Axis Strategic Bond Fund(An open ended medium term debt scheme investing in instruments such that the
Macaulay duration of the portfolio is between 3 years to 4 years)
Fixed Income Market Update
2
Key Rates
Repo Rate 4%
Reverse Repo Rate 3.35%
Marginal Standing Facility 4.25%
Source: RBI Governor’ statement, & RBI Monetary Policy dated 4th December 2020, Axis MF Research
– RBI Governor’s Speech
Status Quo
RBI Policy
Continue accommodative stance of monetary policy as long as necessary – at least through the current financial year and into the next year – to revive growth
“”
• India’s real and nominal GDP fell 7.5% and 4.0% YoY in 2QFY21.
• The fiscal deficit for April to October reached 120% of the budgeted amount for FY21.
Data as of 30th November 2020Source: CMIE, CLSA, Citi, Axis MF Research
The Worst is behind us Unemployment Rates Have Normalized
Q2 GDP – Recovery In Progress
4
0
5
10
15
20
25
30
Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20
Total Unemployment Rate Unemployment Rate: Urban
High Frequency Numbers Also Point to a sequential recovery
• Manufacturing PMI records expansion for fourth month even as it moderated to 56.3 in Nov from 58.9 in Oct.
• Power demand increased by 3.5%YoY in November, at a slower pace than October (12%YoY), partly due to festival-related holidays.
• GST collections for November has remained steady at Rs 1.05 lakh cr.
• Rail freight grew by 12.4%YoY in Nov vs 15% in Oct.
• E-way bills for Nov were up 7.3%YoY vs. 21% in Oct.
Data as of 30th November 2020
Source: Ministry of Power, GST Council, CEIC, Morgan Stanley Research, Axis MF Research
-35%
-25%
-15%
-5%
5%
15%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Fe
b-2
0
Ma
r-20
Apr-
20
Ma
y-2
0
Ju
n-2
0
Ju
l-2
0
Aug
-20
Sep
-20
Oct-
20
Nov-2
0
Exports GST Collections
Two Wheeler Sales Passenger Vehicles
Power Demand, RS Rail Freight, RS
Supply shocks push inflation above key threshold
Inflation – A Concern?
6
• CPI inflation for the month of October 2020 stood at 7.61%.
• Key drivers of inflation continue to remain essential commodities including food and diesel. Food inflation stood at 11.1%.
• Core inflation rose to 5.5%. The spike is driven primarily by supply shortages.
• RBI policy action has been factoring the spike in inflation.
• The belief however remains that a robust kharif crop and dissipating supply constraints should be sufficient to tame food inflation
Source: Bloomberg, Axis MF Research. Data as of 10th December 2020
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20
CPI Inflation above RBI Threshold
CPI Inflation Lower Band Higher Band
The Road to Recovery
Economy Snapshot
7
Indicators Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
CMIE Unemployment* 7.4% 23.8% 21.1% 20.2% 8.6% 8.2% 8.1% 5.8% 6.8% 7.5%
All Passenger Vehicles Registration, YoY% ** 15.6% 13.1% -95.0% -79.1% -31.7% -5.4% 19.8% 25% 8.6% 14.8%
E-Way Bills, YoY% 14.3% -25.6% -83.6% -53.0% -12.7% -7.3% -3.5% 9.6% 21.0% 7.3%
Congestion Levels*** -78% -79% -78% -68% -58% -46% -41% -35% -35%
Power Demand, YoY% ** 7.1% -8.9% -23.7% -16.7% -10.4% -2.7% -2.1% 4.6% 12% 3.5%
Credit Growth, YoY % 6.1% 6.1% 6.8% 6.2% 6.2% 5.7% 5.5% 5.1% 5.1% 5.7%
Rail Freight, YoY% 6.5% -13.9% -35.3% -21.3% -7.7% -4.6% 4% 16% 15% 12.4%
Fuel Consumption, (YoY%) 8.8% -20.3% -58.0% -32.4% -14.5% -14.8% -14% -1.3% 6.0% -1.1%
GST Collections (In Rs Lakh Cr) 1.05 0.98 0.32 0.62 0.91 0.87 0.86 0.95 1.05 1.05
GST Collections, YoY% 8.3% -8.4% -71.6% -38.2% -9.0% -14.4% -12.0% 3.4% 10.3% 1.5%
