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Axis Credit Risk Fund(An open ended debt scheme predominantly investing in AA and below rated corporate
bonds (excluding AA+ rated corporate bonds)
Month In Review
Source: RBI, Axis MF Research
3
4.66
5.02 5.03 5.06
6.68 6.726.85
5.71
6.05 6.10 6.13
4.00
4.50
5.00
5.50
6.00
6.50
7.00
30-Apr 5-May 10-May 15-May 20-May 25-May 30-May
Rates Saw a Gradual rise This Month Across the Board
AAA PSU - 3 Year 10 Year G-Sec AAA PSU - 10 Year AA - 3 Year
Spread between 3 Year
AAA V/s 3 Year AA
above 100 bps
Spike in corporate bonds on the back
of unscheduled RBI announcement
Rates Unchanged
RBI Policy
Source: RBI, Axis MF Research
4
• Rates unchanged expectantly so.
• Reiterates its commitment to an accommodative stance as long as necessary to revive and sustain growth on a durable basis.
• Addressed inflation concerns giving the markets confidence that it has not taken its eye off inflation figures.
FY22 GDP expectations marked down to 9.5%
• Weakness due to 2nd Wave lockdowns confirmed GDP Weakness
• strong rural demand and a normal monsoon a key positive
SDL’s now part of G-SAP 1.0
• Additional purchase of Rs 40,000 Cr of government securities. includes a sub limit of Rs 10,000 Cr of SDLs
• Positive for SDLs & Corporate Bonds
Fresh Support to All Indian Financial Institutions (AFI’s)
• Additional support of Rs 50,000 Cr to AFI’s to support growth across various grass root sectors as well as the housing sector
• Special liquidity facility has also been provided to SIDBI to promote MSME lending
Sustained Market operations aimed at preventing shocks
RBI Action
Source: RBI, Morgan Stanley, Axis MF Research
Note: Operation Twist is included even though it involves short-term selling alongside long-term buying, because it helps in managing the yield curve. Data for May 2021 as of May 28 5
0
200
400
600
800
1000
Apr-
20
Ma
y-2
0
Jun
-20
Jul-
20
Aug-2
0
Sep-2
0
Oct-
20
No
v-2
0
De
c-2
0
Jan
-21
Feb
-21
Ma
r-21
Apr-
21
Ma
y-2
1*
INR
bn
RBI Continues to Actively Manage Rates Through Various Interventions
Actual OMO Purchases Secondary Market Purchases State Purchases G-SAP Operation Twist
Commodity Prices & Global Interest Rates
Key Risks
6
Source: Bloomberg, Axis MF Research. Data as of 31th May 2021
• As Western economies complete vaccination goals, there is the expectation of a global recovery. This is leading to higher
inflation expectations.
• With the US Fed having stated its preference for an average inflation target, there is the expectation that for some period of time,
inflation may remain above the 2% level. This is causing commodity prices to rally.
• This rise in commodities is quite broad based – spread across energy, metals and food. If it becomes entrenched, it could pose
a new challenge for RBI.
10
20
30
40
50
60
70
80
India Crude Basket (USD)
0.00
0.40
0.80
1.20
1.60
2.00
US 10 Year – At 2 Year Highs
Active Portfolio Management Has helped side step key risks over the last 6 months
Navigating Volatile Markets
7
*Portfolio positioning for funds is based on individual investment mandates. Please refer www.axismf.com for the current portfolio. Past performance may or may not be sustained in the future.
Social EventCovid 2nd WaveThe second wave of covid led to an expectation of a delay in RBI action
and yields dropped (late-March to mid-April. Actively managed funds
capitalized on this by adding duration in a caliberated manner
International Event
Global inflation & RatesThe strong rebound in the global economy
and rising global rates is something markets
will have to contend with over the next few
quarters.
Economic EventBudget 2021Significant increase in gross borrowings which led to yields rising
(Feb to mid-March). Active strategies cut duration in the build up to
budget.
Have Axis MF Funds*
Captured the Opportunity?
40
60
80
100
120
140
160
Nov-18 May-19 Nov-19 May-20 Nov-20 May-21
3 Year AA’s trade ~100 bps above comparable AAA’s
Despite
compressions,
yields remain
attractiveSpreads rose as weak
macro drives
downgrade/default risks
• Compression theme evident on select AA names.
• As the economy recovers and corporate balance sheets
show significant improvements, fears of downgrades and
defaults recede.
