Best Bond Mutual Funds 2026

Updated on January 19, 2026 , 29286 views

Bond Mutual Funds offer higher returns than Bank accounts and are highly liquid in nature, which means that investors can redeem their investment at any point of time. Some of the best major benefits of investing in Bond Funds are low-cost structure, relatively higher returns, high liquidity and reasonable safety.

Bond Funds also known as Debt Funds. It’s a type of Mutual Fund scheme that invests in fixed income instruments such as government & corporate Bonds, money market instruments, corporate debt securities, etc., that offer capital appreciation. Bond Funds are an ideal investment for average risk-averse investors who are looking for stable & regular income. These funds are less volatile and hence are less risky than Equity Funds. Moreover, Bond Funds can be a better alternative to a bank Fixed Deposit.

Following are the best Bond Funds as per the category ranking that can help you achieve your Financial goals and can help you earn better returns.

Difference Between Bond & Bond Mutual Fund

Bonds

They are debt obligations issued by entities, such as corporations or governments. So, when an investor is buying bond, he is lending money to the entity for a defined tenure. In return, you get interest until the end of the tenure.

Bond Funds

They are mutual funds or exchange-trade funds (ETFs) that invest in a Portfolio bonds. Ideally, bond funds are comprised of a certain type of bond, such as corporate or government. They are further defined by maturity, such as given below.

Why to Invest in Bond Mutual Funds?

Some of the important benefits of these funds are:

Bond Funds are a good option for earning regular income. For instance, choosing dividend payout can be an option for regular income.
It is a good option to plan short financial goals. In a shorter duration, these funds ensure safety returns and as highly liquid as well.
In Bond Funds, you can withdraw/redeem even partial money from your investment at any point and can let the remaining money stay invested.
As, Bond Funds majorly invest in government securities they are not affected by the Volatility of the equity market. Hence, it’s an optimal investment avenue for those who are risk-averse.

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Fund Selection Methodology used to find 5 funds

Category: Debt
Sub-category: Liquid%20Fund, Ultrashort%20Bond, Overnight
Sorted On : drat (high to low)
Tags: fcpro
No Of Funds: 5

Bond Funds to Invest for < 1 year

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
Aditya Birla Sun Life Savings Fund Growth	₹566.732 ↑ 0.03	₹23,615	1.2	2.8	7.1	7.4	7.4	6.81%	5M 19D	6M 11D
Indiabulls Liquid Fund Growth	₹2,605.91 ↑ 0.33	₹165	1.4	2.8	6.4	6.9	6.6	6.02%	2M	2M 1D
PGIM India Insta Cash Fund Growth	₹350.809 ↑ 0.05	₹505	1.4	2.8	6.4	6.9	6.5	5.96%	1M 11D	1M 13D
JM Liquid Fund Growth	₹73.4872 ↑ 0.01	₹2,851	1.4	2.8	6.3	6.8	6.4	5.91%	1M 10D	1M 14D
Axis Liquid Fund Growth	₹3,000.94 ↑ 0.39	₹35,653	1.4	2.9	6.4	7	6.6	6.06%	1M 28D	2M 2D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 21 Jan 26

Research Highlights & Commentary of 5 Funds showcased

Commentary	Aditya Birla Sun Life Savings Fund	Indiabulls Liquid Fund	PGIM India Insta Cash Fund	JM Liquid Fund	Axis Liquid Fund
Point 1	Upper mid AUM (₹23,615 Cr).	Bottom quartile AUM (₹165 Cr).	Bottom quartile AUM (₹505 Cr).	Lower mid AUM (₹2,851 Cr).	Highest AUM (₹35,653 Cr).
Point 2	Established history (22+ yrs).	Established history (14+ yrs).	Established history (18+ yrs).	Oldest track record among peers (28 yrs).	Established history (16+ yrs).
Point 3	Top rated.	Rating: 5★ (upper mid).	Rating: 5★ (lower mid).	Rating: 5★ (bottom quartile).	Rating: 4★ (bottom quartile).
Point 4	Risk profile: Moderately Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.
Point 5	1Y return: 7.07% (top quartile).	1Y return: 6.41% (lower mid).	1Y return: 6.39% (bottom quartile).	1Y return: 6.28% (bottom quartile).	1Y return: 6.43% (upper mid).
Point 6	1M return: 0.32% (bottom quartile).	1M return: 0.45% (lower mid).	1M return: 0.47% (top quartile).	1M return: 0.44% (bottom quartile).	1M return: 0.47% (upper mid).
Point 7	Sharpe: 3.14 (bottom quartile).	Sharpe: 3.18 (upper mid).	Sharpe: 3.16 (lower mid).	Sharpe: 2.52 (bottom quartile).	Sharpe: 3.47 (top quartile).
Point 8	Information ratio: 0.00 (top quartile).	Information ratio: -0.71 (bottom quartile).	Information ratio: -0.10 (lower mid).	Information ratio: -1.88 (bottom quartile).	Information ratio: 0.00 (upper mid).
Point 9	Yield to maturity (debt): 6.81% (top quartile).	Yield to maturity (debt): 6.02% (lower mid).	Yield to maturity (debt): 5.96% (bottom quartile).	Yield to maturity (debt): 5.91% (bottom quartile).	Yield to maturity (debt): 6.06% (upper mid).
Point 10	Modified duration: 0.47 yrs (bottom quartile).	Modified duration: 0.17 yrs (bottom quartile).	Modified duration: 0.11 yrs (upper mid).	Modified duration: 0.11 yrs (top quartile).	Modified duration: 0.16 yrs (lower mid).

Aditya Birla Sun Life Savings Fund

Upper mid AUM (₹23,615 Cr).
Established history (22+ yrs).
Top rated.
Risk profile: Moderately Low.
1Y return: 7.07% (top quartile).
1M return: 0.32% (bottom quartile).
Sharpe: 3.14 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.81% (top quartile).
Modified duration: 0.47 yrs (bottom quartile).