Manufacturing PMI 54.5 51.8 27.4 30.8 47.2 46.0 51.9 56.8 58.9 56.3
Two Wheelers Sales, YoY% -20% -49% -100% -82% -29% -7% 4% 13% 35% 15%
Passenger Vehicles Sales, YoY% -13% -54% -100% -89% -58% 0% 26% 37% 20% 9%
Services PMI 57.5 49.3 5.4 12.6 33.7 34.2 46 49.8 54.1
E-Way Bills (mn) 57.2 40.7 8.6 25.5 43.4 48.3 49.4 57.4 64.2
Fastags (mn) 110.1 84.6 10.3 55.2 81.9 86.6 96.8 110.1 122.4
Tractor Sales, YoY% 5% -38% -84% 1% 20% 36% 65% 28% 9%
Fertilizer Sales, YoY% 2.9% -11.8% -4.5% 7.5% 4.2% 6.9% 7.3% -0.4% 6.3%
Data as of 30th November 2020Source: GSTN, CEIC, Haver Analytics, CRISIL, Tom Tom, PPAC, Vaahan Vehicle Registration, Morgan Stanley Research, Axis MF ResearchNote:*: Month end value for CMIE Unemployment is taken.**: Monthly average value for PV Registration and Power Demand are calculated.***: Congestion Levels are the difference in peak hour congestion levels in 2020 from 2019. Fuel consumption data is from newsflow. E-Way Bills YoY% based on data till Nov 29.
Themes To Play
8
Short strategies have been the clear gainers till now
Retracing the Yield Curve Shift
9
5.99
6.39
6.796.99
7.71
3.623.80
4.51
5.35
6.53
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
3 Month 1 Year 3 Year 5 Year 10 Year
AAA Yield Curve - 31/10/2019 AAA Yield Cuve - 8/12/2020
Source: Bloomberg, Axis MF Research
258 bps
228 bps
163 bps
117 bps
237 bps
Liquidity Remains Significantly Surplus
10
Source: Bloomberg, Axis MF Research. Data as on 30th November 2020
-2
0
2
4
6
8
Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
In R
s L
akh
Cro
re
Surplus Banking Liquidity continues to keep transmission levels healthy
• While the RBI has cut rates, transmission continues to
take place with a lag
• Relative to the 3 Year space, spreads continue to remain
elevated on 10 Year AAA’s
• Compression in yields likely to remain a dominant theme
• Relatively, Bonds continue to trade at pre RBI cut levels.
• Fiscal risks make roll down corporate bond strategies
especially attractive
Attractive ‘Carry’ Play
Long Bonds
11
Source: Bloomberg, Axis MF ResearchData as of 30th November 2020
-50
0
50
100
150
200
250
Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20
3x10 Year Spreads remain historically high
• Compression theme evident on select AA names.
• Compression evident as fears of downgrades and
defaults recede.
• AA space make for an attractive accrual play for investors
with risk appetite
• Investors must remain vigilant and focus on portfolio
granularity and liquidity while identifying investment
opportunities
Short duration AA assets attractively valued
Credits – Time to Reconsider?
12
Source: Bloomberg, Axis MF Research, Data as on 10th December 2020
40
60
80
100
120
140
160
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20
3 Year AA’s trade ~100 bps above comparable AAA’s
Compression
has started
Spreads rose as weak
macro drives
downgrade/default risks
0%
5%
10%
15%
20%
25%
-1.0% -0.5% 0.0% 0.5% 1.0%
Perc
en
t o
f o
utc
om
es
Relative Performance
Return Profile of Credit Risk Funds
Market Event
Understanding Risk is Key to Managing Risk
Managing Credit Risk
13
Source: ACE MF, Axis MF Internal Research. Returns computed represent excess returns over High quality (AAA/AA+) portfolios. The period of research is June 2010 to July 2020. Excess returns are computed basis monthly rolling returns of all credit risk funds in the industry as of May 2020. Past performance may or may not be sustained in the future.