• AA space make for an attractive carry play for investors
with risk appetite
• Investors must remain vigilant and focus on portfolio
granularity and liquidity while identifying investment
opportunities
Ideal In the Current Environment
Theme # 3 Credits
8
Source: Bloomberg, Axis MF Research, Data as on 31st May 2021
0%
5%
10%
15%
20%
25%
-1.0% -0.5% 0.0% 0.5% 1.0%
Perc
en
t o
f o
utc
om
es
Relative Performance
Return Profile of Credit Risk Funds
Market Event
Understanding Risk is Key to Managing Risk
Managing Credit Risk
9
Source: ACE MF, Axis MF Internal Research. Returns computed represent excess returns over High quality (AAA/AA+) portfolios. Theperiod of research is June 2010 to April 2021. Excess returns are computed basis monthly rolling returns of all credit risk funds in theindustry as of March 2021. Past performance may or may not be sustained in the future.
• Credits as an asset class have the potential to
reward long term investors consistently over long
investment periods
• During normal markets, the credit risk category has
outperformed the short term category
• However, when things go wrong, the under
performance can be stark, as evidenced by the sharp
kink in the left tail
• Key to managing a good credit portfolio is to avoid
mistakes
Normal Market
Conditions
Discipline is the key
Investing in Credits
10
Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets.
• Cautious at selecting sectors
• Diversifying the exposure to
manage potential risk
• Strict issuer/ rating limits
• Pure ‘carry’ play with buy and
hold approach
• No active duration call in lower
rated papers
• Look at credit exposure only
during favorable valuation
scenario
DiversificationCredit play different
from duration playValuation
True To Label Credit Fund
Axis Credit Risk Fund
11
Investment Strategy
The fund takes advantage of opportunities arising from
the credit spectrum. Some of the strategies that we may
follow are as follows:
o Opportunity from credit spreads between AAA
and AA rated fixed income instruments
o Opportunity from migration of ratings
Our accrual strategies follow 4 main traits
• Diversification
• Self-liquidating nature of portfolios
• Buy when the spreads between AA/A and AAA are
attractive from risk reward perspective
• Buy & Hold approach
We follow a clearly defined process targeting Risk
Approach to ‘Credits’
12
Well researched credit universe
• Based on Liquidity analysis, In-depth review of company financials and regular interactions with the management
Spread the exposure across sectors
• Very cautious at selecting sectors
• Diversifying the exposure to manage potential risk
Lower maturity credits
• Pure accrual play with buy and hold approach
• No active duration call in lower rated papers
Exposure Limits
• Strict internal limits at issuer level and rating level
• An open ended debt scheme predominantly investing in AA and
below rated corporate bonds (excluding AA+ rated corporate bonds)
• Positioned in short to medium term space. Typical maturity range of 2-4 years
• Core book (>70%) in corporate debt instruments while 20-30% is
managed dynamically based on market conditions
• Aims to capture higher yields / spread compression in 2-4 year
corporate bonds
Portfolio Construct
Axis Credit Risk Fund
13
Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. Please refer to Scheme Information Document (SID) for detailed asset allocation and investment strategy.
• Tight Duration Range (3 years)
• Stringent credit review
• Control credit risk through diversification and strict limits on issuer weighting based on rating
Risk Mitigation Framework
Risk Management
14
Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets.
Sector
• Controlled through diversification and stringent review of investable sectors;
• Regulatory limits on sector Exposure
Credit
• Focus on High Quality Issuer
• Investment universe based on credit research
Diversification
• Exposure to each issuer limited by its rating
Duration
• Strictly adhere to duration limits specified by the investment mandate & investment policy
Liquidity
• Liquidity/impact cost part of security selection/portfolio construction.
Optimize balance of credit quality, returns and liquidity
Highly Diversified Corporate Bond Portfolio With Tight Position Limits
Portfolio Granularity
15
Data is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. Please refer to the factsheet / visit www.axismf.com for full portfolio details of the scheme. Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may not choose to hold the stock mentioned, from time to time.
