Best Debt Mutual Funds in India for 2025 | Top Funds by Tenure & Tax Benefits

Updated on October 1, 2025 , 64869 views

Best debt funds vary according to the tenor of investment of the investor. Investors need to be clear on their time horizon of investment when selecting the best Debt fund for their investment and also factor in the interest rate scenario.

For investors with a very short holding period, say for a couple of days to a month, Liquid Funds and ultra-short term funds may be relevant. When the time horizon is one to two years then short-term funds may be the desired vehicle. For longer tenors, for more than 3 years, long-term debt funds are the most preferred instruments by investors, especially during falling interest rates. Above all, debt funds have proved to be less risky than equities when looking for short-term investments, however, the volatility of long-term income funds may match that of equities.

As debt funds invest in fixed income instruments like government securities, treasury bills, corporate Bonds, etc., they have the capacity of generating consistent and regular returns over time. However, there are many qualitative and quantitative factors that one needs to understand before selecting the best debt funds to invest, viz - AUM, Average Maturity, Taxation, the credit quality of the portfolio, etc. Below we have listed the top 5 best debt funds to invest across the various categories of debt funds - Best Liquid Funds, best ultra short-term funds, best short-term funds, best long-term funds and best Gilt Funds to invest in 2025 - 2026.

Quick Summary

✅ Best for short-term: Liquid, Ultra-Short, and Money market funds

✅ Best for 1–2 years: Short-term bond funds

✅ Best for 3+ years: Gilt funds, Corporate bond funds, Dynamic Bond Funds

✅ Risks: Credit risk, Interest rate risk

✅ Tax: 20% with indexation if held for more than 3 years

Why To Invest in Debt Mutual Funds?

Debt funds are considered to be an ideal investment for generating regular income. For example, choosing dividend payout can be an option for regular income.
In debt funds, investors can withdraw required money from the investment at any point in time and can let the remaining money stay invested.
Since debt funds largely invest in government securities, corporate debt and other securities like treasury bills, etc., they are not affected by equity market volatility.
If an investor is planning to achieve short-term Financial goals or invest for short periods then debt funds can be a good option. Liquid funds, ultra short-term funds, and short-term income funds may be the desired options.
In debt funds, investors can generate fixed income every month by starting a Systematic Withdrawal Plan (SWP is a reverse of SIP / STP) to withdraw a fixed amount on a monthly basis. Also, you can change the amount of the SWP when required.

Key Benefits of Debt Funds in 2025

Safer than equities in volatile markets
Offer liquidity and low lock-in
Tax-efficient with indexation benefit after 3 years
Flexible options for all durations and risk profiles
Suitable for conservative and semi-aggressive investors alike

Risks in Debt Mutual Funds

While Investing in debt funds, investors should be cautious about two major risks associated with them - credit risk and interest rate risk.

Credit Risk

A credit risk arises when a company that has issued the debt instruments does not make regular payments. In such cases, it has a major impact on the fund, depending on how much portion the fund has in the portfolio. Hence, it is suggested to be in debt instruments with a rating higher credit rating. An AAA rating is considered to be the highest quality with little or negligible payment default risk.

Interest Risks

The interest rate risk refers to a change in the bond price due to the change in the prevailing interest rate. When the interest rate rises in the economy the bond prices fall down and vice versa. The higher the maturity of the funds’ portfolio, the more prone it is to the interest rate risk. So in a rising interest rate scenario, it is advisable to go for lower maturity debt funds. And the reverse in a falling interest rate scenario.

Debt Mutual Fund Taxation

Tax implication on debt funds is computed in the following manner-

a. 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.

b. 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

📌 Note: Indexation helps adjust the purchase price with Inflation, effectively reducing your tax liability.

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Best Debt Mutual Funds in India for Investments FY 25 - 26

Top 5 Liquid Mutual Funds

Top Liquid funds with AUM/Net Assets > 10,000 Crore.

Fund	NAV	Net Assets (Cr)	Min Investment	1 MO (%)	3 MO (%)	6 MO (%)	1 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
Axis Liquid Fund Growth	₹2,950.92 ↑ 0.59	₹37,122	500	0.5	1.4	3.1	6.8	7.4	5.9%	1M 9D	1M 11D
Tata Liquid Fund Growth	₹4,173.89 ↑ 0.82	₹20,404	5,000	0.5	1.4	3	6.8	7.3	5.94%	1M 9D	1M 9D
Invesco India Liquid Fund Growth	₹3,642.44 ↑ 0.70	₹14,543	5,000	0.5	1.4	3	6.8	7.4	5.84%	1M 10D	1M 10D
Aditya Birla Sun Life Liquid Fund Growth	₹427.034 ↑ 0.08	₹49,721	5,000	0.5	1.4	3	6.8	7.3	6%	1M 2D	1M 2D
Nippon India Liquid Fund Growth	₹6,467.27 ↑ 1.25	₹30,965	100	0.5	1.4	3	6.8	7.3	5.89%	1M 10D	1M 13D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	Axis Liquid Fund	Tata Liquid Fund	Invesco India Liquid Fund	Aditya Birla Sun Life Liquid Fund	Nippon India Liquid Fund
Point 1	Upper mid AUM (₹37,122 Cr).	Bottom quartile AUM (₹20,404 Cr).	Bottom quartile AUM (₹14,543 Cr).	Highest AUM (₹49,721 Cr).	Lower mid AUM (₹30,965 Cr).
Point 2	Established history (15+ yrs).	Oldest track record among peers (21 yrs).	Established history (18+ yrs).	Established history (21+ yrs).	Established history (21+ 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: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.
Point 5	1Y return: 6.85% (top quartile).	1Y return: 6.81% (upper mid).	1Y return: 6.80% (lower mid).	1Y return: 6.80% (bottom quartile).	1Y return: 6.77% (bottom quartile).
Point 6	1M return: 0.49% (upper mid).	1M return: 0.48% (lower mid).	1M return: 0.48% (bottom quartile).	1M return: 0.49% (top quartile).	1M return: 0.48% (bottom quartile).
Point 7	Sharpe: 3.41 (bottom quartile).	Sharpe: 3.56 (upper mid).	Sharpe: 3.79 (top quartile).	Sharpe: 3.41 (lower mid).	Sharpe: 3.30 (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): 5.90% (lower mid).	Yield to maturity (debt): 5.94% (upper mid).	Yield to maturity (debt): 5.84% (bottom quartile).	Yield to maturity (debt): 6.00% (top quartile).	Yield to maturity (debt): 5.89% (bottom quartile).
Point 10	Modified duration: 0.11 yrs (upper mid).	Modified duration: 0.11 yrs (lower mid).	Modified duration: 0.11 yrs (bottom quartile).	Modified duration: 0.09 yrs (top quartile).	Modified duration: 0.11 yrs (bottom quartile).

Axis Liquid Fund

Upper mid AUM (₹37,122 Cr).
Established history (15+ yrs).
Top rated.
Risk profile: Low.
1Y return: 6.85% (top quartile).
1M return: 0.49% (upper mid).
Sharpe: 3.41 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 5.90% (lower mid).
Modified duration: 0.11 yrs (upper mid).

Tata Liquid Fund

Bottom quartile AUM (₹20,404 Cr).
Oldest track record among peers (21 yrs).
Rating: 4★ (upper mid).
Risk profile: Low.
1Y return: 6.81% (upper mid).
1M return: 0.48% (lower mid).
Sharpe: 3.56 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 5.94% (upper mid).
Modified duration: 0.11 yrs (lower mid).

Invesco India Liquid Fund

Bottom quartile AUM (₹14,543 Cr).
Established history (18+ yrs).
Rating: 4★ (lower mid).
Risk profile: Low.
1Y return: 6.80% (lower mid).
1M return: 0.48% (bottom quartile).
Sharpe: 3.79 (top quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 5.84% (bottom quartile).
Modified duration: 0.11 yrs (bottom quartile).

Aditya Birla Sun Life Liquid Fund

Highest AUM (₹49,721 Cr).
Established history (21+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Low.
1Y return: 6.80% (bottom quartile).
1M return: 0.49% (top quartile).
Sharpe: 3.41 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.00% (top quartile).
Modified duration: 0.09 yrs (top quartile).

Nippon India Liquid Fund

Lower mid AUM (₹30,965 Cr).
Established history (21+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Low.
1Y return: 6.77% (bottom quartile).
1M return: 0.48% (bottom quartile).
Sharpe: 3.30 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 5.89% (bottom quartile).
Modified duration: 0.11 yrs (bottom quartile).

Top 5 Ultra Short Term Bond Mutual Funds

Top Ultra Short Bond funds with AUM/Net Assets > 1,000 Crore.

