Managed by veteran Devang Shah, co-head fixed income, this fund has navigated the rising rate cycle like a pro. Despite rate hikes since last May, the fund has delivered 4.4 per cent returns in 2022, which is higher than the category average of 3.8 per cent. Of course, these are mediocre returns on a standalone basis but pretty good in the context of the current bond markets. Skillful management Year 2022 was a tricky one for bond fund managers as they had to manage the trade-offs between benefiting from higher accrual income as a result of rising yields and limiting the downside due to their negative impact on bond prices. Shah managed to walk this tightrope to near perfection, as gleaned from his performance over calendar quarters. Even when the bond markets fell notably in the second quarter of 2022 due to a series of
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