Asset under Management data as on 29th May’20 (last working day of the month) shows that most of the debt mutual fund schemes witnessed good growth on a month-on-month basis – as illustrated below.
Category wise AUM for May’20 :
| Category Name | AUM as on May end (Crs) | % Change (m-o-m) |
|---|---|---|
| Liquid Fund | 4,95,045 | 22% |
| Short Duration Fund | 94,828 | 4% |
| Corporate Bond Fund | 91,657 | 6% |
| Banking and PSU Fund | 89,376 | 13% |
| Overnight Fund | 86,638 | 5% |
| Low Duration Fund | 77,157 | 3% |
| Ultra Short Duration Fund | 72,457 | 5% |
| Money Market Fund | 63,951 | 15% |
| Floater Fund | 32,431 | 3% |
| Credit Risk Fund | 30,262 | -16% |
| Medium Duration Fund | 19,878 | -8% |
| Dynamic Bond Fund | 17,066 | 1% |
| Gilt Fund | 16,284 | 19% |
| Medium to Long Duration Fund | 9,920 | 3% |
| Long Duration Fund | 2,314 | 18% |
| Gilt Fund with 10 year constant duration | 1,215 | 16% |
Short Term Schemes like Liquid funds, Money Market funds were the biggest beneficiaries amongst debt mutual funds. A possible explanation for this can be that many corporates may be holding back on planned expenditures and investment in the wake of ongoing crisis and may have parked the funds in these short tenor investment options. Also, many large corporates, in order to maintain cash on their balance sheets, have raised large amounts of debt under TLTRO in April and May – the proceeds of which may also have been parked in these funds.
Another trend which continues from previous months is shift of capital from higher risk funds to safer vehicles. The redemptions in credit focussed schemes continued as the category’s AUM further decreased by ~15% in May. On the other hand, lower risk funds like Gilt funds and Banking & PSU funds witnessed good inflows.
AMC Wise Credit Category AUM
| Scheme Name | AUM – May end (Crs) | % Change (m-o-m) |
|---|---|---|
| ICICI Prudential Credit Risk Fund | 6,704.69 | -16% |
| HDFC Credit Risk Debt Fund | 6,583.63 | -22% |
| SBI Credit Risk Fund | 3,954.54 | -5% |
| Kotak Credit Risk Fund | 2,059.40 | 2% |
| Aditya Birla Sun Life Credit Risk Fund | 1,950.14 | -23% |
| Nippon India Credit Risk Fund | 1,874.70 | -24% |
| IDFC Credit Risk Fund | 838.64 | -11% |
| Axis Credit Risk Fund | 705.35 | -12% |
| UTI Credit Risk Fund | 469.73 | -11% |
| DSP Credit Risk Fund | 433.63 | -14% |
| L&T Credit Risk Fund | 388.11 | -36% |
| Baroda Credit Risk Fund | 323.66 | -33% |
| Invesco India Credit Risk Fund | 147.20 | -17% |
| Mahindra Credit Risk Yojana | 121.36 | -2% |
| Sundaram Short Term Credit Risk Fund | 117.16 | -1% |
| PGIM India Credit Risk Fund | 95.32 | -2% |
| BOI AXA Credit Risk Fund | 65.63 | -35% |
| IDBI Credit Risk Fund | 43.85 | -4% |
| Principal Credit Risk Fund | 27.66 | -4% |
At an overall debt AUM level, amongst the AMCs with cumulative debt mutual fund AUM more than INR 25,000 Cr, biggest gainers (in percentage terms) were Tata MF, ICICI Pru and SBI MF.