• Credits as an asset class have the potential to reward long
term investors consistently over long investment periods
• During normal markets, the credit risk category has
outperformed the short term category
• However, when things go wrong, the under performance
can be stark, as evidenced by the sharp kink in the left tail
• Key to managing a good credit portfolio is to avoid
mistakes
Normal Market
Conditions
Discipline is the key
Investing in Credits
14
Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets.
• Cautious at selecting sectors
• Diversifying the exposure to
manage potential risk
• Strict issuer/ rating limits
• Pure ‘carry’ play with buy and hold
approach
• No active duration call in lower
rated papers
• Look at credit exposure only
during favorable valuation
scenario
DiversificationCredit play different
from duration playValuation
Axis Strategic Bond Fund
15
• Historically, the fund as part of its investment mandate aims to invest 40-
60% in AAA bonds with overall portfolio duration target range of 3- 4
years.
• Given the heightened macro economic uncertainty the fund has pivoted
its exposure to higher rated securities (Sov/AAA) while keeping the
maturity profile unchanged.
• The portfolio design should help generate stable returns while bringing
down volatility relative to a longer duration fund. Currently, the fund has
duration of 3.3 years.
Portfolio Construct
Axis Strategic Bond Fund
16
As on 30th November 2020Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. Please refer to Scheme Information Document (SID) for detailed asset allocation and investment strategy.
We follow a clearly defined process targeting Risk
Approach to ‘Credits’
17
Well researched credit universe
• Based on Liquidity analysis, In-depth review of company financials and regular interactions with the management
Spread the exposure across sectors
• Very cautious at selecting sectors
• Diversifying the exposure to manage potential risk
Lower maturity credits
• Pure accrual play with buy and hold approach
• No active duration call in lower rated papers
Exposure Limits
• Strict internal limits at issuer level and rating level
Increased exposure to SOV/AAA amidst credit caution
Current Portfolio Strategy
18
Allocation & maturity is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. This should not be taken as an indication of thereturns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus. #HighRated Papers refers to instruments which are rated AAA/A1+ & equivalent or G-sec.
Rating 30th November 2020 Current Target*
Sovereign/ AAA & equivalent# 51% 50-60%
AA(+/-) 39% 40-50%
A(+/-) 3% 0-5%
Core book of Corporate Bonds
Expected Credit Quality*
51% : AAA/A1+
42% : Sub AAA
Medium term horizonInvests across rating
curve
Average Maturity in the range of
2-4 years
• Tight Duration Range (3 years)
• Stringent credit review
• Control credit risk through diversification and strict limits on issuer weighting based on rating
Risk Mitigation Framework
Risk Management
19
Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets.
Sector
• Controlled through diversification and stringent review of investable sectors;
• Regulatory limits on sector Exposure
Credit
• Focus on High Quality Issuer
• Investment universe based on credit research
Diversification
• Exposure to each issuer limited by its rating
Duration
• Strictly adhere to duration limits specified by the investment mandate & investment policy
Liquidity
• Liquidity/impact cost part of security selection/portfolio construction.
Optimize balance of credit quality, returns and liquidity
30th November 2020
Portfolio Facts
20
Data is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. Please refer to the factsheet / visit www.axismf.com for fullportfolio details of the scheme. $AAA & Equivalent includes AAA/A1+-rated papers.
Features Axis Strategic Bond Fund
Category Medium Duration Fund
Average Maturity 4.9 years
Macaulay
Duration 3.5 years
Modified Duration 3.3 years
YTM (%) 6.77%
Asset Mix
Corporate Bond 63.77%
Government Bond 19.91%
Pass Through Certificate 3.84%
Zero Coupon Bond 4.87%
Net Current Assets 7.61%
Rating Mix
Sovereign/ AAA & equivalent$: 50.51%
AA+: 8.89%
AA: 21.58%
AA-: 8.70%
A+: 2.70%
Net Current Assets: 7.61%
Maturity Buckets Axis Strategic Bond Fund
0-1 years 24.7%
1-3 years 19.3%
3-5 years 10.6%
Above 5 Years 45.4%
Highly Diversified Corporate Bond Portfolio With Tight Position Limits
Portfolio Granularity
21
Data is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets. Please refer to the factsheet / visit www.axismf.com for fullportfolio details of the scheme Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation.The fund manager(s) may or may not choose to hold the stock mentioned, from time to time.