Fund	NAV	Net Assets (Cr)	Min Investment	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
Aditya Birla Sun Life Savings Fund Growth	₹558.157 ↑ 0.26	₹21,521	1,000	1.5	3.6	7.8	7.5	7.9	6.76%	5M 8D	6M 11D
UTI Ultra Short Term Fund Growth	₹4,306.07 ↑ 2.25	₹4,181	5,000	1.4	3.2	7	6.9	7.2	6.4%	4M 28D	5M 19D
ICICI Prudential Ultra Short Term Fund Growth	₹28.1783 ↑ 0.01	₹16,980	5,000	1.5	3.5	7.4	7.2	7.5	6.66%	4M 20D	7M 2D
SBI Magnum Ultra Short Duration Fund Growth	₹6,074.49 ↑ 2.91	₹15,525	5,000	1.5	3.4	7.3	7.2	7.4	6.22%	5M 8D	6M
Invesco India Ultra Short Term Fund Growth	₹2,740.84 ↑ 1.23	₹1,330	5,000	1.4	3.3	7.2	7	7.5	6.35%	5M 16D	5M 28D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	Aditya Birla Sun Life Savings Fund	UTI Ultra Short Term Fund	ICICI Prudential Ultra Short Term Fund	SBI Magnum Ultra Short Duration Fund	Invesco India Ultra Short Term Fund
Point 1	Highest AUM (₹21,521 Cr).	Bottom quartile AUM (₹4,181 Cr).	Upper mid AUM (₹16,980 Cr).	Lower mid AUM (₹15,525 Cr).	Bottom quartile AUM (₹1,330 Cr).
Point 2	Established history (22+ yrs).	Established history (22+ yrs).	Established history (14+ yrs).	Oldest track record among peers (26 yrs).	Established history (14+ yrs).
Point 3	Top rated.	Rating: 4★ (upper mid).	Rating: 3★ (lower mid).	Rating: 3★ (bottom quartile).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: Moderately Low.	Risk profile: Moderately Low.	Risk profile: Moderate.	Risk profile: Low.	Risk profile: Moderate.
Point 5	1Y return: 7.84% (top quartile).	1Y return: 6.98% (bottom quartile).	1Y return: 7.40% (upper mid).	1Y return: 7.26% (lower mid).	1Y return: 7.19% (bottom quartile).
Point 6	1M return: 0.56% (upper mid).	1M return: 0.51% (bottom quartile).	1M return: 0.56% (top quartile).	1M return: 0.55% (lower mid).	1M return: 0.51% (bottom quartile).
Point 7	Sharpe: 3.66 (top quartile).	Sharpe: 1.96 (bottom quartile).	Sharpe: 2.88 (upper mid).	Sharpe: 2.74 (bottom quartile).	Sharpe: 2.79 (lower 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): 6.76% (top quartile).	Yield to maturity (debt): 6.40% (lower mid).	Yield to maturity (debt): 6.66% (upper mid).	Yield to maturity (debt): 6.22% (bottom quartile).	Yield to maturity (debt): 6.35% (bottom quartile).
Point 10	Modified duration: 0.44 yrs (lower mid).	Modified duration: 0.41 yrs (upper mid).	Modified duration: 0.39 yrs (top quartile).	Modified duration: 0.44 yrs (bottom quartile).	Modified duration: 0.46 yrs (bottom quartile).

Aditya Birla Sun Life Savings Fund

Highest AUM (₹21,521 Cr).
Established history (22+ yrs).
Top rated.
Risk profile: Moderately Low.
1Y return: 7.84% (top quartile).
1M return: 0.56% (upper mid).
Sharpe: 3.66 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.76% (top quartile).
Modified duration: 0.44 yrs (lower mid).

UTI Ultra Short Term Fund

Bottom quartile AUM (₹4,181 Cr).
Established history (22+ yrs).
Rating: 4★ (upper mid).
Risk profile: Moderately Low.
1Y return: 6.98% (bottom quartile).
1M return: 0.51% (bottom quartile).
Sharpe: 1.96 (bottom quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.40% (lower mid).
Modified duration: 0.41 yrs (upper mid).

ICICI Prudential Ultra Short Term Fund

Upper mid AUM (₹16,980 Cr).
Established history (14+ yrs).
Rating: 3★ (lower mid).
Risk profile: Moderate.
1Y return: 7.40% (upper mid).
1M return: 0.56% (top quartile).
Sharpe: 2.88 (upper mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.66% (upper mid).
Modified duration: 0.39 yrs (top quartile).

SBI Magnum Ultra Short Duration Fund

Lower mid AUM (₹15,525 Cr).
Oldest track record among peers (26 yrs).
Rating: 3★ (bottom quartile).
Risk profile: Low.
1Y return: 7.26% (lower mid).
1M return: 0.55% (lower mid).
Sharpe: 2.74 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.22% (bottom quartile).
Modified duration: 0.44 yrs (bottom quartile).

Invesco India Ultra Short Term Fund

Bottom quartile AUM (₹1,330 Cr).
Established history (14+ yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.19% (bottom quartile).
1M return: 0.51% (bottom quartile).
Sharpe: 2.79 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.35% (bottom quartile).
Modified duration: 0.46 yrs (bottom quartile).

Top and Best Floating Rate Mutual Funds

Fund	NAV	Net Assets (Cr)	Min Investment	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
Aditya Birla Sun Life Floating Rate Fund - Long Term Growth	₹354.229 ↑ 0.28	₹13,518	1,000	1.4	3.7	8	7.7	7.9	6.75%	9M 22D	1Y 8M 8D
Nippon India Floating Rate Fund Growth	₹46.0496 ↑ 0.05	₹8,225	5,000	1.3	3.9	8.3	7.9	8.2	6.88%	2Y 6M 4D	3Y 4M 28D
ICICI Prudential Floating Interest Fund Growth	₹431.645 ↑ 0.31	₹7,370	5,000	1.4	3.7	7.7	7.7	8	7.34%	1Y 2M 1D	4Y 18D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 3 Funds showcased

Commentary	Aditya Birla Sun Life Floating Rate Fund - Long Term	Nippon India Floating Rate Fund	ICICI Prudential Floating Interest Fund
Point 1	Highest AUM (₹13,518 Cr).	Lower mid AUM (₹8,225 Cr).	Bottom quartile AUM (₹7,370 Cr).
Point 2	Established history (16+ yrs).	Oldest track record among peers (21 yrs).	Established history (19+ yrs).
Point 3	Top rated.	Rating: 3★ (lower mid).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: Moderately Low.	Risk profile: Moderately Low.	Risk profile: Moderate.
Point 5	1Y return: 8.01% (lower mid).	1Y return: 8.34% (upper mid).	1Y return: 7.74% (bottom quartile).
Point 6	1M return: 0.60% (lower mid).	1M return: 0.78% (upper mid).	1M return: 0.52% (bottom quartile).
Point 7	Sharpe: 2.34 (upper mid).	Sharpe: 1.49 (bottom quartile).	Sharpe: 1.69 (lower mid).
Point 8	Information ratio: 0.00 (upper mid).	Information ratio: 0.00 (lower mid).	Information ratio: 0.00 (bottom quartile).
Point 9	Yield to maturity (debt): 6.75% (bottom quartile).	Yield to maturity (debt): 6.88% (lower mid).	Yield to maturity (debt): 7.34% (upper mid).
Point 10	Modified duration: 0.81 yrs (upper mid).	Modified duration: 2.51 yrs (bottom quartile).	Modified duration: 1.17 yrs (lower mid).

Aditya Birla Sun Life Floating Rate Fund - Long Term

Highest AUM (₹13,518 Cr).
Established history (16+ yrs).
Top rated.
Risk profile: Moderately Low.
1Y return: 8.01% (lower mid).
1M return: 0.60% (lower mid).
Sharpe: 2.34 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.75% (bottom quartile).
Modified duration: 0.81 yrs (upper mid).

Nippon India Floating Rate Fund

Lower mid AUM (₹8,225 Cr).
Oldest track record among peers (21 yrs).
Rating: 3★ (lower mid).
Risk profile: Moderately Low.
1Y return: 8.34% (upper mid).
1M return: 0.78% (upper mid).
Sharpe: 1.49 (bottom quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.88% (lower mid).
Modified duration: 2.51 yrs (bottom quartile).

ICICI Prudential Floating Interest Fund

Bottom quartile AUM (₹7,370 Cr).
Established history (19+ yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.74% (bottom quartile).
1M return: 0.52% (bottom quartile).
Sharpe: 1.69 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.34% (upper mid).
Modified duration: 1.17 yrs (lower mid).

Top 5 Best Money Market Mutual Funds

Fund	NAV	Net Assets (Cr)	Min Investment	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
Aditya Birla Sun Life Money Manager Fund Growth	₹376.873 ↑ 0.18	₹27,665	1,000	1.5	3.6	7.7	7.6	7.8	6.24%	5M 12D	5M 12D
UTI Money Market Fund Growth	₹3,141.13 ↑ 1.53	₹19,496	10,000	1.5	3.6	7.8	7.6	7.7	6.22%	5M 27D	5M 28D
ICICI Prudential Money Market Fund Growth	₹386.49 ↑ 0.18	₹37,137	500	1.4	3.6	7.8	7.6	7.7	6.17%	5M 1D	5M 11D
Kotak Money Market Scheme Growth	₹4,573.04 ↑ 2.23	₹35,644	5,000	1.4	3.5	7.7	7.5	7.7	6.23%	5M 16D	5M 19D
Franklin India Savings Fund Growth	₹51.0876 ↑ 0.02	₹3,865	10,000	1.4	3.6	7.8	7.5	7.7	6.08%	5M 26D	6M 7D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	Aditya Birla Sun Life Money Manager Fund	UTI Money Market Fund	ICICI Prudential Money Market Fund	Kotak Money Market Scheme	Franklin India Savings Fund
Point 1	Lower mid AUM (₹27,665 Cr).	Bottom quartile AUM (₹19,496 Cr).	Highest AUM (₹37,137 Cr).	Upper mid AUM (₹35,644 Cr).	Bottom quartile AUM (₹3,865 Cr).
Point 2	Established history (19+ yrs).	Established history (16+ yrs).	Established history (19+ yrs).	Established history (22+ yrs).	Oldest track record among peers (23 yrs).
Point 3	Top rated.	Rating: 4★ (upper mid).	Rating: 4★ (lower mid).	Rating: 4★ (bottom quartile).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Low.	Risk profile: Moderately Low.
Point 5	1Y return: 7.73% (bottom quartile).	1Y return: 7.81% (top quartile).	1Y return: 7.76% (lower mid).	1Y return: 7.70% (bottom quartile).	1Y return: 7.76% (upper mid).
Point 6	1M return: 0.54% (upper mid).	1M return: 0.54% (top quartile).	1M return: 0.53% (bottom quartile).	1M return: 0.53% (lower mid).	1M return: 0.52% (bottom quartile).
Point 7	Sharpe: 3.32 (top quartile).	Sharpe: 3.22 (upper mid).	Sharpe: 3.02 (bottom quartile).	Sharpe: 3.03 (lower mid).	Sharpe: 2.97 (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): 6.24% (top quartile).	Yield to maturity (debt): 6.22% (lower mid).	Yield to maturity (debt): 6.17% (bottom quartile).	Yield to maturity (debt): 6.23% (upper mid).	Yield to maturity (debt): 6.08% (bottom quartile).
Point 10	Modified duration: 0.45 yrs (upper mid).	Modified duration: 0.49 yrs (bottom quartile).	Modified duration: 0.42 yrs (top quartile).	Modified duration: 0.46 yrs (lower mid).	Modified duration: 0.49 yrs (bottom quartile).

