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Short Term Debt Funds or Short Duration Funds
As the name suggests, Short term debt funds, also known as short duration funds, are typically Debt Mutual Funds that invest money for a short duration, usually less than 3 years. Also known as Short Term Income Funds, Short term debt funds invest in debt instruments and money market instruments that include Bank papers (also called Certificate of Deposits), government papers(G-secs) and commercial papers (CPs). This Mutual Fund scheme is suitable for investors who prioritise Capital preservation, but also wish to invest for a predominantly longer period to earn good returns over the long term (between 1-3 years). Investors who are willing to invest for a short duration of 1-3 years can look at short term bond funds. Short term debt products can benefit from the interest Accruals in the debt Portfolio and from the tactical exposure to higher duration debt by the respective fund manager.
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Features of Short Duration (Short-Term) Debt Funds
Some of the prominent features of short term funds are:
Liquidity
The short term debt funds are highly liquid as the maturity period is short and the investments avenues allow liquidity. Usually, there are no entry and exit loads charged on these funds. However, some short term debt funds do charge an exit load if the exit is made in a few months. So, the investors are suggested to invest wisely considering all the parameters.
Returns
When it comes to investing in Mutual Funds, returns are what people actually look for. However, this should not be the only parameter while choosing a best short term Debt fund to invest. In the recent reports, RBI stated that the investors would earn better returns by Investing in short to mid-term funds that invest in instruments having a maturity between of one to five years. Generally, the fund managers handling such funds prefer investing in high credit rating securities. Thus, ensuring the least possibility of Default by the issuers providing safety to investors’ capital. Currently, short term debt funds with a maturity period of one-three years give annualised returns of 9-10% p.a. Investors should not just chase returns, but also look at the credit quality of the portfolio. If you are a conservative investor then it makes sense to ensure that give away some returns for the extra safety.
Interest Rate Risk
Given the short term nature of these funds, the returns are not much affected by Inflation and there is a lesser interest rate risk. Typically, short term debt funds generate income from the interest earned on short to medium term Bonds. This accrual income, meaning the accumulated interest, gets added to the Net Asset Value and becomes your final return. Since you know these funds provide steady income, therefore, the returns are less volatile as compared to other long-term income funds. Some short term funds do carry a bit of interest rate risk, this can be measured by a parameter called duration of the portfolio. One can even look at the average maturity of the portfolio. Both these parameters are available on the fact sheets of the scheme. Just remember a simple rule, higher the duration or maturity higher the interest rate risk! If interest rates fall, then this is positive, however, if rates rise, then the returns would be negatively impacted.
Investment Horizons
Short term debt funds do not invest in instruments that have a very long maturity as they try to maintain lower interest rate risk and offer better tax-adjusted returns. Since these funds provide stable returns in a time period of one to three years, investors should try to match the investment timeline with the average maturity of the fund. The instruments they invest in include money Market instruments like bonds, Commercial Paper and certificate of deposits etc.
Active Management Required
Being a short term investment, these funds do not require heavy active management by the fund manager. Once the portions of the portfolio are allotted, the need of actively managing (buying and selling units) the investments is lower, having said this the fund manager needs to ensure that interest rate views are incorporated and he/she is vigilant on the credit quality of the portfolio as well as new opportunities. Their aim to provide steady returns is achieved by ensuring regular active management of the fund.
Dividend Payout
Short term debt funds also offer an option of dividend payout. With this option, the investors can get dividends at regular interval mostly monthly and fortnightly. However, the dividends paid by these funds attract a DDT (Dividend Distribution Tax) of 25% for individual investors.
Benefits of Short Duration (Short-Term) Funds
- The short term bond funds have a shorter maturity so they generally offer safe and stable returns.
- The fluctuations in interest rates of the debt market have a marginal to the insignificant effect on the returns of short term debt funds.
- Being sensitive to changing the interest rate, short term bond funds usually perform better than other funds who are affected by the market fluctuations.