Indiabulls Liquid Fund

Bottom quartile AUM (₹165 Cr).
Established history (14+ yrs).
Rating: 5★ (upper mid).
Risk profile: Low.
1Y return: 6.41% (lower mid).
1M return: 0.45% (lower mid).
Sharpe: 3.18 (upper mid).
Information ratio: -0.71 (bottom quartile).
Yield to maturity (debt): 6.02% (lower mid).
Modified duration: 0.17 yrs (bottom quartile).

PGIM India Insta Cash Fund

Bottom quartile AUM (₹505 Cr).
Established history (18+ yrs).
Rating: 5★ (lower mid).
Risk profile: Low.
1Y return: 6.39% (bottom quartile).
1M return: 0.47% (top quartile).
Sharpe: 3.16 (lower mid).
Information ratio: -0.10 (lower mid).
Yield to maturity (debt): 5.96% (bottom quartile).
Modified duration: 0.11 yrs (upper mid).

JM Liquid Fund

Lower mid AUM (₹2,851 Cr).
Oldest track record among peers (28 yrs).
Rating: 5★ (bottom quartile).
Risk profile: Low.
1Y return: 6.28% (bottom quartile).
1M return: 0.44% (bottom quartile).
Sharpe: 2.52 (bottom quartile).
Information ratio: -1.88 (bottom quartile).
Yield to maturity (debt): 5.91% (bottom quartile).
Modified duration: 0.11 yrs (top quartile).

Axis Liquid Fund

Highest AUM (₹35,653 Cr).
Established history (16+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Low.
1Y return: 6.43% (upper mid).
1M return: 0.47% (upper mid).
Sharpe: 3.47 (top quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.06% (upper mid).
Modified duration: 0.16 yrs (lower mid).

About the Fincash Research Team

At Fincash, our mission is to help investors make informed, confident decisions. With over 10 years in Mutual Fund distribution, our team blends deep industry expertise with a commitment to transparency, accuracy, and investor education.

Who We Are

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Location: Thane, Maharashtra, India
Experience: 10+ years in Mutual Fund distribution

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Certified Mutual Fund Distributors with hands-on advisory experience.
Market analysts tracking performance, macro trends, and sectors.
Data specialists processing NAVs, allocations, and risk metrics from Morning Star.

Our Research Process

Data sourcing: SEBI-registered fund houses & verified third-party provider Morning Star
Screening: Returns, manager track record, expenses, sector mix, risk-adjusted metrics.
Expert review: Senior team members review every article and list for accuracy.
Updates: Regular refreshes so performance data reflects current market conditions.

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Bond Funds to Invest for > 1 year

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
PGIM India Short Maturity Fund Growth	₹39.3202 ↓ 0.00	₹28	1.2	3.1	6.1	4.2		7.18%	1Y 7M 28D	1Y 11M 1D
Aditya Birla Sun Life Medium Term Plan Growth	₹41.884 ↓ 0.00	₹2,905	2.4	4.2	12.1	9.9	10.9	7.78%	3Y 4M 24D	4Y 6M 7D
Nippon India Strategic Debt Fund Growth	₹16.2184 ↑ 0.00	₹138	0.8	2	9.1	8.2	9.6	0%
Axis Strategic Bond Fund Growth	₹28.8918 ↑ 0.00	₹2,059	0.8	2.3	7.7	7.9	8.2	7.86%	3Y 3M 29D	4Y 7M 6D
ICICI Prudential Short Term Fund Growth	₹62.0676 ↓ 0.00	₹20,935	0.9	2.3	7.4	7.6	8	7.32%	2Y 6M 29D	4Y 7M 24D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 29 Sep 23

Research Highlights & Commentary of 5 Funds showcased

Commentary	PGIM India Short Maturity Fund	Aditya Birla Sun Life Medium Term Plan	Nippon India Strategic Debt Fund	Axis Strategic Bond Fund	ICICI Prudential Short Term Fund
Point 1	Bottom quartile AUM (₹28 Cr).	Upper mid AUM (₹2,905 Cr).	Bottom quartile AUM (₹138 Cr).	Lower mid AUM (₹2,059 Cr).	Highest AUM (₹20,935 Cr).
Point 2	Established history (23+ yrs).	Established history (16+ yrs).	Established history (11+ yrs).	Established history (13+ yrs).	Oldest track record among peers (24 yrs).
Point 3	Top rated.	Rating: 4★ (upper mid).	Rating: 4★ (lower mid).	Rating: 4★ (bottom quartile).	Rating: 4★ (bottom quartile).
Point 4	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 6.08% (bottom quartile).	1Y return: 12.14% (top quartile).	1Y return: 9.08% (upper mid).	1Y return: 7.69% (lower mid).	1Y return: 7.44% (bottom quartile).
Point 6	1M return: 0.43% (upper mid).	1M return: 1.84% (top quartile).	1M return: 0.15% (lower mid).	1M return: 0.14% (bottom quartile).	1M return: 0.08% (bottom quartile).
Point 7	Sharpe: -0.98 (bottom quartile).	Sharpe: 2.01 (top quartile).	Sharpe: 1.20 (bottom quartile).	Sharpe: 1.39 (lower mid).	Sharpe: 1.58 (upper mid).
Point 8	Information ratio: 0.00 (top quartile).	Information ratio: 0.00 (upper mid).	Information ratio: 0.00 (lower mid).	Information ratio: 0.00 (bottom quartile).	Information ratio: 0.00 (bottom quartile).
Point 9	Yield to maturity (debt): 7.18% (bottom quartile).	Yield to maturity (debt): 7.78% (upper mid).	Yield to maturity (debt): 0.00% (bottom quartile).	Yield to maturity (debt): 7.86% (top quartile).	Yield to maturity (debt): 7.32% (lower mid).
Point 10	Modified duration: 1.66 yrs (upper mid).	Modified duration: 3.40 yrs (bottom quartile).	Modified duration: 0.00 yrs (top quartile).	Modified duration: 3.33 yrs (bottom quartile).	Modified duration: 2.58 yrs (lower mid).