Aditya Birla Sun Life Money Manager Fund

Lower mid AUM (₹27,665 Cr).
Established history (19+ yrs).
Top rated.
Risk profile: Low.
1Y return: 7.73% (bottom quartile).
1M return: 0.54% (upper mid).
Sharpe: 3.32 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.24% (top quartile).
Modified duration: 0.45 yrs (upper mid).

UTI Money Market Fund

Bottom quartile AUM (₹19,496 Cr).
Established history (16+ yrs).
Rating: 4★ (upper mid).
Risk profile: Low.
1Y return: 7.81% (top quartile).
1M return: 0.54% (top quartile).
Sharpe: 3.22 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.22% (lower mid).
Modified duration: 0.49 yrs (bottom quartile).

ICICI Prudential Money Market Fund

Highest AUM (₹37,137 Cr).
Established history (19+ yrs).
Rating: 4★ (lower mid).
Risk profile: Low.
1Y return: 7.76% (lower mid).
1M return: 0.53% (bottom quartile).
Sharpe: 3.02 (bottom quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.17% (bottom quartile).
Modified duration: 0.42 yrs (top quartile).

Kotak Money Market Scheme

Upper mid AUM (₹35,644 Cr).
Established history (22+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Low.
1Y return: 7.70% (bottom quartile).
1M return: 0.53% (lower mid).
Sharpe: 3.03 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.23% (upper mid).
Modified duration: 0.46 yrs (lower mid).

Franklin India Savings Fund

Bottom quartile AUM (₹3,865 Cr).
Oldest track record among peers (23 yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 7.76% (upper mid).
1M return: 0.52% (bottom quartile).
Sharpe: 2.97 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.08% (bottom quartile).
Modified duration: 0.49 yrs (bottom quartile).

Top 5 Short Term Bond Mutual Funds

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
Nippon India Short Term Fund Growth	₹53.7658 ↑ 0.07	₹8,935	1.2	3.8	8.3	7.7	8	7.04%	2Y 6M 18D	3Y 2M 19D
ICICI Prudential Short Term Fund Growth	₹61.2335 ↑ 0.04	₹22,339	1.3	3.7	8.2	7.8	7.8	7.27%	2Y 7M 10D	4Y 10M 20D
Aditya Birla Sun Life Short Term Opportunities Fund Growth	₹48.3743 ↑ 0.05	₹10,711	1.2	3.5	8	7.5	7.9	7.16%	2Y 8M 1D	3Y 6M 4D
UTI Short Term Income Fund Growth	₹32.2564 ↑ 0.03	₹3,251	1.1	3.5	7.8	7.5	7.9	6.82%	2Y 6M 11D	3Y 2M 19D
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	Nippon India Short Term Fund	ICICI Prudential Short Term Fund	Aditya Birla Sun Life Short Term Opportunities Fund	UTI Short Term Income Fund
Point 1	Bottom quartile AUM (₹28 Cr).	Lower mid AUM (₹8,935 Cr).	Highest AUM (₹22,339 Cr).	Upper mid AUM (₹10,711 Cr).	Bottom quartile AUM (₹3,251 Cr).
Point 2	Established history (22+ yrs).	Established history (22+ yrs).	Oldest track record among peers (23 yrs).	Established history (22+ yrs).	Established history (18+ 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: Moderately Low.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 6.08% (bottom quartile).	1Y return: 8.30% (top quartile).	1Y return: 8.15% (upper mid).	1Y return: 7.96% (lower mid).	1Y return: 7.76% (bottom quartile).
Point 6	1M return: 0.43% (bottom quartile).	1M return: 0.86% (top quartile).	1M return: 0.69% (bottom quartile).	1M return: 0.72% (upper mid).	1M return: 0.72% (lower mid).
Point 7	Sharpe: -0.98 (bottom quartile).	Sharpe: 1.26 (upper mid).	Sharpe: 1.43 (top quartile).	Sharpe: 1.18 (bottom quartile).	Sharpe: 1.20 (lower 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% (upper mid).	Yield to maturity (debt): 7.04% (bottom quartile).	Yield to maturity (debt): 7.27% (top quartile).	Yield to maturity (debt): 7.16% (lower mid).	Yield to maturity (debt): 6.82% (bottom quartile).
Point 10	Modified duration: 1.66 yrs (top quartile).	Modified duration: 2.55 yrs (lower mid).	Modified duration: 2.61 yrs (bottom quartile).	Modified duration: 2.67 yrs (bottom quartile).	Modified duration: 2.53 yrs (upper mid).

PGIM India Short Maturity Fund

Bottom quartile AUM (₹28 Cr).
Established history (22+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 6.08% (bottom quartile).
1M return: 0.43% (bottom quartile).
Sharpe: -0.98 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.18% (upper mid).
Modified duration: 1.66 yrs (top quartile).

Nippon India Short Term Fund

Lower mid AUM (₹8,935 Cr).
Established history (22+ yrs).
Rating: 4★ (upper mid).
Risk profile: Moderately Low.
1Y return: 8.30% (top quartile).
1M return: 0.86% (top quartile).
Sharpe: 1.26 (upper mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.04% (bottom quartile).
Modified duration: 2.55 yrs (lower mid).

ICICI Prudential Short Term Fund

Highest AUM (₹22,339 Cr).
Oldest track record among peers (23 yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
1Y return: 8.15% (upper mid).
1M return: 0.69% (bottom quartile).
Sharpe: 1.43 (top quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 7.27% (top quartile).
Modified duration: 2.61 yrs (bottom quartile).

Aditya Birla Sun Life Short Term Opportunities Fund

Upper mid AUM (₹10,711 Cr).
Established history (22+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.96% (lower mid).
1M return: 0.72% (upper mid).
Sharpe: 1.18 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.16% (lower mid).
Modified duration: 2.67 yrs (bottom quartile).

UTI Short Term Income Fund

Bottom quartile AUM (₹3,251 Cr).
Established history (18+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.76% (bottom quartile).
1M return: 0.72% (lower mid).
Sharpe: 1.20 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.82% (bottom quartile).
Modified duration: 2.53 yrs (upper mid).

Top 5 Medium to Long Term Bond Mutual Funds

Top Medium to Long Term Bond funds with AUM/Net Assets > 500 Crore.

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
SBI Magnum Income Fund Growth	₹71.251 ↑ 0.10	₹1,970	0.5	2.2	6.2	7.5	8.1	7.32%	6Y 2M 5D	10Y 1M 24D
ICICI Prudential Bond Fund Growth	₹40.5574 ↑ 0.02	₹2,857	0.3	2.3	7.1	7.9	8.6	7.34%	5Y 8M 1D	15Y 9M 25D
Aditya Birla Sun Life Income Fund Growth	₹126.158 ↑ 0.13	₹2,025	0.3	1.5	5.6	7.2	8.4	7.37%	6Y 7M 13D	14Y 22D
HDFC Income Fund Growth	₹58.5836 ↑ 0.08	₹941	0.3	1.7	5.9	7.3	9	6.9%	6Y 6M 4D	12Y 2M 16D
Kotak Bond Fund Growth	₹77.2745 ↑ 0.11	₹2,061	0.3	1.9	5.6	7.1	8.2	6.96%	6Y 8M 5D	13Y 3M 18D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	SBI Magnum Income Fund	ICICI Prudential Bond Fund	Aditya Birla Sun Life Income Fund	HDFC Income Fund	Kotak Bond Fund
Point 1	Bottom quartile AUM (₹1,970 Cr).	Highest AUM (₹2,857 Cr).	Lower mid AUM (₹2,025 Cr).	Bottom quartile AUM (₹941 Cr).	Upper mid AUM (₹2,061 Cr).
Point 2	Established history (26+ yrs).	Established history (17+ yrs).	Oldest track record among peers (29 yrs).	Established history (25+ yrs).	Established history (25+ yrs).
Point 3	Top rated.	Rating: 3★ (upper mid).	Rating: 3★ (lower mid).	Rating: 2★ (bottom quartile).	Rating: 2★ (bottom quartile).
Point 4	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 6.23% (upper mid).	1Y return: 7.10% (top quartile).	1Y return: 5.63% (bottom quartile).	1Y return: 5.91% (lower mid).	1Y return: 5.62% (bottom quartile).
Point 6	1M return: 1.11% (bottom quartile).	1M return: 0.97% (bottom quartile).	1M return: 1.14% (lower mid).	1M return: 1.14% (upper mid).	1M return: 1.25% (top quartile).
Point 7	Sharpe: -0.12 (upper mid).	Sharpe: 0.20 (top quartile).	Sharpe: -0.22 (lower mid).	Sharpe: -0.22 (bottom quartile).	Sharpe: -0.34 (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): 7.32% (lower mid).	Yield to maturity (debt): 7.34% (upper mid).	Yield to maturity (debt): 7.37% (top quartile).	Yield to maturity (debt): 6.90% (bottom quartile).	Yield to maturity (debt): 6.96% (bottom quartile).
Point 10	Modified duration: 6.18 yrs (upper mid).	Modified duration: 5.67 yrs (top quartile).	Modified duration: 6.62 yrs (bottom quartile).	Modified duration: 6.51 yrs (lower mid).	Modified duration: 6.68 yrs (bottom quartile).

SBI Magnum Income Fund

Bottom quartile AUM (₹1,970 Cr).
Established history (26+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 6.23% (upper mid).
1M return: 1.11% (bottom quartile).
Sharpe: -0.12 (upper mid).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.32% (lower mid).
Modified duration: 6.18 yrs (upper mid).

ICICI Prudential Bond Fund

Highest AUM (₹2,857 Cr).
Established history (17+ yrs).
Rating: 3★ (upper mid).
Risk profile: Moderate.
1Y return: 7.10% (top quartile).
1M return: 0.97% (bottom quartile).
Sharpe: 0.20 (top quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.34% (upper mid).
Modified duration: 5.67 yrs (top quartile).