- The liquidity of these funds is high. So, the investors can easily withdraw their investment in case of emergencies.
- Typically, most of the best short term debt funds do not charge any fee for withdrawal. So, there is minimal to no exit load.
- Short term debt funds are tax efficient. The tax charged on the interest of these funds is much less than that of fixed bank deposits.
Top Short Duration (Short-Term) Debt Funds 2024
Some of the best short term debt funds include-
Fund NAV Net Assets (Cr) 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 2023 (%) Debt Yield (YTM) Mod. Duration Eff. Maturity Sundaram Short Term Debt Fund Growth ₹36.3802
↑ 0.01 ₹362 0.8 11.4 12.8 5.3 4.52% 1Y 2M 13D 1Y 7M 3D HDFC Short Term Debt Fund Growth ₹29.5898
↑ 0.01 ₹13,080 2.2 4.1 7.5 5.7 7.1 7.81% 2Y 9M 29D 4Y 22D ICICI Prudential Short Term Fund Growth ₹55.7025
↑ 0.02 ₹18,396 2 3.9 7.4 6.1 7.4 7.94% 2Y 2M 26D 4Y 3M 4D IDFC Bond Fund Short Term Plan Growth ₹52.8481
↑ 0.02 ₹8,737 2.2 3.8 7.2 5.2 6.9 7.57% 2Y 10M 6D 3Y 6M UTI Short Term Income Fund Growth ₹29.3997
↑ 0.02 ₹2,572 1.9 3.9 7.1 7.2 6.9 7.36% 2Y 8M 26D 2Y 9M 4D Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 31 Dec 21 Short Duration funds having AUM/Net Assets above 100 Crore. Sorted on Last 1 Year Return.
(Erstwhile Sundaram Select Debt Short Term Asset Fund) To earn regular income by investing primarily in fixed income
securities, which may be paid as dividend or reinvested at
the option of the investor. A secondary objective is to
attempt to keep the value of its units reasonably stable. Sundaram Short Term Debt Fund is a Debt - Short term Bond fund was launched on 5 Sep 02. It is a fund with Moderately Low risk and has given a Below is the key information for Sundaram Short Term Debt Fund Returns up to 1 year are on (Erstwhile HDFC Short Term Opportunities Fund) To generate regular income through investments in Debt/Money Market Instruments and Government Securities with maturities not exceeding 36 months. HDFC Short Term Debt Fund is a Debt - Short term Bond fund was launched on 25 Jun 10. It is a fund with Moderately Low risk and has given a Below is the key information for HDFC Short Term Debt Fund Returns up to 1 year are on To generate income through investments in a range of debt and money market instruments of various maturities with a view to maximising income while maintaining the optimum balance of yield, safety and liquidity. ICICI Prudential Short Term Fund is a Debt - Short term Bond fund was launched on 25 Oct 01. It is a fund with Moderate risk and has given a Below is the key information for ICICI Prudential Short Term Fund Returns up to 1 year are on (Erstwhile IDFC Super Saver Income Fund - Short Term Plan) The primary investment objective of the scheme is to seek to generate stable returns with a low-risk strategy by creating a portfolio that is invested in good quality fixed income & Money Market securities. However, there can be no assurance that the investment objectives of the scheme will be realized. IDFC Bond Fund Short Term Plan is a Debt - Short term Bond fund was launched on 14 Dec 00. It is a fund with Moderately Low risk and has given a Below is the key information for IDFC Bond Fund Short Term Plan Returns up to 1 year are on To generate steady and reasonable income with low risk and high level of liquidity from a portfolio of money market securities and high quality debt. UTI Short Term Income Fund is a Debt - Short term Bond fund was launched on 19 Sep 07. It is a fund with Moderate risk and has given a Below is the key information for UTI Short Term Income Fund Returns up to 1 year are on 1. Sundaram Short Term Debt Fund
CAGR/Annualized return of 6.9% since its launch. Ranked 56 in Short term Bond category. . Sundaram Short Term Debt Fund
Growth Launch Date 5 Sep 02 NAV (31 Dec 21) ₹36.3802 ↑ 0.01 (0.03 %) Net Assets (Cr) ₹362 on 30 Nov 21 Category Debt - Short term Bond AMC Sundaram Asset Management Company Ltd Rating ☆☆ Risk Moderately Low Expense Ratio 0.96 Sharpe Ratio 0.98 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 250 Exit Load NIL Yield to Maturity 4.52% Effective Maturity 1 Year 7 Months 3 Days Modified Duration 1 Year 2 Months 13 Days Growth of 10,000 investment over the years.