PGIM India Short Maturity Fund

Bottom quartile AUM (₹28 Cr).
Established history (23+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 6.08% (bottom quartile).
1M return: 0.43% (upper mid).
Sharpe: -0.98 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.18% (bottom quartile).
Modified duration: 1.66 yrs (upper mid).

Aditya Birla Sun Life Medium Term Plan

Upper mid AUM (₹2,905 Cr).
Established history (16+ yrs).
Rating: 4★ (upper mid).
Risk profile: Moderate.
1Y return: 12.14% (top quartile).
1M return: 1.84% (top quartile).
Sharpe: 2.01 (top quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.78% (upper mid).
Modified duration: 3.40 yrs (bottom quartile).

Nippon India Strategic Debt Fund

Bottom quartile AUM (₹138 Cr).
Established history (11+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
1Y return: 9.08% (upper mid).
1M return: 0.15% (lower mid).
Sharpe: 1.20 (bottom quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 0.00% (bottom quartile).
Modified duration: 0.00 yrs (top quartile).

Axis Strategic Bond Fund

Lower mid AUM (₹2,059 Cr).
Established history (13+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.69% (lower mid).
1M return: 0.14% (bottom quartile).
Sharpe: 1.39 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.86% (top quartile).
Modified duration: 3.33 yrs (bottom quartile).

ICICI Prudential Short Term Fund

Highest AUM (₹20,935 Cr).
Oldest track record among peers (24 yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.44% (bottom quartile).
1M return: 0.08% (bottom quartile).
Sharpe: 1.58 (upper mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.32% (lower mid).
Modified duration: 2.58 yrs (lower mid).

Bond Funds to Invest for > 3 years

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
ICICI Prudential Gilt Fund Growth	₹104.616 ↑ 0.10	₹9,181	0.1	0.6	6.2	7.6	6.8	7.25%	6Y 6M 7D	18Y 4M 17D
SBI Magnum Income Fund Growth	₹71.501 ↑ 0.00	₹2,159	-0.1	0.5	5.1	6.8	5.9	7.32%	5Y 22D	8Y 10M 13D
UTI Bond Fund Growth	₹73.9706 ↑ 0.04	₹310	-0.3	0.1	4.7	6.5	5.6	7.45%	6Y 2M 5D	10Y 4M 24D
UTI Gilt Fund Growth	₹63.447 ↑ 0.07	₹545	0.5	0	4.7	6.7	5.1	6.65%	5Y 2M 1D	7Y 1M 2D
SBI Magnum Gilt Fund Growth	₹66.2801 ↑ 0.05	₹10,817	-0.6	-0.4	4.1	6.7	4.5	6.44%	5Y 1M 6D	8Y 2M 16D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 21 Jan 26

Research Highlights & Commentary of 5 Funds showcased

Commentary	ICICI Prudential Gilt Fund	SBI Magnum Income Fund	UTI Bond Fund	UTI Gilt Fund	SBI Magnum Gilt Fund
Point 1	Upper mid AUM (₹9,181 Cr).	Lower mid AUM (₹2,159 Cr).	Bottom quartile AUM (₹310 Cr).	Bottom quartile AUM (₹545 Cr).	Highest AUM (₹10,817 Cr).
Point 2	Established history (26+ yrs).	Oldest track record among peers (27 yrs).	Established history (27+ yrs).	Established history (24+ yrs).	Established history (25+ yrs).
Point 3	Top rated.	Rating: 4★ (upper mid).	Rating: 4★ (lower mid).	Rating: 4★ (bottom quartile).	Rating: 4★ (bottom quartile).
Point 4	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 6.17% (top quartile).	1Y return: 5.10% (upper mid).	1Y return: 4.75% (lower mid).	1Y return: 4.66% (bottom quartile).	1Y return: 4.06% (bottom quartile).
Point 6	1M return: -0.09% (lower mid).	1M return: -0.14% (bottom quartile).	1M return: -0.17% (bottom quartile).	1M return: 0.12% (top quartile).	1M return: 0.07% (upper mid).
Point 7	Sharpe: 0.24 (top quartile).	Sharpe: -0.05 (upper mid).	Sharpe: -0.13 (lower mid).	Sharpe: -0.20 (bottom quartile).	Sharpe: -0.32 (bottom quartile).
Point 8	Information ratio: 0.00 (top quartile).	Information ratio: 0.00 (upper mid).	Information ratio: 0.00 (lower mid).	Information ratio: 0.00 (bottom quartile).	Information ratio: 0.00 (bottom quartile).
Point 9	Yield to maturity (debt): 7.25% (lower mid).	Yield to maturity (debt): 7.32% (upper mid).	Yield to maturity (debt): 7.45% (top quartile).	Yield to maturity (debt): 6.65% (bottom quartile).	Yield to maturity (debt): 6.44% (bottom quartile).
Point 10	Modified duration: 6.52 yrs (bottom quartile).	Modified duration: 5.06 yrs (top quartile).	Modified duration: 6.18 yrs (bottom quartile).	Modified duration: 5.17 yrs (lower mid).	Modified duration: 5.10 yrs (upper mid).

ICICI Prudential Gilt Fund

Upper mid AUM (₹9,181 Cr).
Established history (26+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 6.17% (top quartile).
1M return: -0.09% (lower mid).
Sharpe: 0.24 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.25% (lower mid).
Modified duration: 6.52 yrs (bottom quartile).

SBI Magnum Income Fund

Lower mid AUM (₹2,159 Cr).
Oldest track record among peers (27 yrs).
Rating: 4★ (upper mid).
Risk profile: Moderate.
1Y return: 5.10% (upper mid).
1M return: -0.14% (bottom quartile).
Sharpe: -0.05 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.32% (upper mid).
Modified duration: 5.06 yrs (top quartile).

UTI Bond Fund

Bottom quartile AUM (₹310 Cr).
Established history (27+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
1Y return: 4.75% (lower mid).
1M return: -0.17% (bottom quartile).
Sharpe: -0.13 (lower mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 7.45% (top quartile).
Modified duration: 6.18 yrs (bottom quartile).