Aditya Birla Sun Life Income Fund

Lower mid AUM (₹2,025 Cr).
Oldest track record among peers (29 yrs).
Rating: 3★ (lower mid).
Risk profile: Moderate.
1Y return: 5.63% (bottom quartile).
1M return: 1.14% (lower mid).
Sharpe: -0.22 (lower mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 7.37% (top quartile).
Modified duration: 6.62 yrs (bottom quartile).

HDFC Income Fund

Bottom quartile AUM (₹941 Cr).
Established history (25+ yrs).
Rating: 2★ (bottom quartile).
Risk profile: Moderate.
1Y return: 5.91% (lower mid).
1M return: 1.14% (upper mid).
Sharpe: -0.22 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.90% (bottom quartile).
Modified duration: 6.51 yrs (lower mid).

Kotak Bond Fund

Upper mid AUM (₹2,061 Cr).
Established history (25+ yrs).
Rating: 2★ (bottom quartile).
Risk profile: Moderate.
1Y return: 5.62% (bottom quartile).
1M return: 1.25% (top quartile).
Sharpe: -0.34 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.96% (bottom quartile).
Modified duration: 6.68 yrs (bottom quartile).

Top 5 Banking and PSU Debt Mutual Funds

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
UTI Banking & PSU Debt Fund Growth	₹22.3386 ↑ 0.02	₹813	1.3	3.9	8.1	7.6	7.6	6.61%	1Y 8M 12D	1Y 11M 8D
HDFC Banking and PSU Debt Fund Growth	₹23.3619 ↑ 0.03	₹5,890	0.9	3.3	7.7	7.4	7.9	6.94%	3Y 5M 5D	4Y 11M 19D
ICICI Prudential Banking and PSU Debt Fund Growth	₹33.2508 ↑ 0.03	₹9,788	1.1	3.3	7.9	7.6	7.9	6.98%	3Y 2M 12D	6Y 11D
Aditya Birla Sun Life Banking & PSU Debt Fund Growth	₹372.302 ↑ 0.44	₹9,180	0.9	3.2	7.7	7.5	7.9	7.05%	3Y 9M 29D	5Y 3M 11D
Kotak Banking and PSU Debt fund Growth	₹66.4021 ↑ 0.09	₹5,795	0.9	3.3	7.6	7.5	8	7.02%	3Y 4M 10D	5Y 7M 17D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	UTI Banking & PSU Debt Fund	HDFC Banking and PSU Debt Fund	ICICI Prudential Banking and PSU Debt Fund	Aditya Birla Sun Life Banking & PSU Debt Fund	Kotak Banking and PSU Debt fund
Point 1	Bottom quartile AUM (₹813 Cr).	Lower mid AUM (₹5,890 Cr).	Highest AUM (₹9,788 Cr).	Upper mid AUM (₹9,180 Cr).	Bottom quartile AUM (₹5,795 Cr).
Point 2	Established history (11+ yrs).	Established history (11+ yrs).	Established history (15+ yrs).	Established history (17+ yrs).	Oldest track record among peers (26 yrs).
Point 3	Top rated.	Rating: 5★ (upper mid).	Rating: 4★ (lower mid).	Rating: 4★ (bottom quartile).	Rating: 4★ (bottom quartile).
Point 4	Risk profile: Moderate.	Risk profile: Moderately Low.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderately Low.
Point 5	1Y return: 8.08% (top quartile).	1Y return: 7.69% (lower mid).	1Y return: 7.95% (upper mid).	1Y return: 7.65% (bottom quartile).	1Y return: 7.63% (bottom quartile).
Point 6	1M return: 0.72% (bottom quartile).	1M return: 0.77% (lower mid).	1M return: 0.72% (bottom quartile).	1M return: 0.82% (top quartile).	1M return: 0.80% (upper mid).
Point 7	Sharpe: 1.46 (top quartile).	Sharpe: 0.73 (bottom quartile).	Sharpe: 0.98 (upper mid).	Sharpe: 0.73 (bottom quartile).	Sharpe: 0.75 (lower 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): 6.61% (bottom quartile).	Yield to maturity (debt): 6.94% (bottom quartile).	Yield to maturity (debt): 6.98% (lower mid).	Yield to maturity (debt): 7.05% (top quartile).	Yield to maturity (debt): 7.02% (upper mid).
Point 10	Modified duration: 1.70 yrs (top quartile).	Modified duration: 3.43 yrs (bottom quartile).	Modified duration: 3.20 yrs (upper mid).	Modified duration: 3.83 yrs (bottom quartile).	Modified duration: 3.36 yrs (lower mid).

UTI Banking & PSU Debt Fund

Bottom quartile AUM (₹813 Cr).
Established history (11+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 8.08% (top quartile).
1M return: 0.72% (bottom quartile).
Sharpe: 1.46 (top quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 6.61% (bottom quartile).
Modified duration: 1.70 yrs (top quartile).

HDFC Banking and PSU Debt Fund

Lower mid AUM (₹5,890 Cr).
Established history (11+ yrs).
Rating: 5★ (upper mid).
Risk profile: Moderately Low.
1Y return: 7.69% (lower mid).
1M return: 0.77% (lower mid).
Sharpe: 0.73 (bottom quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.94% (bottom quartile).
Modified duration: 3.43 yrs (bottom quartile).

ICICI Prudential Banking and PSU Debt Fund

Highest AUM (₹9,788 Cr).
Established history (15+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
1Y return: 7.95% (upper mid).
1M return: 0.72% (bottom quartile).
Sharpe: 0.98 (upper mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.98% (lower mid).
Modified duration: 3.20 yrs (upper mid).

Aditya Birla Sun Life Banking & PSU Debt Fund

Upper mid AUM (₹9,180 Cr).
Established history (17+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 7.65% (bottom quartile).
1M return: 0.82% (top quartile).
Sharpe: 0.73 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.05% (top quartile).
Modified duration: 3.83 yrs (bottom quartile).

Kotak Banking and PSU Debt fund

Bottom quartile AUM (₹5,795 Cr).
Oldest track record among peers (26 yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 7.63% (bottom quartile).
1M return: 0.80% (upper mid).
Sharpe: 0.75 (lower mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.02% (upper mid).
Modified duration: 3.36 yrs (lower mid).

Top 5 Credit Risk Mutual Funds

Top Credit Risk funds with AUM/Net Assets > 500 Crore.

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
SBI Credit Risk Fund Growth	₹46.4741 ↑ 0.02	₹2,210	1.5	3.8	8.4	8.2	8.1	8.17%	2Y 2M 26D	3Y 18D
HDFC Credit Risk Debt Fund Growth	₹24.5323 ↑ 0.03	₹6,967	1.6	3.9	8	7.7	8.2	8.11%	2Y 4M 10D	3Y 8M 5D
Kotak Credit Risk Fund Growth	₹30.2374 ↑ 0.06	₹687	2.3	5.1	9	7.6	7.1	8.03%	2Y 4M 28D	3Y 4D
Nippon India Credit Risk Fund Growth	₹35.7768 ↑ 0.04	₹990	1.9	4.5	9.2	8.4	8.3	8.28%	1Y 11M 12D	2Y 3M 25D
ICICI Prudential Regular Savings Fund Growth	₹32.6271 ↑ 0.04	₹6,013	2.3	4.9	9.2	8.4	8.5	8.07%	2Y 1M 24D	3Y 3M 7D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	SBI Credit Risk Fund	HDFC Credit Risk Debt Fund	Kotak Credit Risk Fund	Nippon India Credit Risk Fund	ICICI Prudential Regular Savings Fund
Point 1	Lower mid AUM (₹2,210 Cr).	Highest AUM (₹6,967 Cr).	Bottom quartile AUM (₹687 Cr).	Bottom quartile AUM (₹990 Cr).	Upper mid AUM (₹6,013 Cr).
Point 2	Oldest track record among peers (21 yrs).	Established history (11+ yrs).	Established history (15+ yrs).	Established history (20+ yrs).	Established history (14+ yrs).
Point 3	Top rated.	Rating: 4★ (upper mid).	Rating: 3★ (lower mid).	Rating: 2★ (bottom quartile).	Rating: 1★ (bottom quartile).
Point 4	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderately Low.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 8.37% (bottom quartile).	1Y return: 7.96% (bottom quartile).	1Y return: 8.99% (lower mid).	1Y return: 9.23% (top quartile).	1Y return: 9.20% (upper mid).
Point 6	1M return: 0.78% (bottom quartile).	1M return: 0.96% (lower mid).	1M return: 1.50% (top quartile).	1M return: 0.80% (bottom quartile).	1M return: 1.30% (upper mid).
Point 7	Sharpe: 1.72 (lower mid).	Sharpe: 1.12 (bottom quartile).	Sharpe: 0.31 (bottom quartile).	Sharpe: 2.73 (top quartile).	Sharpe: 1.90 (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): 8.17% (upper mid).	Yield to maturity (debt): 8.11% (lower mid).	Yield to maturity (debt): 8.03% (bottom quartile).	Yield to maturity (debt): 8.28% (top quartile).	Yield to maturity (debt): 8.07% (bottom quartile).
Point 10	Modified duration: 2.24 yrs (lower mid).	Modified duration: 2.36 yrs (bottom quartile).	Modified duration: 2.41 yrs (bottom quartile).	Modified duration: 1.95 yrs (top quartile).	Modified duration: 2.15 yrs (upper mid).

SBI Credit Risk Fund

Lower mid AUM (₹2,210 Cr).
Oldest track record among peers (21 yrs).
Top rated.
Risk profile: Moderate.
1Y return: 8.37% (bottom quartile).
1M return: 0.78% (bottom quartile).
Sharpe: 1.72 (lower mid).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 8.17% (upper mid).
Modified duration: 2.24 yrs (lower mid).

HDFC Credit Risk Debt Fund

Highest AUM (₹6,967 Cr).
Established history (11+ yrs).
Rating: 4★ (upper mid).
Risk profile: Moderate.
1Y return: 7.96% (bottom quartile).
1M return: 0.96% (lower mid).
Sharpe: 1.12 (bottom quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 8.11% (lower mid).
Modified duration: 2.36 yrs (bottom quartile).