Date Value 30 Jun 19 ₹10,000 30 Jun 20 ₹10,475 30 Jun 21 ₹10,937 Returns for Sundaram Short Term Debt Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.2% 3 Month 0.8% 6 Month 11.4% 1 Year 12.8% 3 Year 5.3% 5 Year 5.6% 10 Year 15 Year Since launch 6.9% Historical performance (Yearly) on absolute basis
Year Returns 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Fund Manager information for Sundaram Short Term Debt Fund
Name Since Tenure Data below for Sundaram Short Term Debt Fund as on 30 Nov 21
Asset Allocation
Asset Class Value Debt Sector Allocation
Sector Value Credit Quality
Rating Value Top Securities Holdings / Portfolio
Name Holding Value Quantity 2. HDFC Short Term Debt Fund
CAGR/Annualized return of 8% since its launch. Ranked 30 in Short term Bond category. Return for 2023 was 7.1% , 2022 was 3.5% and 2021 was 3.9% . HDFC Short Term Debt Fund
Growth Launch Date 25 Jun 10 NAV (24 Jul 24) ₹29.5898 ↑ 0.01 (0.03 %) Net Assets (Cr) ₹13,080 on 30 Jun 24 Category Debt - Short term Bond AMC HDFC Asset Management Company Limited Rating ☆☆☆ Risk Moderately Low Expense Ratio 0.74 Sharpe Ratio 0.54 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 300 Exit Load NIL Yield to Maturity 7.81% Effective Maturity 4 Years 22 Days Modified Duration 2 Years 9 Months 29 Days Growth of 10,000 investment over the years.
Date Value 30 Jun 19 ₹10,000 30 Jun 20 ₹11,157 30 Jun 21 ₹11,855 30 Jun 22 ₹12,172 30 Jun 23 ₹13,016 30 Jun 24 ₹13,977 Returns for HDFC Short Term Debt Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 2.2% 6 Month 4.1% 1 Year 7.5% 3 Year 5.7% 5 Year 6.8% 10 Year 15 Year Since launch 8% Historical performance (Yearly) on absolute basis
Year Returns 2023 7.1% 2022 3.5% 2021 3.9% 2020 11% 2019 9.7% 2018 7% 2017 6.5% 2016 9.3% 2015 8.7% 2014 10.4% Fund Manager information for HDFC Short Term Debt Fund
Name Since Tenure Anil Bamboli 25 Jun 10 14.03 Yr. Dhruv Muchhal 22 Jun 23 1.03 Yr. Data below for HDFC Short Term Debt Fund as on 30 Jun 24
Asset Allocation
Asset Class Value Cash 6.11% Debt 93.61% Other 0.28% Debt Sector Allocation
Sector Value Corporate 51.79% Government 42.08% Cash Equivalent 5.54% Securitized 0.31% Credit Quality
Rating Value AA 13.59% AAA 86.41% Top Securities Holdings / Portfolio
Name Holding Value Quantity 7.18% Govt Stock 2033
Sovereign Bonds | -8% ₹1,066 Cr 105,500,000 7.72% Govt Stock 2028
Sovereign Bonds | -4% ₹517 Cr 51,500,000 7.26% Govt Stock 2032
Sovereign Bonds | -3% ₹350 Cr 34,500,000 7.1% Govt Stock 2034
Sovereign Bonds | -2% ₹252 Cr 25,000,000
↑ 15,000,000 Bajaj Housing Finance Limited
Debentures | -2% ₹251 Cr 25,000 National Bank for Agriculture and Rural Development
Domestic Bonds | -2% ₹251 Cr 25,000 Pipeline Infrastructure Ltd.
