Most Debt Mutual Funds witness good inflows – of course except for credit category !

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 NameAUM as on May end (Crs)% Change (m-o-m)
Liquid Fund4,95,04522%
Short Duration Fund94,8284%
Corporate Bond Fund91,6576%
Banking and PSU Fund89,37613%
Overnight Fund86,6385%
Low Duration Fund77,1573%
Ultra Short Duration Fund72,4575%
Money Market Fund63,95115%
Floater Fund32,4313%
Credit Risk Fund30,262-16%
Medium Duration Fund19,878-8%
Dynamic Bond Fund17,0661%
Gilt Fund16,28419%
Medium to Long Duration Fund9,9203%
Long Duration Fund2,31418%
Gilt Fund with 10 year constant duration1,21516%

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 NameAUM – May end (Crs)% Change (m-o-m)
ICICI Prudential Credit Risk Fund6,704.69-16%
HDFC Credit Risk Debt Fund6,583.63-22%
SBI Credit Risk Fund3,954.54-5%
Kotak Credit Risk Fund2,059.402%
Aditya Birla Sun Life Credit Risk Fund1,950.14-23%
Nippon India Credit Risk Fund1,874.70-24%
IDFC Credit Risk Fund838.64-11%
Axis Credit Risk Fund705.35-12%
UTI Credit Risk Fund469.73-11%
DSP Credit Risk Fund433.63-14%
L&T Credit Risk Fund388.11-36%
Baroda Credit Risk Fund323.66-33%
Invesco India Credit Risk Fund147.20-17%
Mahindra Credit Risk Yojana121.36-2%
Sundaram Short Term Credit Risk Fund117.16-1%
PGIM India Credit Risk Fund95.32-2%
BOI AXA Credit Risk Fund65.63-35%
IDBI Credit Risk Fund43.85-4%
Principal Credit Risk Fund27.66-4%

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.

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