Kotak Credit Risk Fund

Bottom quartile AUM (₹687 Cr).
Established history (15+ yrs).
Rating: 3★ (lower mid).
Risk profile: Moderately Low.
1Y return: 8.99% (lower mid).
1M return: 1.50% (top quartile).
Sharpe: 0.31 (bottom quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 8.03% (bottom quartile).
Modified duration: 2.41 yrs (bottom quartile).

Nippon India Credit Risk Fund

Bottom quartile AUM (₹990 Cr).
Established history (20+ yrs).
Rating: 2★ (bottom quartile).
Risk profile: Moderate.
1Y return: 9.23% (top quartile).
1M return: 0.80% (bottom quartile).
Sharpe: 2.73 (top quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 8.28% (top quartile).
Modified duration: 1.95 yrs (top quartile).

ICICI Prudential Regular Savings Fund

Upper mid AUM (₹6,013 Cr).
Established history (14+ yrs).
Rating: 1★ (bottom quartile).
Risk profile: Moderate.
1Y return: 9.20% (upper mid).
1M return: 1.30% (upper mid).
Sharpe: 1.90 (upper mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 8.07% (bottom quartile).
Modified duration: 2.15 yrs (upper mid).

Top 5 Dynamic Bond Mutual Funds

Top Dynamic Bond funds with AUM/Net Assets > 500 Crore.

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
SBI Dynamic Bond Fund Growth	₹35.9832 ↑ 0.02	₹3,965	0.7	1.8	5.5	7.6	8.6	7.04%	6Y 2M 16D	11Y 14D
Aditya Birla Sun Life Dynamic Bond Fund Growth	₹46.8755 ↑ 0.07	₹1,918	0.7	2.4	6.9	7.8	8.8	7.66%	5Y 10M 28D	10Y 9M 25D
Axis Dynamic Bond Fund Growth	₹29.9221 ↑ 0.04	₹1,213	0.5	2.3	6.7	7.8	8.6	6.89%	5Y 2M 19D	9Y 11M 5D
HDFC Dynamic Debt Fund Growth	₹89.933 ↑ 0.15	₹795	0.2	1.2	5	7	8.5	7.16%	7Y 10M 2D	21Y 1M 17D
Bandhan Dynamic Bond Fund Growth	₹33.8567 ↑ 0.05	₹2,727	0	-0.4	2.7	7	10	7.08%	8Y 11M 23D	14Y 7M 2D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	SBI Dynamic Bond Fund	Aditya Birla Sun Life Dynamic Bond Fund	Axis Dynamic Bond Fund	HDFC Dynamic Debt Fund	Bandhan Dynamic Bond Fund
Point 1	Highest AUM (₹3,965 Cr).	Lower mid AUM (₹1,918 Cr).	Bottom quartile AUM (₹1,213 Cr).	Bottom quartile AUM (₹795 Cr).	Upper mid AUM (₹2,727 Cr).
Point 2	Established history (21+ yrs).	Established history (21+ yrs).	Established history (14+ yrs).	Oldest track record among peers (28 yrs).	Established history (16+ yrs).
Point 3	Top rated.	Rating: 3★ (upper mid).	Rating: 3★ (lower mid).	Rating: 3★ (bottom quartile).	Rating: 3★ (bottom quartile).
Point 4	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 5.53% (lower mid).	1Y return: 6.89% (top quartile).	1Y return: 6.68% (upper mid).	1Y return: 5.01% (bottom quartile).	1Y return: 2.69% (bottom quartile).
Point 6	1M return: 0.96% (bottom quartile).	1M return: 1.02% (bottom quartile).	1M return: 1.14% (lower mid).	1M return: 1.46% (upper mid).	1M return: 1.52% (top quartile).
Point 7	Sharpe: -0.16 (lower mid).	Sharpe: 0.22 (top quartile).	Sharpe: 0.12 (upper mid).	Sharpe: -0.50 (bottom quartile).	Sharpe: -0.74 (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): 7.04% (bottom quartile).	Yield to maturity (debt): 7.66% (top quartile).	Yield to maturity (debt): 6.89% (bottom quartile).	Yield to maturity (debt): 7.16% (upper mid).	Yield to maturity (debt): 7.08% (lower mid).
Point 10	Modified duration: 6.21 yrs (lower mid).	Modified duration: 5.91 yrs (upper mid).	Modified duration: 5.22 yrs (top quartile).	Modified duration: 7.84 yrs (bottom quartile).	Modified duration: 8.98 yrs (bottom quartile).

SBI Dynamic Bond Fund

Highest AUM (₹3,965 Cr).
Established history (21+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 5.53% (lower mid).
1M return: 0.96% (bottom quartile).
Sharpe: -0.16 (lower mid).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.04% (bottom quartile).
Modified duration: 6.21 yrs (lower mid).

Aditya Birla Sun Life Dynamic Bond Fund

Lower mid AUM (₹1,918 Cr).
Established history (21+ yrs).
Rating: 3★ (upper mid).
Risk profile: Moderate.
1Y return: 6.89% (top quartile).
1M return: 1.02% (bottom quartile).
Sharpe: 0.22 (top quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.66% (top quartile).
Modified duration: 5.91 yrs (upper mid).

Axis Dynamic Bond Fund

Bottom quartile AUM (₹1,213 Cr).
Established history (14+ yrs).
Rating: 3★ (lower mid).
Risk profile: Moderate.
1Y return: 6.68% (upper mid).
1M return: 1.14% (lower mid).
Sharpe: 0.12 (upper mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.89% (bottom quartile).
Modified duration: 5.22 yrs (top quartile).

HDFC Dynamic Debt Fund

Bottom quartile AUM (₹795 Cr).
Oldest track record among peers (28 yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderate.
1Y return: 5.01% (bottom quartile).
1M return: 1.46% (upper mid).
Sharpe: -0.50 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.16% (upper mid).
Modified duration: 7.84 yrs (bottom quartile).

Bandhan Dynamic Bond Fund

Upper mid AUM (₹2,727 Cr).
Established history (16+ yrs).
Rating: 3★ (bottom quartile).
Risk profile: Moderate.
1Y return: 2.69% (bottom quartile).
1M return: 1.52% (top quartile).
Sharpe: -0.74 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.08% (lower mid).
Modified duration: 8.98 yrs (bottom quartile).

Top 5 Corporate Bond Mutual Funds

Top Corporate Bond funds with AUM/Net Assets > 500 Crore.

Fund	NAV	Net Assets (Cr)	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	2024 (%)	Debt Yield (YTM)	Mod. Duration	Eff. Maturity
HDFC Corporate Bond Fund Growth	₹33.0498 ↑ 0.04	₹35,700	1	3.2	7.7	7.9	8.6	7.06%	4Y 2M 1D	4Y 4M 28D
Aditya Birla Sun Life Corporate Bond Fund Growth	₹114.603 ↑ 0.14	₹28,109	1	3.1	7.7	7.9	8.5	7.21%	4Y 8M 8D	7Y 3M
Nippon India Prime Debt Fund Growth	₹61.0554 ↑ 0.08	₹10,042	1.1	3.6	8.3	8	8.4	6.81%	3Y 6M 7D	4Y 7M 20D
ICICI Prudential Corporate Bond Fund Growth	₹30.3572 ↑ 0.03	₹33,574	1.2	3.6	8.2	7.9	8	7%	3Y 18D	5Y 9M 18D
Kotak Corporate Bond Fund Standard Growth	₹3,841.17 ↑ 4.60	₹17,612	1.1	3.7	8.1	7.8	8.3	7.01%	3Y 3M	5Y 1M 6D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	HDFC Corporate Bond Fund	Aditya Birla Sun Life Corporate Bond Fund	Nippon India Prime Debt Fund	ICICI Prudential Corporate Bond Fund	Kotak Corporate Bond Fund Standard
Point 1	Highest AUM (₹35,700 Cr).	Lower mid AUM (₹28,109 Cr).	Bottom quartile AUM (₹10,042 Cr).	Upper mid AUM (₹33,574 Cr).	Bottom quartile AUM (₹17,612 Cr).
Point 2	Established history (15+ yrs).	Oldest track record among peers (28 yrs).	Established history (25+ yrs).	Established history (16+ yrs).	Established history (18+ yrs).
Point 3	Top rated.	Rating: 5★ (upper mid).	Rating: 4★ (lower mid).	Rating: 4★ (bottom quartile).	Rating: 4★ (bottom quartile).
Point 4	Risk profile: Moderately Low.	Risk profile: Moderately Low.	Risk profile: Moderately Low.	Risk profile: Moderately Low.	Risk profile: Moderately Low.
Point 5	1Y return: 7.74% (bottom quartile).	1Y return: 7.72% (bottom quartile).	1Y return: 8.28% (top quartile).	1Y return: 8.22% (upper mid).	1Y return: 8.14% (lower mid).
Point 6	1M return: 0.85% (upper mid).	1M return: 0.89% (top quartile).	1M return: 0.83% (bottom quartile).	1M return: 0.76% (bottom quartile).	1M return: 0.85% (lower mid).
Point 7	Sharpe: 0.68 (bottom quartile).	Sharpe: 0.66 (bottom quartile).	Sharpe: 1.00 (lower mid).	Sharpe: 1.36 (top quartile).	Sharpe: 1.05 (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): 7.06% (upper mid).	Yield to maturity (debt): 7.21% (top quartile).	Yield to maturity (debt): 6.81% (bottom quartile).	Yield to maturity (debt): 7.00% (bottom quartile).	Yield to maturity (debt): 7.01% (lower mid).
Point 10	Modified duration: 4.17 yrs (bottom quartile).	Modified duration: 4.69 yrs (bottom quartile).	Modified duration: 3.52 yrs (lower mid).	Modified duration: 3.05 yrs (top quartile).	Modified duration: 3.25 yrs (upper mid).

HDFC Corporate Bond Fund

Highest AUM (₹35,700 Cr).
Established history (15+ yrs).
Top rated.
Risk profile: Moderately Low.
1Y return: 7.74% (bottom quartile).
1M return: 0.85% (upper mid).
Sharpe: 0.68 (bottom quartile).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.06% (upper mid).
Modified duration: 4.17 yrs (bottom quartile).