Debentures | -2% ₹222 Cr 22,000
↑ 12,500 TVS Credit Services Limited
Debentures | -1% ₹203 Cr 200 Small Industries Development Bank Of India
Debentures | -1% ₹201 Cr 20,000 Kotak Mahindra Investments Limited
Debentures | -1% ₹201 Cr 20,000 3. ICICI Prudential Short Term Fund
CAGR/Annualized return of 7.8% since its launch. Ranked 11 in Short term Bond category. Return for 2023 was 7.4% , 2022 was 4.7% and 2021 was 3.9% . ICICI Prudential Short Term Fund
Growth Launch Date 25 Oct 01 NAV (24 Jul 24) ₹55.7025 ↑ 0.02 (0.03 %) Net Assets (Cr) ₹18,396 on 15 Jul 24 Category Debt - Short term Bond AMC ICICI Prudential Asset Management Company Limited Rating ☆☆☆☆ Risk Moderate Expense Ratio 1.11 Sharpe Ratio 0.65 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load 0-7 Days (0.25%),7 Days and above(NIL) Yield to Maturity 7.94% Effective Maturity 4 Years 3 Months 4 Days Modified Duration 2 Years 2 Months 26 Days Growth of 10,000 investment over the years.
Date Value 30 Jun 19 ₹10,000 30 Jun 20 ₹11,125 30 Jun 21 ₹11,807 30 Jun 22 ₹12,147 30 Jun 23 ₹13,096 30 Jun 24 ₹14,058 Returns for ICICI Prudential Short Term Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 2% 6 Month 3.9% 1 Year 7.4% 3 Year 6.1% 5 Year 6.9% 10 Year 15 Year Since launch 7.8% Historical performance (Yearly) on absolute basis
Year Returns 2023 7.4% 2022 4.7% 2021 3.9% 2020 10.6% 2019 9.7% 2018 5.8% 2017 5.9% 2016 11.1% 2015 8% 2014 11.6% Fund Manager information for ICICI Prudential Short Term Fund
Name Since Tenure Manish Banthia 19 Nov 09 14.62 Yr. Nikhil Kabra 29 Dec 20 3.51 Yr. Data below for ICICI Prudential Short Term Fund as on 15 Jul 24
Asset Allocation
Asset Class Value Cash 13.61% Debt 86.13% Other 0.26% Debt Sector Allocation
Sector Value Corporate 57.68% Government 35.6% Cash Equivalent 6.43% Securitized 0.03% Credit Quality
Rating Value AA 20.36% AAA 79.64% Top Securities Holdings / Portfolio
Name Holding Value Quantity 8.34% Govt Stock 2033
Sovereign Bonds | -9% ₹1,648 Cr 160,908,750 7.18% Govt Stock 2033
Sovereign Bonds | -7% ₹1,311 Cr 129,781,710
↓ -16,750,000 8% Govt Stock 2034
Sovereign Bonds | -5% ₹915 Cr 91,074,740 7.06% Govt Stock 2028
Sovereign Bonds | -4% ₹656 Cr 65,354,250 7.1% Govt Stock 2034
Sovereign Bonds | -3% ₹579 Cr 57,477,030
↑ 16,750,000 Small Industries Development Bank Of India
Debentures | -2% ₹369 Cr 37,000 National Bank For Agriculture And Rural Development
Debentures | -2% ₹349 Cr 35,000 HDFC Bank Ltd.
