Axis Mutual Fund on Monday, December 11, said that it has raised over ₹600 crore from the Axis Fixed Term Plan Series 118 (100 Days). The fund opened on November 28, 2023 and closed on December 4, 2023. Benchmarked against the CRISIL Ultra Short Term Debt Index, it is a close ended debt scheme with a moderate interest rate risk and moderate credit risk.
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Sachin Jain is the fund manager.
The current yield curve, spreads on high quality money market instruments and the prevailing market sentiments offer an ideal opportunity for fixed income investors looking for short-term parking solutions, Axis Mutual Fund said.
Fixed term plans (FTPs) invest in debt and money market instruments such as Treasury bills (T-bills) commercial papers.(CPs), certificates of deposit (CDs) government and corporate bonds. The fund manager allocates assets of the scheme(s) between various fixed income securities (which mature on or before the maturity of the scheme) with an endeavor to achieve optimal risk adjusted returns.
To enable investors to take informed decisions regarding the quality of securities and risk associated, FTPs disclose instruments in which they propose to invest under the intended allocation tab.
Gopkumar, MD & CEO, Axis AMC said, “Fixed maturity products aim to provide a degree of stability to investors as we head into Q4, often a volatile period for debt markets. Several events like the upcoming US fed announcement, advance tax season and the union budget for 2024 are likely to keep rates volatile over the next 3 months."
(Edited by : Anshul)
First Published: Dec 11, 2023 5:53 PM IST
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