1.24 0.06
equal 10.75% Dewan Housing Fin. Corpn. Debenture D 0.00 - 0.00 0.00

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

— Kumaresh Ramakrishnan since 08-Mar-2016

Education: Mr. Ramakrishnan is a B.E from Mumbai University and MBA from NMIMS (Mumbai).

Experience: Prior to joining PGIM India Mutual Fund he has worked with DWS AMC, Societe Generale and CARE.

Funds Managed:

— Viral Shah since 01-Dec-2019

Education: Mr. Shah has done Chartered Accountant, PGDM -Finance, SPJIMR.

Experience: Prior to joining PGIM India Mutual Fund, he has worked with HDFC Asset Management Company Limited - Credit Analyst, Senior Credit Analyst - ICRA Limited, Associate Consultant - KPMG India Private Limited.


0.09%

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

Growth: ₹ 15.5048

Dividend Yearly: ₹ 13.2054

More

Dividend Quarterly: ₹ 10.5006

Dividend Monthly: ₹ 10.2980


Investment Strategy

The Scheme seek to generate income and capital appreciation by investing predominantly in AA and below rated corporate debt (excluding AA+ rated corporate bonds).

Investment Details

Minimum Investment (₹) 5,000
Minimum Addl Investment (₹) 1,000
Minimum SIP Investment (₹) 500
Minimum No of Cheques 10
Minimum Withdrawal (₹) 100
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: PGIM India Mutual Fund
Launch Date: 29-Sep-2014
Return Since Launch: 8.60%
Benchmark: NIFTY Credit Risk Bond
Riskometer: Moderate
Type: Open-ended
Assets: ₹ 364 Cr (As on 31-Dec-2019)
Expense: 0.76% (As on 31-Dec-2019)
Risk Grade: Above Average
Return Grade: Average

Most Recent Dividends

Plan Record Date Dividend (₹ / Unit)  
Dividend Quarterly26-Dec-20190.1080

 30-Sep-20190.0648
 28-Jun-20190.0864
 25-Mar-20190.1729
 28-Dec-20180.1729
 28-Sep-20180.1729
 28-Jun-20180.1729
 23-Mar-20180.1733
 29-Dec-20170.1733
 28-Sep-20170.1661
 29-Jun-20170.1661
 24-Mar-20170.1661
 29-Dec-20160.1733
 29-Sep-20160.1733
 27-Jun-20160.1517
 28-Mar-20160.1517
 23-Dec-20150.1517
 24-Sep-20150.1517
 26-Jun-20150.1517
 27-Mar-20150.1524
Dividend Monthly29-Nov-20190.0522

 25-Oct-20190.0468
 30-Aug-20190.0216
 31-May-20190.0540
 26-Apr-20190.0540
 29-Mar-20190.0540
 22-Feb-20190.0540
 25-Jan-20190.0540
 28-Dec-20180.0540
 30-Nov-20180.0540
 26-Oct-20180.0540
 28-Sep-20180.0540
 31-Aug-20180.0540
 27-Jul-20180.0540
 29-Jun-20180.0540
 25-May-20180.0540
 27-Apr-20180.0540
 23-Mar-20180.0542
 23-Feb-20180.0542
 25-Jan-20180.0542
 29-Dec-20170.0542
 24-Nov-20170.0542
 27-Oct-20170.0542
 29-Sep-20170.0542
 24-Aug-20170.0542
Dividend Yearly25-Mar-20190.7203

 23-Mar-20180.7223

Contact Information

AMC: PGIM India Asset Management Pvt. Ltd.

Address: 2nd Floor - Nirlon House, Dr. Annie Besant Road, Worli, Mumbai - 400030

Phone: 022-61593000 / 1800-266-2667

Email: [email protected]

Website: https://www.pgimindiamf.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

Upcoming Video

Value Investing

Evaluating a company's financial health from the Cash Flow Statement

dateSaturday, 25-Jan-2020
time12:30 PM - 01:00 PM