Top 10 Non-AAA constitute 35 percent of the portfolio. Total non-AAA exposure is 59%
Top 10 Non- AAA exposures (31st May 2021)
Top 10 sub AAA holdings Rating Total
Bahadur Chand Investments Pvt Limited ICRA AA 4.81%
Nuvoco Vistas Corporation Limited CRISIL AA 4.05%
Nirma Limited CRISIL AA- 3.99%
Narmada Wind Energy Private Limited (NCDs backed by cashflows of operating renewable energy) CARE A+(CE) 3.74%
Tata Steel Limited BWR AA 3.44%
Godrej Industries Limited CRISIL AA 3.21%
PVR Limited CRISIL AA- 3.16%
Shining Metal Trust I - PTCs backed by gold loan receivables originated by IIFL Finance Ltd ICRA A1+(SO) 3.02%
Tata Power Company Limited CRISIL AA 2.64%
Aadhar Housing Finance Limited CARE AA 2.45%
• Credit exposure is typically through short tenor instruments with frequent resets. This ensures frequent liquidity events in the portfolio
• Duration management is achieved through exposure in Sovereign/AAA Securities
Endeavour to build Self Liquidating Credit Portfolios
Maturity Profile & Rating Transition
16
Strategy followed & Target Range is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. $AAA & Equivalent includes SOV, AAA/A1+ rated papers.
Rating31st May
2021Target
Sovereign/
AAA$33% 30-40%
AA(+/-) 46% 50-60%
A(+/-) 11% 10-20%
18.4%
41.7%
32.0%
5.0%
0-1 year 1-3 years 3-7 years 7-10 years
Maturity Mix (30th Apr 2021)
Upgrades Downgrades
Edelweiss Commodities Limited (CRISIL AA- to CRISIL AA) Vodafone India (IND AAA to IND AA+)
IIFL Finance Limited (CRISIL AA- to CRISIL AA) Tata Power Company Limited (ICRA AA to ICRA AA-)
Hinduja Leyland Finance Limited (CARE A+ to CARE AA-) IDFC Bank Limited (IND AAA to IND AA+;other rating ICRA AAA)
Indiabulls Housing Finance Limited (CRISIL AA+ to CRISIL AAA) JK Lakshmi Cement (CARE AA to CARE AA-)
Solstice Trust (A to AA-) Hansdeep Industries & Trading (CARE AA (SO) to CARE AA- (SO))
Cholamandalam Investment & Finance (ICRA AA to ICRA AA+) Bharti Airtel (CRISIL AA+ to CRISIL AA)
Yes Bank Limited CARE AA+ to CARE AAA (other rating ICRA AA+) Dewan Housing (AA- to A)
Ess Kay Fincorp Limited CARE BBB+ to IND A (SO) PNB (AA- to A+)
Jubilant Life Sciences Limited CRISIL AA (earlier rated IND AA-) Syndicate Bank (AA- to A+)
SREI Equipment Finance Limited CARE AA- to CARE AA Edelweiss Rural and Corporate Services Limited (CARE AA- to CARE A+
Tata Capital & Tata Capital Housing : CRISIL AA+ to CRISIL AAA IDFC First Bank Limited (CARE AA+ to CARE AA)
Solstice Trust : ICRA A+ to ICRA AA-
Piramal Housing and Capital :ICRA AA to ICRA AA+
Aditya Birla Housing Finance :ICRA AA+ to ICRA AAA
Jubilant Life Sciences: IND AA- to IND AA
Subros Limited: ICRA A+ to ICRA AA-
Zenith Trust: A-(SO) to ICRA A(SO)
L & T Finance (AA+ to AAA)
NRB Bearings (AA- to AA-/Positive)
JSW Steel (AA- to AA)
Punjab National Bank (AT1 bonds rating CARE A+ to CARE AA-)
Key upgrades & downgrades in the portfolio since inception
Rating Changes
17
Source: ICRA, CRISIL. Past performance may or may not be sustained in future. Data as of 31st May 2021
Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may not choose to hold the stock mentioned, from time to time.
31st May 2021
Performance
18
Past performance may or may not be sustained in future. Since inception (15th July 2014). Different plans have different expense structure. Devang Shah is managing the scheme sinceinception and he manages 20 schemes. Dhaval Patel is managing the scheme since 4th September 2020 and he manages 2 schemes. Returns greater than 1 year are Compounded AnnualGrowth Rates (CAGR).Face value Rs.10 per unit. Please refer return table for performance of all schemes managed by the fund manager.
