The returns of Reliance Fixed Horizon Fund X-Series 15 have been astounding.
As on November 07, 2008 this fund delivered a return of 49.91% since launch (September 2008). Its one-month return has been 48.48% while its one-week return has been 6.33%.
This is a close-ended scheme that invests in fixed income securities maturing in line with the time profile of the plan. Its maturity period is 91 days.
On September 8, 2008 this fund's NAV opened at Rs 10.013 and increased to Rs 10.13 by October 17 (1.22%). By the next working day, which was October 20, the NAV jumped by approximately 20% from its previous value to touch Rs 12.13. It is now 14.99 (November 6).
According to unaudited financial results for the half year ended September 30, 2008, published by the AMC, this fund invested 80.89% and 12.51% of its corpus in money market instruments and debt instruments, respectively. The average maturity period of the portfolio has been 47.45 days (September 2008). This fund began doing extremely well since mid-October 2008. Unfortunately, we can comment no further since the portfolio is not available. Despite attempts, we were unable to get any response from the AMC regarding this fund.