UTI Gilt Fund

Bottom quartile AUM (₹545 Cr).
Established history (24+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 4.66% (bottom quartile).
1M return: 0.12% (top quartile).
Sharpe: -0.20 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.65% (bottom quartile).
Modified duration: 5.17 yrs (lower mid).

SBI Magnum Gilt Fund

Highest AUM (₹10,817 Cr).
Established history (25+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 4.06% (bottom quartile).
1M return: 0.07% (upper mid).
Sharpe: -0.32 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.44% (bottom quartile).
Modified duration: 5.10 yrs (upper mid).

Best 10-Year Govt. Bond Funds

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
SBI Magnum Constant Maturity Fund Growth	₹64.7256 ↑ 0.05	₹1,801	0.3	0.5	6.1	7.6	6.7	6.79%	6Y 11M 8D	9Y 10M 2D
Bandhan Government Securities Fund - Constant Maturity Plan Growth	₹46.7493 ↑ 0.05	₹340	0.6	1	7	8.1	7.5	6.81%	6Y 7M 13D	9Y 4M 20D
ICICI Prudential Constant Maturity Gilt Fund Growth	₹25.1754 ↑ 0.03	₹2,550	0.4	0.7	6.8	8	7.5	6.82%	6Y 9M 25D	9Y 7M 13D
DSP 10Y G-Sec Fund Growth	₹22.0702 ↑ 0.03	₹51	0.1	0.2	5.6	7.5	6.2	6.59%	6Y 11M 26D	9Y 7M 20D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 21 Jan 26

Research Highlights & Commentary of 4 Funds showcased

Commentary	SBI Magnum Constant Maturity Fund	Bandhan Government Securities Fund - Constant Maturity Plan	ICICI Prudential Constant Maturity Gilt Fund	DSP 10Y G-Sec Fund
Point 1	Upper mid AUM (₹1,801 Cr).	Lower mid AUM (₹340 Cr).	Highest AUM (₹2,550 Cr).	Bottom quartile AUM (₹51 Cr).
Point 2	Oldest track record among peers (25 yrs).	Established history (23+ yrs).	Established history (11+ yrs).	Established history (11+ yrs).
Point 3	Top rated.	Rating: 3★ (upper mid).	Rating: 3★ (lower mid).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: Moderately Low.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 6.06% (lower mid).	1Y return: 7.03% (top quartile).	1Y return: 6.84% (upper mid).	1Y return: 5.58% (bottom quartile).
Point 6	1M return: 0.15% (lower mid).	1M return: 0.38% (top quartile).	1M return: 0.17% (upper mid).	1M return: 0.12% (bottom quartile).
Point 7	Sharpe: 0.21 (lower mid).	Sharpe: 0.41 (upper mid).	Sharpe: 0.45 (top quartile).	Sharpe: 0.05 (bottom quartile).
Point 8	Information ratio: 0.00 (top quartile).	Information ratio: 0.00 (upper mid).	Information ratio: 0.00 (lower mid).	Information ratio: 0.00 (bottom quartile).
Point 9	Yield to maturity (debt): 6.79% (lower mid).	Yield to maturity (debt): 6.81% (upper mid).	Yield to maturity (debt): 6.82% (top quartile).	Yield to maturity (debt): 6.59% (bottom quartile).
Point 10	Modified duration: 6.94 yrs (lower mid).	Modified duration: 6.62 yrs (top quartile).	Modified duration: 6.82 yrs (upper mid).	Modified duration: 6.99 yrs (bottom quartile).

SBI Magnum Constant Maturity Fund

Upper mid AUM (₹1,801 Cr).
Oldest track record among peers (25 yrs).
Top rated.
Risk profile: Moderately Low.
1Y return: 6.06% (lower mid).
1M return: 0.15% (lower mid).
Sharpe: 0.21 (lower mid).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.79% (lower mid).
Modified duration: 6.94 yrs (lower mid).

Bandhan Government Securities Fund - Constant Maturity Plan

Lower mid AUM (₹340 Cr).
Established history (23+ yrs).
Rating: 3★ (upper mid).
Risk profile: Moderate.
1Y return: 7.03% (top quartile).
1M return: 0.38% (top quartile).
Sharpe: 0.41 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.81% (upper mid).
Modified duration: 6.62 yrs (top quartile).

ICICI Prudential Constant Maturity Gilt Fund

Highest AUM (₹2,550 Cr).
Established history (11+ yrs).
Rating: 3★ (lower mid).
Risk profile: Moderate.
1Y return: 6.84% (upper mid).
1M return: 0.17% (upper mid).
Sharpe: 0.45 (top quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.82% (top quartile).
Modified duration: 6.82 yrs (upper mid).

DSP 10Y G-Sec Fund

Bottom quartile AUM (₹51 Cr).
Established history (11+ yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderate.
1Y return: 5.58% (bottom quartile).
1M return: 0.12% (bottom quartile).
Sharpe: 0.05 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.59% (bottom quartile).
Modified duration: 6.99 yrs (bottom quartile).

*Below is the list of Bond Mutual Funds having net assets 50 Crore and having managed assets for over 3 Years. Based on heighest Yield to Maturity (YTM)

1. ICICI Prudential Medium Term Bond Fund

(Erstwhile ICICI Prudential Corporate Bond Fund)

To generate income through investments in a range of debt and money market instruments of various maturities with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity.

Research Highlights for ICICI Prudential Medium Term Bond Fund

Upper mid AUM (₹5,708 Cr).
Established history (21+ yrs).
Rating: 2★ (bottom quartile).
Risk profile: Moderate.
1Y return: 8.28% (upper mid).
1M return: 0.17% (upper mid).
Sharpe: 2.06 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.92% (top quartile).
Modified duration: 3.18 yrs (upper mid).
Average maturity: 5.86 yrs (bottom quartile).
Exit load: 0-1 Years (1%),1 Years and above(NIL).
Top sector: Real Estate.
Top bond sector: Corporate.
Debt-heavy allocation (~80%).
High-quality debt (AAA/AA ~100%).
Largest holding Embassy Office Parks REIT (~3.6%).