1 Year 3 Year 5 Year Since Inception
CAGR
(%)
Current Value
of investment
of Rs. 10,000
CAGR
(%)
Current Value
of investment
of Rs.10,000
CAGR
(%)
Current Value
of investment
of Rs. 10,000
CAGR
(%)
Current Value
of investment
of Rs. 10,000
Axis Credit Risk Fund - Regular
Plan - Growth8.78% 10,883 6.64% 12,128 6.73% 13,854 7.58% 16,530
NIFTY Credit Risk Bond Index
(Benchmark)10.49% 11,055 9.59% 13,166 8.89% 15,315 9.36% 18,509
NIFTY 10 yr Benchmark G-Sec
(Additional Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 8.23% 17,239
Refer slide 24 for disclaimer.
Return of schemes managed by Devang Shah (Total Schemes Managed: 20 Schemes) (As on 31st May 2021)
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Axis Credit Risk Fund - Regular Plan - Growth
15-Jul-14
8.78% 10,883 6.64% 12,128 6.73% 13,854 7.58% 16,530
NIFTY Credit Risk Bond Index (Benchmark) 10.49% 11,055 9.59% 13,166 8.89% 15,315 9.36% 18,509
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 8.23% 17,239
Axis Credit Risk Fund - Direct Plan - Growth
15-Jul-14
9.96% 11,002 7.84% 12,545 8.05% 14,731 8.81% 17,882
NIFTY Credit Risk Bond Index (Benchmark) 10.49% 11,055 9.59% 13,166 8.89% 15,315 9.36% 18,509
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 8.23% 17,239
SEBI Prescribed Performance Annexures
Annexure
20Refer slide 25 for disclaimer.
SEBI Prescribed Performance Annexures
Annexure
21Refer slide 25 for disclaimer.
Return of schemes managed by Devang Shah (Total Schemes Managed: 20 Schemes) (As on 31st May 2021)
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Top 3 Schemes
Axis Regular Saver Fund - Regular Plan - Growth
16-Jul-10
18.55% 11,866 7.00% 12,254 7.28% 14,212 7.94% 22,968
NIFTY 50 Hybrid Short Duration Debt 25:75 Index
(Benchmark)19.47% 11,959 10.72% 13,577 10.11% 16,193 9.51% 26,887
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 7.01% 20,895
Axis Regular Saver Fund - Direct Plan - Growth
04-Jan-13
19.87% 11,998 8.07% 12,626 8.48% 15,029 9.60% 21,620
NIFTY 50 Hybrid Short Duration Debt 25:75 Index
(Benchmark)19.47% 11,959 10.72% 13,577 10.11% 16,193 9.89% 22,103
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 7.14% 17,853
Axis Fixed Term Plan - Series 96 (1124D) - Regular
Plan - Growth
03-Sep-18
9.48% 10,953 NA NA NA NA 5.37% 11,542
50% CRISIL Composite Bond Fund Index + 50%
CRISIL Short Term Bond Fund Index (Benchmark)6.65% 10,669 NA NA NA NA 9.71% 12,895
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 NA NA NA NA 9.63% 12,868
Axis Fixed Term Plan - Series 96 (1124D) - Direct
Plan - Growth
03-Sep-18
9.80% 10,986 NA NA NA NA 5.67% 11,634
50% CRISIL Composite Bond Fund Index + 50%
CRISIL Short Term Bond Fund Index (Benchmark)6.65% 10,669 NA NA NA NA 9.71% 12,895
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 NA NA NA NA 9.63% 12,868
Axis Fixed Term Plan - Series 97 (1116D) - Regular
Plan - Growth
11-Sep-18
9.00% 10,905 NA NA NA NA 6.51% 11,872
50% CRISIL Composite Bond Fund Index + 50%
CRISIL Short Term Bond Fund Index (Benchmark)6.65% 10,669 NA NA NA NA 9.99% 12,957
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 NA NA NA NA 10.12% 13,000
Axis Fixed Term Plan - Series 97 (1116D) - Direct
Plan - Growth
11-Sep-18
9.22% 10,927 NA NA NA NA 6.72% 11,935
50% CRISIL Composite Bond Fund Index + 50%
CRISIL Short Term Bond Fund Index (Benchmark)6.65% 10,669 NA NA NA NA 9.99% 12,957
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 NA NA NA NA 10.12% 13,000
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Bottom 3 Schemes