Top 10 Non-AAA constitute 26% of the portfolio. Total non-AAA exposure is 39%
Top 10 Non- AAA exposures (30th November 2020)
Top 10 sub AAA holdings Rating Total
Punjab National Bank CRISIL AA+ 3.49%
PVR Limited CRISIL AA 2.89%
Pune Solapur Expressway Pvt Ltd (Backed by Tata Realty and
Infrastructure Limited)ICRA AA(CE) 2.49%
JK Cement Limited CARE AA 2.45%
Nuvoco Vistas Corporation Limited CRISIL AA 2.45%
Shriram Transport Finance Company Limited CRISIL AA+ 2.44%
IndoStar Capital Finance Limited CARE AA- 2.42%
Nirma Limited CRISIL AA- 2.39%
Tata Power Company Limited CRISIL AA 2.36%
Bank of Baroda CARE AA 2.30%
Key upgrades & downgrades in the portfolio since inception
Rating Changes
22
Source: ICRA, CRISIL. Past performance may or may not be sustained in future. Data as of 30th November 2020Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may not choose to hold the stock mentioned, from time to time.
Upgrades Downgrades
Edelweiss Commodities Limited (CRISIL AA- to CRISIL AA) Vodafone India (IND AAA to IND AA+)
IIFL Finance Limited (CRISIL AA- to CRISIL AA) Tata Power Company Limited (ICRA AA to ICRA AA-)
Hinduja Leyland Finance Limited (CARE A+ to CARE AA-) IDFC Bank Limited (IND AAA to IND AA+;other rating ICRA AAA)
Indiabulls Housing Finance Limited (CRISIL AA+ to CRISIL AAA) JK Lakshmi Cement (CARE AA to CARE AA-)
Solstice Trust (A to AA-) Hansdeep Industries & Trading (CARE AA (SO) to CARE AA- (SO))
Cholamandalam Investment & Finance (ICRA AA to ICRA AA+) Bharti Airtel (CRISIL AA+ to CRISIL AA)
Yes Bank Limited CARE AA+ to CARE AAA (other rating ICRA AA+) Dewan Housing (AA- to A)
Ess Kay Fincorp Limited CARE BBB+ to IND A (SO) PNB (AA- to A+)
Jubilant Life Sciences Limited CRISIL AA (earlier rated IND AA-) Syndicate Bank (AA- to A+)
SREI Equipment Finance Limited CARE AA- to CARE AA Edelweiss Rural and Corporate Services Limited (CARE AA- to CARE A+
Tata Capital & Tata Capital Housing : CRISIL AA+ to CRISIL AAA IDFC First Bank Limited (CARE AA+ to CARE AA)
Solstice Trust : ICRA A+ to ICRA AA-
Piramal Housing and Capital :ICRA AA to ICRA AA+
Aditya Birla Housing Finance :ICRA AA+ to ICRA AAA
Jubilant Life Sciences: IND AA- to IND AA
Subros Limited: ICRA A+ to ICRA AA-
Zenith Trust: A-(SO) to ICRA A(SO)
L & T Finance (AA+ to AAA)
NRB Bearings (AA- to AA-/Positive)
JSW Steel (AA- to AA)
Punjab National Bank (AT1 bonds rating CARE A+ to CARE AA-)
30th November 2020
Performance
23
Past performance may or may not be sustained in future. Since inception (28th March 2012). Different plans have different expense structure. Devang Shah is managing the scheme since 5th
November 2012 and he manages 20 schemes of Axis Mutual Fund. Dhaval Patel is managing 2 Schemes since 1st June 2018 of Axis Mutual Fund. Returns greater than 1 year are CompoundedAnnual Growth Rates (CAGR). Inception date of the fund 28th March 2012. Please refer to annexure for all schemes managed by the fund manager'
1 Year 3 Year 5 Year Since Inception
CAGR
(%)
Current Value
of investment of
Rs. 10,000
CAGR
(%)
Current Value
of investment
of Rs. 10,000
CAGR
(%)
Current Value
of investment
of Rs. 10,000
CAGR