Below is the key information for ICICI Prudential Medium Term Bond Fund

ICICI Prudential Medium Term Bond Fund Growth
Launch Date	15 Sep 04
NAV (21 Jan 26)	₹46.523 ↓ -0.02 (-0.04 %)
Net Assets (Cr)	₹5,708 on 31 Dec 25
Category	Debt - Medium term Bond
AMC	ICICI Prudential Asset Management Company Limited
Rating	☆☆
Risk	Moderate
Expense Ratio	1.37
Sharpe Ratio	2.06
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	1,000
Exit Load	0-1 Years (1%),1 Years and above(NIL)
Yield to Maturity	7.92%
Effective Maturity	5 Years 10 Months 10 Days
Modified Duration	3 Years 2 Months 5 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,551
31 Dec 22	₹10,992
31 Dec 23	₹11,764
31 Dec 24	₹12,708
31 Dec 25	₹13,849

ICICI Prudential Medium Term Bond Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for ICICI Prudential Medium Term Bond Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.2%
3 Month	1%
6 Month	2.9%
1 Year	8.3%
3 Year	7.8%
5 Year	6.7%
10 Year
15 Year
Since launch	7.5%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	9%
2023	8%
2022	7%
2021	4.2%
2020	5.5%
2019	10.4%
2018	9.2%
2017	5.1%
2016	6.5%
2015	10.2%

Fund Manager information for ICICI Prudential Medium Term Bond Fund

Name	Since	Tenure
Manish Banthia	7 Nov 16	9.16 Yr.
Akhil Kakkar	22 Jan 24	1.95 Yr.

Data below for ICICI Prudential Medium Term Bond Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	11.12%
Equity	8.96%
Debt	79.59%
Other	0.33%

Debt Sector Allocation

Sector	Value
Corporate	66.91%
Government	13.11%
Cash Equivalent	10.69%

Credit Quality

Rating	Value
AA	62.55%
AAA	37.45%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Embassy Office Parks REIT (Real Estate) -, Since 30 Apr 25 \| EMBASSY	4%	₹207 Cr	4,765,556
7.1% Govt Stock 2034 Sovereign Bonds \| -	3%	₹192 Cr	18,708,200
7.34% Govt Stock 2064 Sovereign Bonds \| -	3%	₹187 Cr	18,801,500
Adani Enterprises Limited Debentures \| -	3%	₹174 Cr	17,500
Vedanta Limited Debentures \| -	3%	₹171 Cr	17,000
Jtpm Metal TRaders Limited Debentures \| -	3%	₹155 Cr	15,000
Oberoi Realty Limited Debentures \| -	3%	₹152 Cr	15,000
SIDDHIVINAYAK SECURITISATION TRUST Unlisted bonds \| -	3%	₹151 Cr	150
TATA Projects Limited Debentures \| -	3%	₹151 Cr	15,000
Godrej Properties Limited Debentures \| -	2%	₹127 Cr	12,500

2. Kotak Medium Term Fund

The investment objective of the scheme is to generate regular income and capital appreciation by investing in a portfolio of medium term debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be achieved

Research Highlights for Kotak Medium Term Fund

Bottom quartile AUM (₹2,015 Cr).
Established history (11+ yrs).
Rating: 3★ (upper mid).
Risk profile: Moderate.
1Y return: 8.13% (upper mid).
1M return: 0.08% (bottom quartile).
Sharpe: 1.71 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.89% (upper mid).
Modified duration: 3.23 yrs (upper mid).
Average maturity: 4.69 yrs (lower mid).
Exit load: 0-18 Months (2%),18 Months and above(NIL).
Top sector: Real Estate.
Higher exposure to Corporate (bond sector) vs peer median.
Debt-heavy allocation (~88%).
High-quality debt (AAA/AA ~92%).
Largest holding Jtpm Metal TRaders Limited (~5.1%).

Below is the key information for Kotak Medium Term Fund

Kotak Medium Term Fund Growth
Launch Date	25 Mar 14
NAV (21 Jan 26)	₹23.5795 ↓ -0.01 (-0.06 %)
Net Assets (Cr)	₹2,015 on 31 Dec 25
Category	Debt - Medium term Bond
AMC	Kotak Mahindra Asset Management Co Ltd
Rating	☆☆☆
Risk	Moderate
Expense Ratio	1.63
Sharpe Ratio	1.71
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	1,000
Exit Load	0-18 Months (2%),18 Months and above(NIL)
Yield to Maturity	7.89%
Effective Maturity	4 Years 8 Months 8 Days
Modified Duration	3 Years 2 Months 23 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,466
31 Dec 22	₹10,798
31 Dec 23	₹11,458
31 Dec 24	₹12,491
31 Dec 25	₹13,601

Kotak Medium Term Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for Kotak Medium Term Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.1%
3 Month	0.8%
6 Month	2.9%
1 Year	8.1%
3 Year	7.8%
5 Year	6.3%
10 Year
15 Year
Since launch	7.5%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	8.9%
2023	9%
2022	6.1%
2021	3.2%
2020	4.7%
2019	8.5%
2018	7%
2017	5.4%
2016	6.6%
2015	10.9%

Fund Manager information for Kotak Medium Term Fund

Name	Since	Tenure
Deepak Agrawal	25 Mar 14	11.78 Yr.
Vihag Mishra	1 Jun 25	0.59 Yr.

