IIFL Dynamic Bond Fund

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IIFL Dynamic Bond Fund With the yields expected to harden, actively managed bond funds are a better bet among the available debt funds

IIFL Dynamic Bond Fund is an open ended income fund launched by India IIFL Mutual Fund. The new fund offer, which opened for subscription on June 6, closes on June 17.

INVESTMENT OBJECTIVE: The scheme aims to generate long-term gains by investing in a range of debt and money market instruments of various maturities.

ASSET ALLOCATION: The fund will invest 100 per cent in debt papers of various maturities.

INVESTMENT STRATEGY: The focus will be on investment in high accrual short-term papers. Investments will also cover medium to long-term government securities and PSU bonds to bank on capital appreciation from falling interest rates.

PLANS & CHARGES: The scheme is available under regular plan and direct plan. The fund has three options available for investment -growth, dividend and bonus. There is no entry load, while an exit load of 0.50 per cent will be charged on exit before six months from the date of allotment. Annual recurring expenses levied could be as high as 2.75 per cent as per the scheme information document.

BENCHMARK: The performance will be benchmarked against Crisil Composite Bond Fund Index.

Being an actively managed fund, this product is appropriate for special situations like the one at present when a rally in yield in April and May is unlikely to continue further with expectations of RBI not indulging into further rate cut in next monetary policy review due to sharp depreciation in rupee in the first half of June. With the yields expected to harden, actively managed bond funds are a better bet among the debt funds available for investment. They can offer better returns than a regular income fund. However, there can be erratic returns among dynamic income funds compared with regular income funds. This is borned in an FC Research Bureau analysis of one-year returns based on June 13 net asset values of income funds from Capitaline NAV database.

Of 58 income funds, 23 funds whose names included any of the following words -dynamic, active, flexi, opportunities and strategic -were categorised as active income funds, while the rest, 35 funds, were considered as regular income funds. The average of one-year returns of dynamic bond funds was 12.1 per cent, higher than 11.9 per cent of regular income funds. But in terms of median of one-year returns, the regular category had a higher average, 12.3 per cent, compared with 12.0 per cent of dynamic category.

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