(%)
Current Value
of investment
of Rs. 10,000
Axis Strategic Bond Fund - Regular
Plan - Growth10.22% 11,019 7.90% 12,556 8.61% 15,109 8.85% 20,871
NIFTY Medium Duration Debt Index
(Benchmark)12.46% 11,242 9.32% 13,057 9.08% 15,437 9.30% 21,619
NIFTY 10 yr Benchmark G-Sec
(Additional Benchmark)8.18% 10,816 7.48% 12,411 7.91% 14,627 7.86% 19,273
Annexures, Disclaimers & Risk Factors
24
Return of schemes managed by Dhaval Patel (Total Schemes Managed: 2 Scheme) (As on 30th November 2020)
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Axis Strategic Bond Fund - Regular Plan -
Growth
28-Mar-12
10.22% 11,019 7.90% 12,556 8.61% 15,109 8.85% 20,871
NIFTY Medium Duration Debt Index
(Benchmark)12.46% 11,242 9.32% 13,057 9.08% 15,437 9.30% 21,619
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)8.18% 10,816 7.48% 12,411 7.91% 14,627 7.86% 19,273
Axis Strategic Bond Fund - Direct Plan -
Growth
7-Jan-13
10.99% 11,096 8.64% 12,816 9.38% 15,654 9.50% 20,471
NIFTY Medium Duration Debt Index
(Benchmark)12.46% 11,242 9.32% 13,057 9.08% 15,437 9.01% 19,761
NIFTY 10 yr Benchmark G-Sec (Additional
Benchmark)8.18% 10,816 7.48% 12,411 7.91% 14,627 7.34% 17,491
Axis Credit Risk Fund - Regular Plan - Growth
15-Jul-14
8.11% 10,808 5.97% 11,895 6.95% 13,989 7.63% 15,977
NIFTY Credit Risk Bond Index (Benchmark) 10.86% 11,083 8.92% 12,916 9.04% 15,412 9.48% 17,817
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.37% 10,635 7.04% 12,260 7.05% 14,055 7.40% 15,759
Axis Credit Risk Fund - Direct Plan - Growth
15-Jul-14
9.28% 10,926 7.23% 12,326 8.27% 14,872 8.87% 17,189
NIFTY Credit Risk Bond Index (Benchmark) 10.86% 11,083 8.92% 12,916 9.04% 15,412 9.48% 17,817
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.37% 10,635 7.04% 12,260 7.05% 14,055 7.40% 15,759
SEBI Prescribed Performance Annexures
Annexure
25Refer slide 30 for disclaimer.
SEBI Prescribed Performance Annexures
Annexure
26Refer slide 30 for disclaimer.
Return of schemes managed by Devang Shah (Total Schemes Managed: 20 Scheme) (As on 30th November 2020)
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Top 3 Schemes
Axis Gold Fund - Regular Plan - Growth20-Oct-11
27.95% 12,787 17.88% 16,366 12.55% 18,051 4.62% 15,085
Domestic Price of Gold (Benchmark) 27.82% 12,774 17.36% 16,151 13.61% 18,918 5.63% 16,477
Axis Gold Fund - Direct Plan - Growth1-Jan-13
28.37% 12,828 18.33% 16,555 13.27% 18,637 4.52% 14,189
Domestic Price of Gold (Benchmark) 27.82% 12,774 17.36% 16,151 13.61% 18,918 4.94% 14,639
Axis Gold ETF10-Nov-10
26.66% 12,658 17.37% 16,152 12.25% 17,818 7.56% 20,806
Domestic Price of Gold (Benchmark) 27.82% 12,774 17.36% 16,151 13.61% 18,918 7.88% 21,440
Axis Gilt Fund - Regular Plan - Growth23-Jan-12
12.80% 11,277 9.52% 13,130 9.01% 15,390 8.01% 19,786
NIFTY All Duration G-Sec Index (Benchmark) 11.18% 11,115 9.72% 13,200 9.15% 15,490 8.45% 20,503
Axis Gilt Fund - Direct Plan - Growth1-Jan-13
13.36% 11,115 10.06% 13,324 9.56% 15,780 8.65% 19,273
NIFTY All Duration G-Sec Index (Benchmark) 11.18% 11,118 9.72% 13,200 9.15% 15,490 8.37% 18,886
SEBI Prescribed Performance Annexures
Annexure
27Refer slide 30 for disclaimer.