Aditya Birla Sun Life Corporate Bond Fund

Lower mid AUM (₹28,109 Cr).
Oldest track record among peers (28 yrs).
Rating: 5★ (upper mid).
Risk profile: Moderately Low.
1Y return: 7.72% (bottom quartile).
1M return: 0.89% (top quartile).
Sharpe: 0.66 (bottom quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 7.21% (top quartile).
Modified duration: 4.69 yrs (bottom quartile).

Nippon India Prime Debt Fund

Bottom quartile AUM (₹10,042 Cr).
Established history (25+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderately Low.
1Y return: 8.28% (top quartile).
1M return: 0.83% (bottom quartile).
Sharpe: 1.00 (lower mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.81% (bottom quartile).
Modified duration: 3.52 yrs (lower mid).

ICICI Prudential Corporate Bond Fund

Upper mid AUM (₹33,574 Cr).
Established history (16+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 8.22% (upper mid).
1M return: 0.76% (bottom quartile).
Sharpe: 1.36 (top quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.00% (bottom quartile).
Modified duration: 3.05 yrs (top quartile).

Kotak Corporate Bond Fund Standard

Bottom quartile AUM (₹17,612 Cr).
Established history (18+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 8.14% (lower mid).
1M return: 0.85% (lower mid).
Sharpe: 1.05 (upper mid).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.01% (lower mid).
Modified duration: 3.25 yrs (upper mid).

Top 5 Gilt Mutual Funds

Top GILT funds with AUM/Net Assets > 500 Crore.

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	₹103.845 ↑ 0.02	₹9,145	0.5	2.5	7.4	7.9	8.2	7.21%	6Y 2M 5D	17Y 1M 28D
SBI Magnum Constant Maturity Fund Growth	₹64.334 ↑ 0.09	₹1,882	0.2	2.5	7.1	8.4	9.1	6.87%	6Y 8M 1D	9Y 5M 26D
SBI Magnum Gilt Fund Growth	₹66.339 ↑ 0.08	₹11,322	0.3	0.8	5	7.7	8.9	7.12%	9Y 4M 13D	19Y 10M 6D
UTI Gilt Fund Growth	₹62.9075 ↑ 0.06	₹565	-0.2	0.7	4.9	7.2	8.9	7.27%	9Y 10M 13D	26Y 4D
Nippon India Gilt Securities Fund Growth	₹38.0386 ↑ 0.06	₹1,869	-0.2	0.2	4.2	7	8.9	7.24%	9Y 1M 2D	21Y 10M 28D
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 3 Oct 25

Research Highlights & Commentary of 5 Funds showcased

Commentary	ICICI Prudential Gilt Fund	SBI Magnum Constant Maturity Fund	SBI Magnum Gilt Fund	UTI Gilt Fund	Nippon India Gilt Securities Fund
Point 1	Upper mid AUM (₹9,145 Cr).	Lower mid AUM (₹1,882 Cr).	Highest AUM (₹11,322 Cr).	Bottom quartile AUM (₹565 Cr).	Bottom quartile AUM (₹1,869 Cr).
Point 2	Oldest track record among peers (26 yrs).	Established history (24+ yrs).	Established history (24+ yrs).	Established history (23+ yrs).	Established history (17+ 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: Moderately Low.	Risk profile: Moderate.	Risk profile: Moderate.	Risk profile: Moderate.
Point 5	1Y return: 7.36% (top quartile).	1Y return: 7.14% (upper mid).	1Y return: 5.04% (lower mid).	1Y return: 4.92% (bottom quartile).	1Y return: 4.23% (bottom quartile).
Point 6	1M return: 1.04% (bottom quartile).	1M return: 1.01% (bottom quartile).	1M return: 1.41% (upper mid).	1M return: 1.34% (lower mid).	1M return: 1.58% (top quartile).
Point 7	Sharpe: 0.13 (upper mid).	Sharpe: 0.17 (top quartile).	Sharpe: -0.41 (lower mid).	Sharpe: -0.44 (bottom quartile).	Sharpe: -0.58 (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): 7.21% (lower mid).	Yield to maturity (debt): 6.87% (bottom quartile).	Yield to maturity (debt): 7.12% (bottom quartile).	Yield to maturity (debt): 7.27% (top quartile).	Yield to maturity (debt): 7.24% (upper mid).
Point 10	Modified duration: 6.18 yrs (top quartile).	Modified duration: 6.67 yrs (upper mid).	Modified duration: 9.37 yrs (bottom quartile).	Modified duration: 9.87 yrs (bottom quartile).	Modified duration: 9.09 yrs (lower mid).

ICICI Prudential Gilt Fund

Upper mid AUM (₹9,145 Cr).
Oldest track record among peers (26 yrs).
Top rated.
Risk profile: Moderate.
1Y return: 7.36% (top quartile).
1M return: 1.04% (bottom quartile).
Sharpe: 0.13 (upper mid).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.21% (lower mid).
Modified duration: 6.18 yrs (top quartile).

SBI Magnum Constant Maturity Fund

Lower mid AUM (₹1,882 Cr).
Established history (24+ yrs).
Rating: 4★ (upper mid).
Risk profile: Moderately Low.
1Y return: 7.14% (upper mid).
1M return: 1.01% (bottom quartile).
Sharpe: 0.17 (top quartile).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 6.87% (bottom quartile).
Modified duration: 6.67 yrs (upper mid).

SBI Magnum Gilt Fund

Highest AUM (₹11,322 Cr).
Established history (24+ yrs).
Rating: 4★ (lower mid).
Risk profile: Moderate.
1Y return: 5.04% (lower mid).
1M return: 1.41% (upper mid).
Sharpe: -0.41 (lower mid).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 7.12% (bottom quartile).
Modified duration: 9.37 yrs (bottom quartile).

UTI Gilt Fund

Bottom quartile AUM (₹565 Cr).
Established history (23+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 4.92% (bottom quartile).
1M return: 1.34% (lower mid).
Sharpe: -0.44 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.27% (top quartile).
Modified duration: 9.87 yrs (bottom quartile).

Nippon India Gilt Securities Fund

Bottom quartile AUM (₹1,869 Cr).
Established history (17+ yrs).
Rating: 4★ (bottom quartile).
Risk profile: Moderate.
1Y return: 4.23% (bottom quartile).
1M return: 1.58% (top quartile).
Sharpe: -0.58 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.24% (upper mid).
Modified duration: 9.09 yrs (lower mid).

1. Axis Credit Risk Fund

(Erstwhile Axis Fixed Income Opportunities Fund)

To generate stable returns by investing in debt & money market instruments across the yield curve & credit spectrum. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns

Research Highlights for Axis Credit Risk Fund

Bottom quartile AUM (₹366 Cr).
Established history (11+ yrs).
Top rated.
Risk profile: Moderate.
1Y return: 8.75% (top quartile).
1M return: 0.99% (top quartile).
Sharpe: 2.16 (upper mid).
Information ratio: 0.00 (top quartile).
Yield to maturity (debt): 7.93% (top quartile).
Modified duration: 2.30 yrs (bottom quartile).
Average maturity: 2.76 yrs (bottom quartile).
Exit load: 0-12 Months (1%),12 Months and above(NIL).
Top sector: Real Estate.
Higher exposure to Corporate (bond sector) vs peer median.
Debt-heavy allocation (~86%).
High-quality debt (AAA/AA ~86%).
Largest holding Jubilant Bevco Limited (~4.3%).

Below is the key information for Axis Credit Risk Fund

Axis Credit Risk Fund Growth
Launch Date	15 Jul 14
NAV (03 Oct 25)	₹21.8996 ↑ 0.02 (0.11 %)
Net Assets (Cr)	₹366 on 15 Sep 25
Category	Debt - Credit Risk
AMC	Axis Asset Management Company Limited
Rating	☆☆☆☆☆
Risk	Moderate
Expense Ratio	1.57
Sharpe Ratio	2.16
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	7.93%
Effective Maturity	2 Years 9 Months 4 Days
Modified Duration	2 Years 3 Months 18 Days

Growth of 10,000 investment over the years.

Date	Value
30 Sep 20	₹10,000
30 Sep 21	₹10,749
30 Sep 22	₹11,109
30 Sep 23	₹11,878
30 Sep 24	₹12,830
30 Sep 25	₹13,928

Axis Credit Risk 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 Credit Risk Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 3 Oct 25

Duration	Returns
1 Month	1%
3 Month	1.9%
6 Month	4.4%
1 Year	8.7%
3 Year	7.9%
5 Year	6.9%
10 Year
15 Year
Since launch	7.2%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	8%
2023	7%
2022	4%
2021	6%
2020	8.2%
2019	4.4%
2018	5.9%
2017	6.4%
2016	9.8%
2015	8.7%

Fund Manager information for Axis Credit Risk Fund

Name	Since	Tenure
Devang Shah	15 Jul 14	11.14 Yr.
Akhil Thakker	9 Nov 21	3.81 Yr.

Data below for Axis Credit Risk Fund as on 15 Sep 25

Asset Allocation

Asset Class	Value
Cash	10.15%
Equity	3.04%
Debt	86.32%
Other	0.48%

Debt Sector Allocation

Sector	Value
Corporate	75.38%
Cash Equivalent	10.15%
Government	8.21%
Securitized	2.73%

Credit Quality

Rating	Value
A	14.32%
AA	57.78%
AAA	27.9%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Jubilant Bevco Limited Debentures \| -	4%	₹16 Cr	1,500
Aditya Birla Renewables Limited Debentures \| -	4%	₹15 Cr	1,500
Nirma Limited Debentures \| -	4%	₹15 Cr	1,500
Narayana Hrudayalaya Limited Debentures \| -	4%	₹15 Cr	1,500
Infopark Properties Limited Debentures \| -	4%	₹15 Cr	1,500
Aditya Birla Digital Fashion Ventures Limited Debentures \| -	4%	₹15 Cr	1,500
Delhi International Airport Limited Debentures \| -	4%	₹15 Cr	150
Altius Telecom Infrastructure Trust Debentures \| -	4%	₹15 Cr	1,500
7.18% Govt Stock 2033 Sovereign Bonds \| -	3%	₹12 Cr	1,200,000
Vedanta Limited Debentures \| -	3%	₹12 Cr	1,200

2. PGIM India Credit Risk Fund

(Erstwhile DHFL Pramerica Credit Opportunities Fund)

The investment objective of the Scheme is to generate income and capital appreciation by investing predominantly in corporate debt. There can be no assurance that the investment objective of the Scheme will be realized.