Data below for Kotak Medium Term Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	2.24%
Equity	9.45%
Debt	88.03%
Other	0.28%

Debt Sector Allocation

Sector	Value
Corporate	73.08%
Government	14.6%
Cash Equivalent	2.59%

Credit Quality

Rating	Value
A	7.93%
AA	44.44%
AAA	47.64%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Jtpm Metal TRaders Limited Debentures \| -	5%	₹103 Cr	10,000
L&T Metro Rail (Hyderabad) Limited Debentures \| -	5%	₹99 Cr	10,000
Bamboo Hotel And Global Centre (Delhi) Private Limited Debentures \| -	5%	₹91 Cr	9,000
Embassy Office Parks REIT (Real Estate) -, Since 31 May 21 \| EMBASSY	4%	₹87 Cr	1,998,346
TATA Steel Limited Debentures \| -	4%	₹76 Cr	750
Pipeline Infrastructure Limited Debentures \| -	3%	₹65 Cr	6,280
Aditya Birla Renewables Limited Debentures \| -	3%	₹61 Cr	6,000
Aditya Birla Real Estate Limited Debentures \| -	3%	₹56 Cr	5,500
7.09% Govt Stock 2054 Sovereign Bonds \| -	3%	₹54 Cr	5,500,000
7.1% Govt Stock 2034 Sovereign Bonds \| -	3%	₹51 Cr	5,000,000

3. Axis Strategic Bond Fund

(Erstwhile Axis Income Fund)

To generate optimal returns in the medium term while maintaining liquidity of the portfolio by investing in debt and money market instruments.

Research Highlights for Axis Strategic Bond Fund

Bottom quartile AUM (₹2,059 Cr).
Established history (13+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 7.69% (lower mid).
1M return: 0.14% (upper mid).
Sharpe: 1.39 (lower mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.86% (upper mid).
Modified duration: 3.33 yrs (lower mid).
Average maturity: 4.60 yrs (upper mid).
Exit load: 0-12 Months (1%),12 Months and above(NIL).
Top sector: Industrials.
Top bond sector: Corporate.
Debt-heavy allocation (~91%).
High-quality debt (AAA/AA ~88%).
Largest holding 6.48% Govt Stock 2035 (~5.7%).

Below is the key information for Axis Strategic Bond Fund

Axis Strategic Bond Fund Growth
Launch Date	28 Mar 12
NAV (21 Jan 26)	₹28.8918 ↑ 0.00 (0.01 %)
Net Assets (Cr)	₹2,059 on 31 Dec 25
Category	Debt - Medium term Bond
AMC	Axis Asset Management Company Limited
Rating	☆☆☆☆
Risk	Moderate
Expense Ratio	1.08
Sharpe Ratio	1.39
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	1,000
Exit Load	0-12 Months (1%),12 Months and above(NIL)
Yield to Maturity	7.86%
Effective Maturity	4 Years 7 Months 6 Days
Modified Duration	3 Years 3 Months 29 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,521
31 Dec 22	₹10,921
31 Dec 23	₹11,716
31 Dec 24	₹12,734
31 Dec 25	₹13,784

Axis Strategic Bond Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for Axis Strategic Bond Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.1%
3 Month	0.8%
6 Month	2.3%
1 Year	7.7%
3 Year	7.9%
5 Year	6.6%
10 Year
15 Year
Since launch	8%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	8.2%
2023	8.7%
2022	7.3%
2021	3.8%
2020	5.2%
2019	10.5%
2018	7.1%
2017	6.7%
2016	7.5%
2015	11.6%

Fund Manager information for Axis Strategic Bond Fund

Name	Since	Tenure
Devang Shah	5 Nov 12	13.16 Yr.
Sachin Jain	1 Feb 23	2.92 Yr.
Akhil Thakker	1 Feb 23	2.92 Yr.

Data below for Axis Strategic Bond Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	6.99%
Equity	1.42%
Debt	91.32%
Other	0.28%

Debt Sector Allocation

Sector	Value
Corporate	62.62%
Government	31.11%
Cash Equivalent	4.59%

Credit Quality

Rating	Value
A	12.3%
AA	45.15%
AAA	42.56%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
6.48% Govt Stock 2035 Sovereign Bonds \| -	6%	₹117 Cr	11,800,000 ↑ 6,000,000
7.1% Govt Stock 2034 Sovereign Bonds \| -	6%	₹115 Cr	11,200,000
6.68% Govt Stock 2040 Sovereign Bonds \| -	4%	₹73 Cr	7,500,000 ↑ 5,000,000
Jubilant Beverages Limited Debentures \| -	3%	₹70 Cr	6,500
GMR Hyderabad International Airport Ltd Debentures \| -	3%	₹66 Cr	6,500
Tamil Nadu (Government of) 7.18% - \| -	3%	₹63 Cr	6,358,600 ↑ 6,358,600
Vedanta Limited Debentures \| -	3%	₹60 Cr	6,000
Jubilant Bevco Limited Debentures \| -	3%	₹59 Cr	5,500 ↑ 2,500
Nuvama Wealth Finance Limited Debentures \| -	3%	₹58 Cr	5,800
Delhi International Airport Limited Debentures \| -	3%	₹57 Cr	5,500

4. SBI Magnum Medium Duration Fund

(Erstwhile SBI Regular Savings Fund)

To provide attractive returns to the Magnum holders / Unit holders either through periodic dividends or through capital appreciation through an actively managed portfolio of debt, equity and money market instruments.

Research Highlights for SBI Magnum Medium Duration Fund

Highest AUM (₹6,889 Cr).
Established history (22+ yrs).
Rating: 3★ (lower mid).
Risk profile: Moderate.
1Y return: 6.89% (bottom quartile).
1M return: 0.11% (lower mid).
Sharpe: 0.82 (bottom quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 7.81% (lower mid).
Modified duration: 3.09 yrs (top quartile).
Average maturity: 4.38 yrs (top quartile).
Exit load: 0-12 Months (1.5%),12 Months and above(NIL).
Top sector: Real Estate.
Top bond sector: Corporate.
Debt-heavy allocation (~90%).
High-quality debt (AAA/AA ~91%).
Largest holding 7.18% Govt Stock 2033 (~7.7%).