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Bottom 3 Schemes
Axis Money Market Fund - Regular Plan -
Growth
6-Aug-19
6.39% 10,637 NA NA NA NA 6.86% 10,910
NIFTY Money Market Index (Benchmark) 5.34% 10,532 NA NA NA NA 5.63% 10,745
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.37% 10,635 NA NA NA NA 6.71% 10,889
Axis Money Market Fund - Direct Plan -
Growth
6-Aug-19
6.54% 10,652 NA NA NA NA 7.02% 10,931
NIFTY Money Market Index (Benchmark) 5.34% 10,532 NA NA NA NA 5.63% 10,745
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.37% 10,635 NA NA NA NA 6.71% 10,889
Axis Liquid Fund - Regular Plan - Growth
9-Oct-09
4.47% 10,448 6.22% 11,986 6.62% 13,780 7.54% 22,500
NIFTY Liquid Index (Benchmark) 4.40% 10,441 6.10% 11,947 6.45% 13,673 7.47% 22,340
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.35% 10,637 7.03% 12,263 7.04% 14,059 6.88% 21,010
Axis Liquid Fund - Direct Plan - Growth
31-Dec-12
4.53% 10,454 6.28% 12,006 6.68% 13,824 7.52% 17,765
NIFTY Liquid Index (Benchmark) 4.40% 10,441 6.10% 11,947 6.45% 13,673 7.34% 17,521
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.35% 10,637 7.03% 12,263 7.04% 14,059 7.41% 17,612
SEBI Prescribed Performance Annexures
Annexure
28Refer slide 30 for disclaimer.
Fund NameDate of
inception
1 Year 3 Years@ 5 Years@@ Since Inception
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
CAGR
(%)
Current
Value of
Investment
of Rs. 10,000/-
Bottom 3 Schemes
Axis Liquid Fund - Retail Plan - Growth
1-Mar-10
3.99% 10,401 5.68% 11,805 6.06% 13,427 7.18% 21,080
NIFTY Liquid Index (Benchmark) 4.40% 10,441 6.10% 11,947 6.45% 13,673 7.62% 22,041
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.35% 10,637 7.03% 12,263 7.04% 14,059 7.00% 20,707
Axis Arbitrage Fund - Regular Plan - Growth
14-Aug-14
3.99% 10,397 5.41% 11,711 5.70% 13,191 6.06% 14,479
Nifty 50 Arbitrage Index (Benchmark) 2.36% 10,235 4.55% 11,427 4.90% 12,702 5.50% 14,008
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.37% 10,635 7.04% 12,260 7.05% 14,055 7.37% 15,646
Axis Arbitrage Fund - Direct Plan - Growth
14-Aug-14
4.75% 10,474 6.21% 11,978 6.53% 13,716 6.91% 15,224
Nifty 50 Arbitrage Index (Benchmark) 2.36% 10,235 4.55% 11,427 4.90% 12,702 5.50% 14,008
NIFTY 1 Year T-Bill Index (Additional
Benchmark)6.37% 10,635 7.04% 12,260 7.05% 14,055 7.37% 15,646
Past Performance may or may not be sustained in future.
@The performance data for 3 years & 5 years period has not been provided, since scheme is in existence for less than 3 years. @@The performance data for 5years period has not been provided, since scheme is in existence for less than 5 years.
Data As on 30th November 2020.
Calculations are based on Regular Plan - Growth Option NAV and Direct Plan – Growth Option NAV, as applicable. Face Value per unit : Rs. 1,000/- for AxisLiquid Fund, Axis Treasury Advantage Fund, Axis Money Market Fund, Axis Overnight Fund and Axis Banking & PSU Debt Fund, Rs. 1/- for Axis Gold ETF andRs. 10/- for all other schemes. Different plans have different expense structure. Face value is Rs. 10 per unit.
