Axis Short Term Fund, which weathered the storm of rising interest rates well last year, has again proven its mettle. Generating more than 6 per cent return in 2023, the fund has beaten the category median for the fifth consecutive time. Benefitting from high interest rates While the fund has majorly stuck to its strategy of investing in bonds that will mature between 2-4 years, it continued buying more with relatively longer maturities (of over seven years) in 2023 based on the belief that the rate cycle has peaked across markets. The extension of the portfolio's duration, coupled with the rise in yields, has been working well for the fund - a trend highlighted by Devang Shah,
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