Below is the key information for SBI Magnum Medium Duration Fund

SBI Magnum Medium Duration Fund Growth
Launch Date	12 Nov 03
NAV (21 Jan 26)	₹52.5592 ↓ -0.01 (-0.02 %)
Net Assets (Cr)	₹6,889 on 31 Dec 25
Category	Debt - Medium term Bond
AMC	SBI Funds Management Private Limited
Rating	☆☆☆
Risk	Moderate
Expense Ratio	1.22
Sharpe Ratio	0.82
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	500
Exit Load	0-12 Months (1.5%),12 Months and above(NIL)
Yield to Maturity	7.81%
Effective Maturity	4 Years 4 Months 17 Days
Modified Duration	3 Years 1 Month 2 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,385
31 Dec 22	₹10,740
31 Dec 23	₹11,517
31 Dec 24	₹12,451
31 Dec 25	₹13,381

SBI Magnum Medium Duration Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹197,169.
Net Profit of ₹17,169 Invest Now

Returns for SBI Magnum Medium Duration Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.1%
3 Month	0.8%
6 Month	2%
1 Year	6.9%
3 Year	7.4%
5 Year	6%
10 Year
15 Year
Since launch	7.8%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.5%
2023	8.1%
2022	7.2%
2021	3.4%
2020	3.8%
2019	12.3%
2018	11.1%
2017	6.2%
2016	7.6%
2015	14%

Fund Manager information for SBI Magnum Medium Duration Fund

Name	Since	Tenure
Lokesh Mallya	1 Dec 23	2.09 Yr.
Mohit Jain	30 Nov 17	8.09 Yr.

Data below for SBI Magnum Medium Duration Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	4.94%
Equity	4.81%
Debt	89.96%
Other	0.3%

Debt Sector Allocation

Sector	Value
Corporate	64.65%
Government	25.31%
Cash Equivalent	4.94%

Credit Quality

Rating	Value
A	8.75%
AA	46.76%
AAA	44.49%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
7.18% Govt Stock 2033 Sovereign Bonds \| -	8%	₹531 Cr	51,500,000 ↓ -15,000,000
7.18% Govt Stock 2037 Sovereign Bonds \| -	5%	₹343 Cr	33,500,000
Godrej Properties Limited Debentures \| -	4%	₹303 Cr	30,000
Avanse Financial Services Limited Debentures \| -	4%	₹251 Cr	25,000
6.48% Govt Stock 2035 Sovereign Bonds \| -	4%	₹248 Cr	25,000,000 ↑ 17,500,000
6.68% Govt Stock 2040 Sovereign Bonds \| -	4%	₹243 Cr	25,000,000
Renew Solar Energy (Jharkhand Five) Private Limited Debentures \| -	3%	₹225 Cr	24,000
Yes Bank Limited Debentures \| -	3%	₹224 Cr	2,250
Aditya Birla Real Estate Limited Debentures \| -	3%	₹222 Cr	22,000
Jtpm Metal TRaders Limited Debentures \| -	3%	₹206 Cr	20,000

5. Aditya Birla Sun Life Medium Term Plan

The primary investment objective of the Scheme is to generate regular income through investments in debt & money market instruments in order to make regular dividend payments to unit holders & secondary objective is growth of capital.

Research Highlights for Aditya Birla Sun Life Medium Term Plan

Lower mid AUM (₹2,905 Cr).
Established history (16+ yrs).
Rating: 4★ (upper mid).
Risk profile: Moderate.
1Y return: 12.14% (top quartile).
1M return: 1.84% (top quartile).
Sharpe: 2.01 (upper mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.78% (bottom quartile).
Modified duration: 3.40 yrs (bottom quartile).
Average maturity: 4.52 yrs (upper mid).
Exit load: 0-365 Days (1%),365 Days and above(NIL).
Top sector: Real Estate.
Top bond sector: Corporate.
Debt-heavy allocation (~91%).
High-quality debt (AAA/AA ~90%).
Largest holding 6.79% Govt Stock 2034 (~9.7%).

Below is the key information for Aditya Birla Sun Life Medium Term Plan

Aditya Birla Sun Life Medium Term Plan Growth
Launch Date	25 Mar 09
NAV (21 Jan 26)	₹41.884 ↓ 0.00 (-0.01 %)
Net Assets (Cr)	₹2,905 on 31 Dec 25
Category	Debt - Medium term Bond
AMC	Birla Sun Life Asset Management Co Ltd
Rating	☆☆☆☆
Risk	Moderate
Expense Ratio	1.57
Sharpe Ratio	2.01
Information Ratio	0
Alpha Ratio	0
Min Investment	1,000
Min SIP Investment	1,000
Exit Load	0-365 Days (1%),365 Days and above(NIL)
Yield to Maturity	7.78%
Effective Maturity	4 Years 6 Months 7 Days
Modified Duration	3 Years 4 Months 24 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,710
31 Dec 22	₹13,367
31 Dec 23	₹14,292
31 Dec 24	₹15,787
31 Dec 25	₹17,510

Aditya Birla Sun Life Medium Term Plan SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹218,539.
Net Profit of ₹38,539 Invest Now

Returns for Aditya Birla Sun Life Medium Term Plan

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	1.8%
3 Month	2.4%
6 Month	4.2%
1 Year	12.1%
3 Year	9.9%
5 Year	12.1%
10 Year
15 Year
Since launch	8.9%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	10.9%
2023	10.5%
2022	6.9%
2021	24.8%
2020	7.1%
2019	8.1%
2018	-4.4%
2017	5.6%
2016	7%
2015	10.9%

Fund Manager information for Aditya Birla Sun Life Medium Term Plan

Name	Since	Tenure
Sunaina Cunha	1 Sep 14	11.34 Yr.
Mohit Sharma	6 Aug 20	5.41 Yr.