Axis Liquid Fund - Regular Plan - Growth
09-Oct-09
3.24% 10,324 5.55% 11,760 6.11% 13,452 7.35% 22,846
NIFTY Liquid Index (Benchmark) 3.47% 10,347 5.51% 11,748 6.00% 13,385 7.30% 22,711
NIFTY 1 Year T-Bill Index (Additional
Benchmark)4.07% 10,407 6.64% 12,128 6.66% 13,805 6.76% 21,421
Axis Liquid Fund - Direct Plan - Growth
31-Dec-12
3.31% 10,331 5.61% 11,781 6.17% 13,495 7.26% 18,044
NIFTY Liquid Index (Benchmark) 3.47% 10,347 5.51% 11,748 6.00% 13,385 7.10% 17,812
NIFTY 1 Year T-Bill Index (Additional
Benchmark)4.07% 10,407 6.64% 12,128 6.66% 13,805 7.20% 17,956
Axis Liquid Fund - Retail Plan - Growth
01-Mar-10
2.72% 10,272 5.03% 11,587 5.56% 13,108 6.97% 21,351
NIFTY Liquid Index (Benchmark) 3.47% 10,347 5.51% 11,748 6.00% 13,385 7.43% 22,407
NIFTY 1 Year T-Bill Index (Additional
Benchmark)4.07% 10,407 6.64% 12,128 6.66% 13,805 6.86% 21,112
Axis Arbitrage Fund - Regular Plan - Growth
14-Aug-14
2.70% 10,271 5.02% 11,583 5.50% 13,074 5.89% 14,762
Nifty 50 Arbitrage Index (Benchmark) 2.85% 10,287 4.63% 11,456 4.82% 12,657 5.47% 14,367
NIFTY 1 Year T-Bill Index (Additional
Benchmark)4.07% 10,409 6.64% 12,128 6.66% 13,805 7.11% 15,956
SEBI Prescribed Performance Annexures
Annexure
22Refer slide 25 for disclaimer.
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Bottom 3 Schemes
Axis Arbitrage Fund - Direct Plan -Growth
14-Aug-14
3.48% 10,349 5.80% 11,844 6.32% 13,589 6.74% 15,580
Nifty 50 Arbitrage Index (Benchmark) 2.85% 10,287 4.63% 11,456 4.82% 12,657 5.47% 14,367
NIFTY 1 Year T-Bill Index (Additional Benchmark)
4.07% 10,409 6.64% 12,128 6.66% 13,805 7.11% 15,956
Axis Gold ETF10-Nov-10
2.54% 10,255 15.26% 15,318 9.27% 15,578 7.22% 20,882
Domestic Price of Gold (Benchmark) 5.66% 10,569 16.18% 15,690 11.13% 16,958 7.83% 22,166
SEBI Prescribed Performance Annexures
Annexure
23Refer slide 25 for disclaimer.
Return of schemes managed by Dhaval Patel (Total Schemes Managed: 2 Scheme) (As on 31st May 2021)
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Axis Strategic Bond Fund - Regular Plan -
Growth
28-Mar-12
8.74% 10,879 8.20% 12,669 8.24% 14,861 8.66% 21,436
NIFTY Medium Duration Debt Index
(Benchmark)8.33% 10,838 9.94% 13,293 8.58% 15,093 9.00% 22,058
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 7.62% 19,620
Axis Strategic Bond Fund - Direct Plan -
Growth
07-Jan-13
9.51% 10,957 8.93% 12,928 8.96% 15,362 9.30% 21,100
NIFTY Medium Duration Debt Index
(Benchmark)8.33% 10,838 9.94% 13,293 8.58% 15,093 8.71% 20,163
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 7.11% 17,806
Axis Credit Risk Fund - Regular Plan - Growth
15-Jul-14
8.78% 10,883 6.64% 12,128 6.73% 13,854 7.58% 16,530
NIFTY Credit Risk Bond Index (Benchmark) 10.49% 11,055 9.59% 13,166 8.89% 15,315 9.36% 18,509
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 8.23% 17,239
Axis Credit Risk Fund - Direct Plan - Growth
15-Jul-14
9.96% 11,002 7.84% 12,545 8.05% 14,731 8.81% 17,882
NIFTY Credit Risk Bond Index (Benchmark) 10.49% 11,055 9.59% 13,166 8.89% 15,315 9.36% 18,509
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)3.39% 10,341 9.07% 12,978 7.18% 14,145 8.23% 17,239
SEBI Prescribed Performance Annexures
Annexure
24Refer slide 25 for disclaimer.
Past Performance may or may not be sustained in future.
@The performance data for 3 years & 5 years period has not been provided, since scheme is in existence for less than 3 years. @@The performance data for 5years period has not been provided, since scheme is in existence for less than 5 years.
Data As on 31st May 2021.