Debentures | -2% ₹315 Cr 6,500 Small Industries Development Bank Of India
Debentures | -2% ₹300 Cr 3,000 LIC Housing Finance Limited
Debentures | -2% ₹300 Cr 3,000 4. IDFC Bond Fund Short Term Plan
CAGR/Annualized return of 7.3% since its launch. Ranked 47 in Short term Bond category. Return for 2023 was 6.9% , 2022 was 2.8% and 2021 was 3.4% . IDFC Bond Fund Short Term Plan
Growth Launch Date 14 Dec 00 NAV (24 Jul 24) ₹52.8481 ↑ 0.02 (0.04 %) Net Assets (Cr) ₹8,737 on 30 Jun 24 Category Debt - Short term Bond AMC IDFC Asset Management Company Limited Rating ☆☆ Risk Moderately Low Expense Ratio 0.77 Sharpe Ratio -0.08 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load NIL Yield to Maturity 7.57% Effective Maturity 3 Years 6 Months Modified Duration 2 Years 10 Months 6 Days Growth of 10,000 investment over the years.
Date Value 30 Jun 19 ₹10,000 30 Jun 20 ₹11,151 30 Jun 21 ₹11,661 30 Jun 22 ₹11,893 30 Jun 23 ₹12,673 30 Jun 24 ₹13,558 Returns for IDFC Bond Fund Short Term Plan
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.7% 3 Month 2.2% 6 Month 3.8% 1 Year 7.2% 3 Year 5.2% 5 Year 6.2% 10 Year 15 Year Since launch 7.3% Historical performance (Yearly) on absolute basis
Year Returns 2023 6.9% 2022 2.8% 2021 3.4% 2020 9.7% 2019 9.7% 2018 6.5% 2017 5.9% 2016 8.8% 2015 8.1% 2014 10.1% Fund Manager information for IDFC Bond Fund Short Term Plan
Name Since Tenure Suyash Choudhary 11 Mar 11 13.32 Yr. Sreejith Balasubramanian 31 Aug 23 0.84 Yr. Data below for IDFC Bond Fund Short Term Plan as on 30 Jun 24
Asset Allocation
Asset Class Value Cash 4.55% Debt 95.17% Other 0.28% Debt Sector Allocation
Sector Value Government 51.69% Corporate 45.34% Cash Equivalent 2.69% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity 7.32% Govt Stock 2030
Sovereign Bonds | -34% ₹2,971 Cr 292,300,000
↑ 83,100,000 Punjab National Bank
Domestic Bonds | -10% ₹837 Cr 90,000,000
↑ 90,000,000 Bajaj Housing Finance Ltd. 8.04%
Debentures | -5% ₹475 Cr 47,500,000 HDFC Bank Limited
Debentures | -4% ₹353 Cr 36,500,000 Indian Railway Finance Corporation Limited
Debentures | -4% ₹348 Cr 35,000,000
↑ 35,000,000 Bajaj Finance Limited
Debentures | -3% ₹299 Cr 30,000,000 7.17% Govt Stock 2030
Sovereign Bonds | -3% ₹277 Cr 27,500,000
↑ 10,000,000 Tata Capital Housing Finance Limited
Debentures | -3% ₹248 Cr 25,000,000 HDFC Bank Limited
Debentures | -3% ₹224 Cr 22,500,000 National Bank For Agriculture And Rural Development
Debentures | -2% ₹209 Cr 21,000,000 5. UTI Short Term Income Fund
CAGR/Annualized return of 6.6% since its launch. Ranked 10 in Short term Bond category. Return for 2023 was 6.9% , 2022 was 3.8% and 2021 was 8.4% . UTI Short Term Income Fund
Growth Launch Date 19 Sep 07 NAV (24 Jul 24) ₹29.3997 ↑ 0.02 (0.06 %) Net Assets (Cr) ₹2,572 on 30 Jun 24 Category Debt - Short term Bond AMC UTI Asset Management Company Ltd Rating ☆☆☆☆ Risk Moderate Expense Ratio 0.95 Sharpe Ratio 0.03 Information Ratio 0 Alpha Ratio 0 Min Investment 10,000 Min SIP Investment 500 Exit Load NIL Yield to Maturity 7.36% Effective Maturity 2 Years 9 Months 4 Days Modified Duration 2 Years 8 Months 26 Days Growth of 10,000 investment over the years.