The above data excludes performance of Fixed Maturity Plans and all the schemes which have not completed a year. Top 3 and Bottom 3 schemes (based on 1year performance) managed by Devang Shah has been provided herein.
Devang Shah is managing Axis Liquid Fund, Axis Dynamic Bond Fund, Axis Gilt Fund , Axis Money Market Fund, Axis Strategic Bond Fund and Axis Short TermFund, Axis Credit Risk Fund and Axis Arbitrage Fund since inception and Axis Treasury Advantage Fund and Axis Regular Saver Fund (Debt portion), Axis GoldFund, Axis Gold ETF , all Axis Fixed Term Plans since 7th June, 2016 (since inception date for Axis Fixed Term Plans launched after 7th June, 2016) and AxisCorporate Debt Fund since 13th July 2017.
Dhaval Patel is managing Axis Strategic Bond Fund since 1st June 2018 and Axis Credit Risk Fund since 4th September 2020.
Performance disclaimer
29
Fund Name Riskometer Product Labelling
Axis Liquid Fund
(An open ended liquid scheme)
This product is suitable for investors who are seeking*
Regular income over short term
Investment in debt and money market instruments
Axis Money Market Fund
(An open ended debt scheme investing in money
market instruments)
This product is suitable for investors who are seeking*
Regular income over short term
Investment in money market instruments with
maturity up to one year
Product Labelling
30
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund Name Riskometer Product Labelling
Axis Strategic Bond Fund
(An open ended medium term debt scheme
investing in instruments such that the Macaulay
duration of the portfolio is between 3 years to 4
years)
This product is suitable for investors who are seeking*
• Optimal returns over medium term
• Investment in diversified portfolio of debt and money
market securities to generate optimal risk adjusted
returns while maintaining liquidity.
Axis Credit Risk Fund
(An open ended debt scheme predominantly
investing in AA and below rated corporate bonds
(excluding AA+ rated corporate bonds)
This product is suitable for investors who are seeking*:
• Stable returns in the short to medium term
• Investment in debt and money market instruments
across the yield curve and credit spectrum.
Axis Arbitrage Fund
(An open ended scheme investing in arbitrage
opportunities)
This product is suitable for investors who are seeking*
Income over short to medium term
Investment in arbitrage opportunities in the cash &
derivatives segment of the equity market
Axis Gilt Fund
(An open ended debt scheme investing in
government securities across maturity)
This product is suitable for investors who are seeking*
Credit risk free returns over medium to long term
Investment mainly in Government securities across
maturities
Product Labelling
31
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Fund Name Riskometer Product Labelling
Axis Gold Fund
(An open ended fund of fund scheme investing in
Axis Gold ETF)
This product is suitable for investors who are seeking*
• Capital Appreciation over medium to long term
• Invests predominantly in Axis Gold ETF in order to
generate returns similar to the underlying fund,
subject to tracking error
Axis Gold ETF
(An open ended scheme replicating/tracking
Domestic Price of Gold)
This product is suitable for investors who are seeking*
• Capital Appreciation over medium to long term
• Invests predominantly in gold in order to generate
returns similar to the performance of gold, subject to
tracking error
Product Labelling
32
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Data updated As on 30th November 2020
Past performance may or may not be sustained in the future. Sector(s) / Stock(s) / Issuer(s) mentioned above are for the purpose ofdisclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may or may notchoose to hold the stock mentioned, from time to time.
Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd.(liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (theAMC). Risk Factors: Axis Bank Limited is not liable or responsible for any loss or shortfall resulting from the operation of the scheme. Thisdocument represents the views of Axis Asset Management Co. Ltd. and must not be taken as the basis for an investment decision.Neither Axis Mutual Fund, Axis Mutual Fund Trustee Limited nor Axis Asset Management Company Limited, its Directors or associatesshall be liable for any damages including lost revenue or lost profits that may arise from the use of the information contained herein. Norepresentation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. TheAMC reserves the right to make modifications and alterations to this statement as may be required from time to time.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Statutory Details and Risk Factors
33
Thank You
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