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This fund has made a remarkable improvement in expense ratio-from a high of 1.54 per cent in March 1999, it has dipped to 0.50 per cent, lower than the category average of 0.62 per cent

One of the most experienced funds in the category, Birla Cash Plus Retail maintains its average maturity in line with the category average. However, it choose to be a tad aggressive between July and December last year when it kept the average maturity between 100 and 120 days and beat the category average return in the last two quarters after lagging behind in the first two.

For the past one year, the fund has constantly been increasing exposure to safer AAA papers-at March end, they accounted for more than 60 per cent of the portfolio. Cash and money market instruments too have nearly 33 per cent exposure. While allocation to gilts has almost vanished, AA and below papers too have lost the favour of the fund manager. A year back, they used to form nearly 14 per cent of the portfolio-now, they are 9.24 per cent.