Date Value 30 Jun 19 ₹10,000 30 Jun 20 ₹11,207 30 Jun 21 ₹11,786 30 Jun 22 ₹12,674 30 Jun 23 ₹13,535 30 Jun 24 ₹14,491 Returns for UTI Short Term Income Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 31 Dec 21 Duration Returns 1 Month 0.6% 3 Month 1.9% 6 Month 3.9% 1 Year 7.1% 3 Year 7.2% 5 Year 7.6% 10 Year 15 Year Since launch 6.6% Historical performance (Yearly) on absolute basis
Year Returns 2023 6.9% 2022 3.8% 2021 8.4% 2020 10.5% 2019 -3.9% 2018 6% 2017 6.1% 2016 10.1% 2015 8.3% 2014 10.9% Fund Manager information for UTI Short Term Income Fund
Name Since Tenure Sudhir Agarwal 25 Oct 12 11.69 Yr. Data below for UTI Short Term Income Fund as on 30 Jun 24
Asset Allocation
Asset Class Value Cash 22.14% Debt 77.61% Other 0.26% Debt Sector Allocation
Sector Value Corporate 68.8% Cash Equivalent 21.2% Government 9.75% Credit Quality
Rating Value AA 7.88% AAA 92.12% Top Securities Holdings / Portfolio
Name Holding Value Quantity ICICI Bank Ltd.
Debentures | -9% ₹238 Cr 2,500,000,000 National Bank For Agriculture And Rural Development
Debentures | -9% ₹226 Cr 22,500 National Housing Bank
Debentures | -8% ₹210 Cr 21,000
↑ 21,000 Small Industries Development Bank of India
Debentures | -8% ₹200 Cr 20,000 Union Bank of India
Domestic Bonds | -7% ₹190 Cr 2,000,000,000 LIC Housing Finance Limited
Debentures | -7% ₹175 Cr 1,750
↓ -500 Power Finance Corp Ltd.
Debentures | -7% ₹175 Cr 17,500
↑ 17,500 Kotak Mahindra Bank Ltd.
Debentures | -4% ₹95 Cr 1,000,000,000 Shriram Finance Limited
Debentures | -3% ₹70 Cr 7,000 Rural Electrification Corporation Limited
Debentures | -2% ₹56 Cr 5,500
Short Term Debt Fund Taxation
Tax implication on 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 |
Risks Involved with Short Term Mutual Funds
Alike all the financial securities, Short term debt funds have certain flaws as well. Some of the risks accompanying these funds include-
Risk of Rising Inflation
Short term debt funds are ideal having a short term financial goal of one to three years and not for long term. So, the investors who are looking for long term investments should invest in Equity Funds, which offers the benefits of rising inflation while yielding good returns.
Risk of Changing Interest Rates
The change in interest rate in the Economy has a little effect on short term debt funds, though the impact is very marginal. As the tenure of duration is short, the impact of interest rate changes in insignificant. However, investors should always look at the duration or maturity of the fund before making any conclusions. A high duration/maturity exposes the Fund to interest rate risk.
Risk of Credit
Usually, short term debt funds invest in instruments that have a high credit rating and have a safe track record. However, there are times when the asset managing company that is managing the fund defaults, the investor has to take the challenge of managing the risk on his own. So, the investors must keep this in mind and invest wisely. Hence, it is always advisable to look a getting into a fund with a good quality portfolio.
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.
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