Research Highlights for PGIM India Credit Risk Fund

Bottom quartile AUM (₹39 Cr).
Established history (11+ yrs).
Rating: 5★ (upper mid).
Risk profile: Moderate.
1Y return: 8.43% (upper mid).
1M return: 0.27% (bottom quartile).
Sharpe: 1.73 (lower mid).
Information ratio: 0.00 (upper mid).
Yield to maturity (debt): 5.01% (bottom quartile).
Modified duration: 0.54 yrs (upper mid).
Average maturity: 0.59 yrs (upper mid).
Exit load: 0-1 Years (1%),1 Years and above(NIL).

Below is the key information for PGIM India Credit Risk Fund

PGIM India Credit Risk Fund Growth
Launch Date	29 Sep 14
NAV (21 Jan 22)	₹15.5876 ↑ 0.00 (0.01 %)
Net Assets (Cr)	₹39 on 31 Dec 21
Category	Debt - Credit Risk
AMC	Pramerica Asset Managers Private Limited
Rating	☆☆☆☆☆
Risk	Moderate
Expense Ratio	1.85
Sharpe Ratio	1.73
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	5.01%
Effective Maturity	7 Months 2 Days
Modified Duration	6 Months 14 Days

Growth of 10,000 investment over the years.

Date	Value
30 Sep 20	₹10,000
30 Sep 21	₹11,160

PGIM India Credit Risk Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹194,235.
Net Profit of ₹14,235 Invest Now

Returns for PGIM India Credit Risk Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 3 Oct 25

Duration	Returns
1 Month	0.3%
3 Month	0.6%
6 Month	4.4%
1 Year	8.4%
3 Year	3%
5 Year	4.2%
10 Year
15 Year
Since launch	6.3%

Historical performance (Yearly) on absolute basis

Year	Returns
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015

Fund Manager information for PGIM India Credit Risk Fund

Name	Since	Tenure

Data below for PGIM India Credit Risk Fund as on 31 Dec 21

Asset Allocation

Asset Class	Value

Debt Sector Allocation

Sector	Value

Credit Quality

Rating	Value

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity

3. UTI Banking & PSU Debt Fund

The investment objective of the scheme is to generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of predominantly debt & money market securities by Banks and Public Sector Undertakings (PSUs).

Research Highlights for UTI Banking & PSU Debt Fund

Lower mid AUM (₹813 Cr).
Established history (11+ yrs).
Rating: 5★ (lower mid).
Risk profile: Moderate.
1Y return: 8.08% (lower mid).
1M return: 0.72% (lower mid).
Sharpe: 1.46 (bottom quartile).
Information ratio: 0.00 (lower mid).
Yield to maturity (debt): 6.61% (bottom quartile).
Modified duration: 1.70 yrs (lower mid).
Average maturity: 1.94 yrs (lower mid).
Exit load: NIL.
Top bond sector: Corporate.
Debt-heavy allocation (~94%).
High-quality debt (AAA/AA ~100%).
Largest holding 7.38% Govt Stock 2027 (~11.4%).

Below is the key information for UTI Banking & PSU Debt Fund

UTI Banking & PSU Debt Fund Growth
Launch Date	3 Feb 14
NAV (03 Oct 25)	₹22.3386 ↑ 0.02 (0.10 %)
Net Assets (Cr)	₹813 on 31 Aug 25
Category	Debt - Banking & PSU Debt
AMC	UTI Asset Management Company Ltd
Rating	☆☆☆☆☆
Risk	Moderate
Expense Ratio	0.54
Sharpe Ratio	1.46
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	500
Exit Load	NIL
Yield to Maturity	6.61%
Effective Maturity	1 Year 11 Months 8 Days
Modified Duration	1 Year 8 Months 12 Days

Growth of 10,000 investment over the years.

Date	Value
30 Sep 20	₹10,000
30 Sep 21	₹10,397
30 Sep 22	₹11,347
30 Sep 23	₹12,110
30 Sep 24	₹13,056
30 Sep 25	₹14,094

UTI Banking & PSU Debt Fund SIP Returns

Total investment amount is ₹180,000
expected amount after 3 Years is ₹203,125.
Net Profit of ₹23,125 Invest Now

Returns for UTI Banking & PSU 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 3 Oct 25

Duration	Returns
1 Month	0.7%
3 Month	1.3%
6 Month	3.9%
1 Year	8.1%
3 Year	7.6%
5 Year	7.1%
10 Year
15 Year
Since launch	7.1%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.6%
2023	6.7%
2022	10.3%
2021	2.8%
2020	8.9%
2019	-1%
2018	6.8%
2017	6.4%
2016	11.7%
2015	8.6%

Fund Manager information for UTI Banking & PSU Debt Fund

Name	Since	Tenure
Anurag Mittal	1 Dec 21	3.75 Yr.

Data below for UTI Banking & PSU Debt Fund as on 31 Aug 25

Asset Allocation

Asset Class	Value
Cash	5.26%
Debt	94.41%
Other	0.33%

Debt Sector Allocation

Sector	Value
Corporate	54.74%
Government	39.67%
Cash Equivalent	5.26%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
7.38% Govt Stock 2027 Sovereign Bonds \| -	11%	₹92 Cr	900,000,000
Axis Bank Limited Debentures \| -	7%	₹55 Cr	550
Export Import Bank Of India Debentures \| -	6%	₹51 Cr	5,000
Small Industries Development Bank Of India Debentures \| -	6%	₹51 Cr	5,000
Power Finance Corporation Limited Debentures \| -	5%	₹41 Cr	400
Rural Electrification Corporation Limited Debentures \| -	4%	₹36 Cr	3,500
National Housing Bank Debentures \| -	4%	₹36 Cr	3,500
HDFC Bank Limited Debentures \| -	4%	₹35 Cr	350
Indian Railway Finance Corporation Limited Debentures \| -	4%	₹31 Cr	300
National Bank For Agriculture And Rural Development Debentures \| -	4%	₹30 Cr	3,000

4. Aditya Birla Sun Life Savings Fund

The primary objective of the schemes is to generate regular income through investments in debt and money market instruments. Income maybe generated through the receipt of coupon payments or the purchase and sale of securities in the underlying portfolio. The schemes will under normal market conditions, invest its net assets in fixed income securities, money market instruments, cash and cash equivalents.

Research Highlights for Aditya Birla Sun Life Savings Fund

Upper mid AUM (₹21,521 Cr).
Oldest track record among peers (22 yrs).
Rating: 5★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 7.84% (bottom quartile).
1M return: 0.56% (bottom quartile).
Sharpe: 3.66 (top quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 6.76% (lower mid).
Modified duration: 0.44 yrs (top quartile).
Average maturity: 0.53 yrs (top quartile).
Exit load: NIL.
Higher exposure to Financial Services vs peer median.
Top bond sector: Corporate.
Conservative stance with elevated cash (~44%).
High-quality debt (AAA/AA ~100%).
Largest holding Shriram Finance Limited (~2.8%).

Below is the key information for Aditya Birla Sun Life Savings Fund

Aditya Birla Sun Life Savings Fund Growth
Launch Date	16 Apr 03
NAV (03 Oct 25)	₹558.157 ↑ 0.26 (0.05 %)
Net Assets (Cr)	₹21,521 on 31 Aug 25
Category	Debt - Ultrashort Bond
AMC	Birla Sun Life Asset Management Co Ltd
Rating	☆☆☆☆☆
Risk	Moderately Low
Expense Ratio	0.55
Sharpe Ratio	3.66
Information Ratio	0
Alpha Ratio	0
Min Investment	1,000
Min SIP Investment	1,000
Exit Load	NIL
Yield to Maturity	6.76%
Effective Maturity	6 Months 11 Days
Modified Duration	5 Months 8 Days

Growth of 10,000 investment over the years.

Date	Value
30 Sep 20	₹10,000
30 Sep 21	₹10,435
30 Sep 22	₹10,856
30 Sep 23	₹11,624
30 Sep 24	₹12,503
30 Sep 25	₹13,481

Aditya Birla Sun Life Savings 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 Aditya Birla Sun Life Savings Fund

Returns up to 1 year are on absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 3 Oct 25

Duration	Returns
1 Month	0.6%
3 Month	1.5%
6 Month	3.6%
1 Year	7.8%
3 Year	7.5%
5 Year	6.2%
10 Year
15 Year
Since launch	7.4%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	7.9%
2023	7.2%
2022	4.8%
2021	3.9%
2020	7%
2019	8.5%
2018	7.6%
2017	7.2%
2016	9.2%
2015	8.9%

Fund Manager information for Aditya Birla Sun Life Savings Fund

Name	Since	Tenure
Sunaina Cunha	20 Jun 14	11.21 Yr.
Kaustubh Gupta	15 Jul 11	14.14 Yr.
Monika Gandhi	22 Mar 21	4.45 Yr.

Data below for Aditya Birla Sun Life Savings Fund as on 31 Aug 25

Asset Allocation

Asset Class	Value
Cash	43.9%
Debt	55.85%
Other	0.25%

Debt Sector Allocation

Sector	Value
Corporate	58.06%
Cash Equivalent	25.58%
Government	16.11%

Credit Quality

Rating	Value
AA	30.25%
AAA	69.75%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
Shriram Finance Limited Debentures \| -	3%	₹614 Cr	60,000
Nirma Limited Debentures \| -	2%	₹487 Cr	48,500
07.22 GJ Sdl 2028 Sovereign Bonds \| -	2%	₹377 Cr	37,500,000
Mankind Pharma Limited Debentures \| -	2%	₹348 Cr	34,500
National Bank For Agriculture And Rural Development Debentures \| -	2%	₹341 Cr	3,400 ↑ 250
Bharti Telecom Limited Debentures \| -	1%	₹321 Cr	3,200
Avanse Financial Services Limited Debentures \| -	1%	₹301 Cr	30,000
Power Finance Corporation Limited Debentures \| -	1%	₹298 Cr	30,000
ICICI Home Finance Company Limited Debentures \| -	1%	₹271 Cr	27,000
Bharti Telecom Limited Debentures \| -	1%	₹261 Cr	2,600

5. HDFC Corporate Bond Fund

(Erstwhile HDFC Medium Term Opportunities Fund)

To generate regular income through investments in Debt/ Money Market Instruments and Government Securities with maturities not exceeding 60 months.