Data below for Aditya Birla Sun Life Medium Term Plan as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	4.85%
Equity	4.1%
Debt	90.79%
Other	0.25%

Debt Sector Allocation

Sector	Value
Corporate	56.52%
Government	34.28%
Cash Equivalent	4.85%

Credit Quality

Rating	Value
A	10.07%
AA	38.92%
AAA	51.02%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
6.79% Govt Stock 2034 Sovereign Bonds \| -	10%	₹283 Cr	28,000,000 ↓ -5,000,000
7.1% Govt Stock 2034 Sovereign Bonds \| -	8%	₹244 Cr	23,696,700
7.18% Govt Stock 2033 Sovereign Bonds \| -	7%	₹191 Cr	18,500,000
Hinduja Leyland Finance Limited Debentures \| -	4%	₹109 Cr	11,000 ↑ 2,500
Nuvama Wealth Finance Limited Debentures \| -	3%	₹96 Cr	9,500
GMR Airports Limited Debentures \| -	3%	₹81 Cr	8,000
Jubilant Bevco Limited Debentures \| -	3%	₹79 Cr	7,400
Jtpm Metal TRaders Limited Debentures \| -	3%	₹79 Cr	7,673
Indian Railway Finance Corporation Limited Debentures \| -	3%	₹75 Cr	7,500
Kogta Financial (India) Limited Debentures \| -	2%	₹72 Cr	7,250

6. HDFC Medium Term Debt Fund

(Erstwhile HDFC High Interest Fund - Short Term Plan)

To generate income by investing in a range of debt and money market instruments of various maturity dates with a view to maximising income while maintaining the optimum balance of yield, safety and liquidity. The objective is to cater to the needs of investors with shorter term investment horizons and to provide stable returns over shorter periods.

Research Highlights for HDFC Medium Term Debt Fund

Upper mid AUM (₹3,842 Cr).
Oldest track record among peers (23 yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.04% (bottom quartile).
1M return: 0.09% (bottom quartile).
Sharpe: 0.89 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.73% (bottom quartile).
Modified duration: 3.38 yrs (bottom quartile).
Average maturity: 5.29 yrs (bottom quartile).
Exit load: 0-1 Months (0.25%),1 Months and above(NIL).
Top sector: Real Estate.
Top bond sector: Corporate.
Debt-heavy allocation (~90%).
High-quality debt (AAA/AA ~96%).
Largest holding 7.18% Govt Stock 2037 (~6.1%).

Below is the key information for HDFC Medium Term Debt Fund

HDFC Medium Term Debt Fund Growth
Launch Date	6 Feb 02
NAV (21 Jan 26)	₹57.8701 ↓ -0.01 (-0.03 %)
Net Assets (Cr)	₹3,842 on 31 Dec 25
Category	Debt - Medium term Bond
AMC	HDFC Asset Management Company Limited
Rating	☆☆☆
Risk	Moderate
Expense Ratio	1.29
Sharpe Ratio	0.89
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	300
Exit Load	0-1 Months (0.25%),1 Months and above(NIL)
Yield to Maturity	7.73%
Effective Maturity	5 Years 3 Months 14 Days
Modified Duration	3 Years 4 Months 17 Days

Growth of 10,000 investment over the years.

Date	Value
31 Dec 20	₹10,000
31 Dec 21	₹10,503
31 Dec 22	₹10,807
31 Dec 23	₹11,536
31 Dec 24	₹12,464
31 Dec 25	₹13,421

HDFC Medium Term Debt Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹200,132.
Net Profit of ₹20,132 Invest Now

Returns for HDFC Medium Term Debt Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 21 Jan 26

Duration	Returns
1 Month	0.1%
3 Month	0.7%
6 Month	1.9%
1 Year	7%
3 Year	7.3%
5 Year	6%
10 Year
15 Year
Since launch	7.6%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.7%
2023	8.1%
2022	6.7%
2021	2.9%
2020	5%
2019	10%
2018	9.1%
2017	5.6%
2016	5.5%
2015	11.5%

Fund Manager information for HDFC Medium Term Debt Fund

Name	Since	Tenure
Shobhit Mehrotra	1 Sep 07	18.35 Yr.
Dhruv Muchhal	22 Jun 23	2.53 Yr.
Bhavyesh Divecha	1 Mar 25	0.84 Yr.

Data below for HDFC Medium Term Debt Fund as on 31 Dec 25

Asset Allocation

Asset Class	Value
Cash	6.45%
Equity	2.79%
Debt	90.44%
Other	0.31%

Debt Sector Allocation

Sector	Value
Corporate	67.69%
Government	22.75%
Cash Equivalent	6.45%

Credit Quality

Rating	Value
A	3.85%
AA	48.61%
AAA	47.54%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
7.18% Govt Stock 2037 Sovereign Bonds \| -	6%	₹236 Cr	23,047,700 ↓ -1,000,000
SIDDHIVINAYAK SECURITISATION TRUST Unlisted bonds \| -	5%	₹176 Cr	175
7.23% Govt Stock 2039 Sovereign Bonds \| -	4%	₹164 Cr	16,000,000 ↓ -2,500,000
TATA Steel Limited Debentures \| -	4%	₹147 Cr	14,500
GMR Airports Limited Debentures \| -	4%	₹137 Cr	13,500
Jubilant Beverages Limited Debentures \| -	3%	₹115 Cr	10,720
Kalpataru Projects International Limited Debentures \| -	3%	₹101 Cr	10,000
SHIVSHAKTI SECURITISATION TRUST Unlisted bonds \| -	3%	₹100 Cr	100
SK Finance Limited Debentures \| -	3%	₹100 Cr	10,000
Sbfc Finance Limited Debentures \| -	3%	₹100 Cr	10,000

Bond Funds Taxation

Tax implication on Bond Funds or Debt Funds is computed in the following manner-

Short Term Capital Gains

If the holding period of a debt investment is less than 36 months, then it is classified as a short-term investment and these are taxed as per individual's tax slab.

Long Term Capital Gains

If the holding period of debt investment is more than 36 months, then it is classified as a long-term investment and is taxed at 20% with an indexation benefit.

Capital Gains	Investment Holding Gains	Taxation
Short Term Capital Gains	Less than 36 months	As per individual's tax slab
Long Term Capital Gains	More than 36 months	20% with indexation benefits

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Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.