Calculations are based on Regular Plan - Growth Option NAV and Direct Plan – Growth Option NAV, as applicable. Face Value per unit : Rs. 1,000/- for AxisLiquid Fund, Axis Treasury Advantage Fund, Axis Money Market Fund, Axis Overnight Fund and Axis Banking & PSU Debt Fund, Rs. 1/- for Axis Gold ETF andRs. 10/- for all other schemes. Different plans have different expense structure. Face value is Rs. 10 per unit.
The above data excludes performance of Fixed Maturity Plans and all the schemes which have not completed a year. Top 3 and Bottom 3 schemes (based on 1year performance) managed by Devang Shah has been provided herein.
Devang Shah is managing Axis Liquid Fund, Axis Dynamic Bond Fund, Axis Gilt Fund , Axis Money Market Fund, Axis Strategic Bond Fund and Axis Short TermFund, Axis Credit Risk Fund and Axis Arbitrage Fund since inception and Axis Treasury Advantage Fund and Axis Regular Saver Fund (Debt portion), Axis GoldFund, Axis Gold ETF , all Axis Fixed Term Plans since 7th June, 2016 (since inception date for Axis Fixed Term Plans launched after 7th June, 2016) and AxisCorporate Debt Fund since 13th July 2017.
Dhaval Patel is managing Axis Strategic Bond Fund since 1st June 2018 and Axis Credit Risk Fund since 4th September 2020.
Performance disclaimer
25
Fund Name Riskometer Product Labelling
Axis Liquid Fund
(An open ended liquid scheme)
This product is suitable for investors who are seeking*
Regular income over short term
Investment in debt and money market instruments
Axis Credit Risk Fund
(An open ended debt scheme predominantly
investing in AA and below rated corporate bonds
(excluding AA+ rated corporate bonds)
This product is suitable for investors who are seeking*:
• Stable returns in the short to medium term
• Investment in debt and money market instruments
across the yield curve and credit spectrum.
Axis Arbitrage Fund
(An open ended scheme investing in arbitrage
opportunities)
This product is suitable for investors who are seeking*
Income over short to medium term
Investment in arbitrage opportunities in the cash &
derivatives segment of the equity market
Product Labelling
26*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund Name Riskometer Product Labelling
Axis Gold ETF
(An open ended scheme replicating/tracking
Domestic Price of Gold)
This product is suitable for investors who are seeking*
• Capital Appreciation over medium to long term
• Invests predominantly in gold in order to generate
returns similar to the performance of gold, subject to
tracking error
Axis Fixed Term Plan - Series 96 (1124 Days)
(A Close ended debt scheme)
This product is suitable for investors who are seeking*
Optimal returns over 1124 Days
Investment in debt and money market instruments
maturing on or before the maturity of the scheme
Axis Regular Saver Fund
(An open ended hybrid scheme investing
predominantly in debt instruments)
This product is suitable for investors who are seeking*
Capital appreciation while generating income over
medium to long term .
Investment in debt and money market instruments
as well as equity and equity related instruments .
Product Labelling
27
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund Name Riskometer Product Labelling
Axis Fixed Term Plan - Series 97 (1116 Days)
(A Close ended debt scheme)
This product is suitable for investors who are seeking*
Optimal returns over 1116 Days
Investment in debt and money market instruments
maturing on or before the maturity of the scheme
Axis Strategic Bond Fund
(An open ended medium term debt scheme
investing in instruments such that the Macaulay
duration of the portfolio is between 3 years to 4
years)
This product is suitable for investors who are seeking*
• Optimal returns over medium term
• Investment in diversified portfolio of debt and money
market securities to generate optimal risk adjusted
returns while maintaining liquidity.
Product Labelling
28*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Data updated As on 31st May 2021
Past performance may or may not be sustained in the future. Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose ofdisclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may notchoose to hold the stock mentioned, from time to time.
Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd.(liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (theAMC). Risk Factors: Axis Bank Limited is not liable or responsible for any loss or shortfall resulting from the operation of the scheme. Thisdocument represents the views of Axis Asset Management Co. Ltd. and must not be taken as the basis for an investment decision.Neither Axis Mutual Fund, Axis Mutual Fund Trustee Limited nor Axis Asset Management Company Limited, its Directors or associatesshall be liable for any damages including lost revenue or lost profits that may arise from the use of the information contained herein. Norepresentation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. TheAMC reserves the right to make modifications and alterations to this statement as may be required from time to time.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Statutory Details and Risk Factors
29
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