Research Highlights for HDFC Corporate Bond Fund

Highest AUM (₹35,700 Cr).
Established history (15+ yrs).
Rating: 5★ (bottom quartile).
Risk profile: Moderately Low.
1Y return: 7.74% (bottom quartile).
1M return: 0.85% (upper mid).
Sharpe: 0.68 (bottom quartile).
Information ratio: 0.00 (bottom quartile).
Yield to maturity (debt): 7.06% (upper mid).
Modified duration: 4.17 yrs (bottom quartile).
Average maturity: 4.41 yrs (bottom quartile).
Exit load: NIL.
Top bond sector: Corporate.
Debt-heavy allocation (~97%).
High-quality debt (AAA/AA ~100%).
Largest holding 6.92% Govt Stock 2039 (~5.9%).

Below is the key information for HDFC Corporate Bond Fund

HDFC Corporate Bond Fund Growth
Launch Date	29 Jun 10
NAV (03 Oct 25)	₹33.0498 ↑ 0.04 (0.13 %)
Net Assets (Cr)	₹35,700 on 31 Aug 25
Category	Debt - Corporate Bond
AMC	HDFC Asset Management Company Limited
Rating	☆☆☆☆☆
Risk	Moderately Low
Expense Ratio	0.6
Sharpe Ratio	0.68
Information Ratio	0
Alpha Ratio	0
Min Investment	5,000
Min SIP Investment	300
Exit Load	NIL
Yield to Maturity	7.06%
Effective Maturity	4 Years 4 Months 28 Days
Modified Duration	4 Years 2 Months 1 Day

Growth of 10,000 investment over the years.

Date	Value
30 Sep 20	₹10,000
30 Sep 21	₹10,623
30 Sep 22	₹10,869
30 Sep 23	₹11,663
30 Sep 24	₹12,648
30 Sep 25	₹13,603

HDFC Corporate 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 HDFC Corporate 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 3 Oct 25

Duration	Returns
1 Month	0.8%
3 Month	1%
6 Month	3.2%
1 Year	7.7%
3 Year	7.9%
5 Year	6.4%
10 Year
15 Year
Since launch	8.1%

Historical performance (Yearly) on absolute basis

Year	Returns
2024	8.6%
2023	7.2%
2022	3.3%
2021	3.9%
2020	11.8%
2019	10.3%
2018	6.5%
2017	6.5%
2016	10.6%
2015	8.6%

Fund Manager information for HDFC Corporate Bond Fund

Name	Since	Tenure
Anupam Joshi	27 Oct 15	9.85 Yr.
Dhruv Muchhal	22 Jun 23	2.2 Yr.

Data below for HDFC Corporate Bond Fund as on 31 Aug 25

Asset Allocation

Asset Class	Value
Cash	3.12%
Debt	96.61%
Other	0.28%

Debt Sector Allocation

Sector	Value
Corporate	56.94%
Government	37.7%
Cash Equivalent	3.12%
Securitized	1.96%

Credit Quality

Rating	Value
AAA	100%

Top Securities Holdings / Portfolio

Name	Holding	Value	Quantity
6.92% Govt Stock 2039 Sovereign Bonds \| -	6%	₹2,088 Cr	207,500,000 ↓ -19,000,000
Bajaj Finance Limited Debentures \| -	3%	₹1,125 Cr	112,500
7.81% Govt Stock 2033 Sovereign Bonds \| -	3%	₹922 Cr	89,000,000
6.68% Govt Stock 2040 Sovereign Bonds \| -	2%	₹838 Cr	85,000,000 ↓ -5,000,000
State Bank Of India Debentures \| -	2%	₹796 Cr	800
HDFC Bank Limited Debentures \| -	1%	₹513 Cr	50,000
Small Industries Development Bank Of India Debentures \| -	1%	₹508 Cr	50,000
LIC Housing Finance Ltd Debentures \| -	1%	₹508 Cr	5,000
6.9% Govt Stock 2065 Sovereign Bonds \| -	1%	₹490 Cr	51,500,000 ↑ 1,500,000
6.99% Govt Stock 2034 Sovereign Bonds \| -	1%	₹485 Cr	47,500,000

How to Evaluate Best Debt Mutual Funds

In order to select the best debt funds you wish to invest in, it is necessary to consider some of the important parameters such as average maturity, credit quality, AUM, expense ratio, tax implication., etc. Let's have an in-depth look-

1. Average Maturity/Duration

Average maturity is an essential parameter in debt funds that is sometimes overlooked by investors, who tend to invest for a long period without considering the risks involved. Investors need to decide their debt fund investment based on its maturity period, Matching the time period of investment with the maturity period of the debt fund is a good way to ensure you don't end up taking unnecessary risk. Thus, it is advisable to know the average maturity of a debt fund, before investing, in order to aim for optimum risk returns in debt funds. Looking at the average maturity (duration is a similar factor) is important, for example, a liquid fund may have an average maturity of a couple of days to maybe a month, this would mean it is a great option for an investor who is looking to invest money for a couple of days. Similarly, if you are looking at the time frame of one-year Investment plan then, a short-term debt fund can be ideal.

2. Interest Rate Scenario

Understanding the market environment is very important in debt funds which are affected by interest rates and its fluctuations. When the interest rate rises in the economy, the bond price falls and vice-versa. Also, during the time when the interest rates rise, new bonds are issued in the market with a higher yield than the older bonds, making those older bonds of lower value. Therefore, investors are more attracted towards newer bonds in the market and also a re-pricing of older bonds takes place. In case a debt fund is having an exposure to such "older bonds" then when the interest rates rise, the NAV of the debt fund would be impacted negatively. Furthermore, as debt funds are exposed to interest rate fluctuations, it disturbs the prices of the underlying bonds in the fund portfolio. For instance, long-term debt funds are at a higher risk during times of rising interest rates. During this time making a short-term investment plan will lower your interest rate risks.

If one has good knowledge of interest rates and can monitor the same, one can even take advantage of this. In a falling interest rate market, long-term debt funds would be a good choice. However, during the times of rising interest rates then it would be wise to be in funds with shorter average maturities like short-term funds, Ultra Short Term fund or even liquid funds.

3. Current Yield or Portfolio Yield

The yield is a measure of the interest income generated by the bonds in the portfolio. Funds that invest in debt or bonds that have a higher coupon rate (or yield) would have a higher overall portfolio yield. The yield to maturity(ytm) of a debt mutual fund indicates the running yield of the fund. When comparing debt funds on the basis of YTM, one should also look at that fact that how is the extra yield being generated. Is this at the cost of as lower portfolio quality? Investing in not so good quality instruments has its own issues. You don't want to end up investing in a debt fund which has such bonds or securities that may default later on. So, always look at the portfolio yield and balance it off with the credit quality.

4. Credit Quality of Portfolio

In order to invest in best debt funds, checking the credit quality of the bonds and debt securities is an essential parameter. Bonds are assigned a credit rating by various agencies based on their ability to pay the money back. A bond with AAA rating is considered to be the best credit rating and also implies a safe and secure investment. If one truly wants safety and considers this as the paramount parameter in selecting the best debt fund, then getting into a fund with very high-quality debt instruments (AAA or AA+) may be the desired option.

5. Assets Under Management (AUM)

This is the foremost parameter to consider while choosing the best debt funds. AUM is the total amount invested in a particular scheme by all investors. Since, most Mutual Funds’ total AUM is invested in debt funds, investors need to select scheme assets that have a considerable AUM. Being in a fund which has a large exposure to corporates may be risky, since their withdrawals may be large which may affect the overall fund performance.

6. Expense Ratio

An important factor to be considered in debt funds is its expense ratio. A higher expense ratio creates a larger impact on the funds’ performance. For example, liquid funds have the lowest expense ratios which are up to 50 bps (BPS is a unit to measure interest rates wherein one bps is equal to 1/100th of 1%) whereas, other debt funds could charge up to 150 bps. So to make a choice between one debt mutual fund, it is important to consider the management fee or the fund running expense.

7. Taxation Impacts

Debt funds offer the benefit of long-term capital gains (more than 3 years) with indexation benefits. And the short term capital gains (less than 3 years) is taxed at 30%.

Things to consider as an investor

1. Fund Objectives

Debt Fund aims to earn optimal returns by maintaining a diversified portfolio of various types of securities. You can expect them to perform in a predictable manner. It is because of this reason, that debt funds are popular among conservative investors.

2. Fund Types

Debt funds are further divided into various categories like liquid funds, Monthly Income Plan (MIP), fixed maturity plans (FMP), dynamic bond funds, income funds, credit opportunities funds, GILT funds, short-term funds and ultra short-term funds.

3. Risks

Debt funds are basically exposed to interest rate risk, credit risk, and liquidity risk. The fund value may fluctuate due to the overall interest rate movements. There’s a risk of default in the payment of interest and principal by the issuer. Liquidity risk happens when the fund manager is unable to sell the underlying security due to lack of demand.

4. Cost

Debt funds charge an expense ratio to manage your money. Till now SEBI had mandated the upper limit of expense ratio to be 2.25% (Might change time to time with regulations.).

5. Investment Horizon

An investment of 3 months to 1 year would be ideal for liquid funds. If you have a longer horizon of say 2 to 3 years, you may go for short-term bond funds.

6. Financial Goals

Debt funds can be used to achieve a variety of goals like earning additional income or for purpose of liquidity.

How to Invest in Best Debt Funds Online?

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Conclusion

Debt funds are one of the best ways to invest your money and generate income on a regular basis by choosing the relevant product matching your risk profile. So, investors looking to generate steady income or take advantage of the debt markets, can consider the above best debt funds for 2025 - 2026 and start investing!_

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.