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DSP Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds). |
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Short duration with credit risk (max 35% in AAA)
Suitable for investors seeking credit exposure, potential to earn higher, tax-efficient returns than traditional time deposit of >=3 years
Saurabh Bhatia
Total work experience of 16 years.
Managing this Scheme sinceh March 2019.
Laukik Bagwe
Total work experience of 17 years.
Managing this Scheme since
July 2016
Credit Risk
May 13, 2003
50% of CRISIL Short Term Bond Fund
Index + 50% of CRISIL Composite Bond
Fund Index
(The benchmark assumes quarterly
rebalancing)
| Regular Plan | |
| Growth: | ₹ 28.3318 |
| Direct Plan | |
| Growth: | ₹ 29.5652 |
₹ 1,649 Cr
₹ 1,707 Cr
| Regular Plan : | 1.05% |
| Direct Plan : | 0.10% |
1.46 years
> 3years +
1,649
| Modified Duration | 1.22 years |
| Yield To Maturity | 8.08% |
Holding Period :
< 12 months: 1%~; >= 12 months: Nil
~If the units redeemed or switched
out are upto 10% of the units (the
limit) purchased or switched: Nil.
| Name of Instrument | Rating | % to Net Assets |
| DEBT INSTRUMENTS | ||
| BOND & NCD's | ||
| Listed / awaiting listing on the stock exchanges | ||
| ✔ Green Infra Wind Energy Limited | CRISIL AA | 9.10% |
| ✔ Oriental Nagpur Betul Highway Limited | CRISIL AAA | 7.92% |
| ✔ U.P. Power Corporation Limited | IND AA(SO) | 5.60% |
| ✔ Bank of Baroda | CARE AA | 5.55% |
| ✔ Export-Import Bank of India | ICRA AAA | 3.60% |
| ECL Finance Limited | ICRA AA- | 2.40% |
| NTPC Limited | CRISIL AAA | 2.09% |
| IDFC First Bank Limited | ICRA AA | 1.29% |
| NRB Bearing Limited | CRISIL AA- | 1.27% |
| Export-Import Bank of India | CRISIL AA+ | 1.15% |
| Vedanta Limited | CRISIL AA | 0.28% |
| REC Limited | CRISIL AAA | 0.11% |
| Bharti Airtel Limited | CRISIL AA | 0.01% |
| Total | 40.37% | |
| Unlisted | ||
| ✔ KKR India Financial Services Private Limited | CRISIL AA | 16.02% |
| ✔ Nayara Energy Limited | CARE AA | 12.79% |
| Sintex-BAPL Limited | BWR D | 1.73% |
| Total | 30.54% | |
| Securitised DEBT INSTRUMENTS | ||
| MFL Securitisation Trust - LII | CRISIL AAA(SO) | 0.50% |
| Total | 0.50% | |
| MONEY MARKET INSTRUMENTS | ||
| Certificate of Deposit | ||
| ✔ HDFC Bank Limited | CARE A1+ | 5.96% |
| ✔ Bank of Baroda | ICRA A1+ | 4.46% |
| ✔ Export-Import Bank of India | CRISIL A1+ | 2.42% |
| Total | 12.84% | |
| TREPS / Reverse Repo Investments / Corporate Debt Repo | 13.33% | |
| Total | 13.33% | |
| Cash & Cash Equivalent | ||
| Net Receivables/Payables | 2.42% | |
| Total | 2.42% | |
| GRAND TOTAL | 100.00% |
✔ Top Ten Holdings
DSP Credit Risk Fund erstwhile known as DSP Income Opportunities Fund
Notes: 1. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, IND, & BWR.
2. @security is below investment grade or default vide SEBI circular SEBI/HO/IMD/DF4/CIR/P/2019/102
dated September 24, 2019.
3. In case of below securities, DSP Mutual Fund has ignored prices provided by valuation agencies.
Disclosure vide circular no. SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22, 2019 & SEBI/HO/IMD/
DF4/CIR/P/2019/102 dated September 24,2019 for detailed rationale along with other details are
available at the below mentioned links
| Name of the securities | No of Instances | Links |
| 0% Sintex Bapl Limited NCD Series B 31122021 | 90 | https://www.dspim.com/docs/default-source/other-updates/sintex-bapl-limited.pdf?sfvrsn=2 |
| 0% Sintex Bapl Limited NCD Series C 31122022 | 90 | https://www.dspim.com/docs/default-source/other-updates/sintex-bapl-limited.pdf?sfvrsn=2 |
| 0% Sintex Bapl Limited NCD Series A 31122020 | 90 | https://www.dspim.com/docs/default-source/other-updates/sintex-bapl-limited.pdf?sfvrsn=2 |
| Il&Fs Energy Development Company Limited (Maturity Date : 28-Jun-2019) | 90 | https://www.dspim.com/docs/default-source/other-updates/il-amp-fs-energy-devlopment-company-limited.pdf?sfvrsn=2 |
| Il&Fs Energy Development Company Limited (Maturity Date : 07-Jun-2019) | 90 | https://www.dspim.com/docs/default-source/other-updates/il-amp-fs-energy-devlopment-company-limited.pdf?sfvrsn=2 |
| 6% Coffee Day Nat Resources 23Dec19 NCD | 19 | https://www.dspim.com/docs/default-source/other-updates/coffee-day-natural-resources-private-limited.pdf?sfvrsn=2 |
| Security | ISIN | Value of the security considered under net receivables (i.e. value recognized in NAV in absolute terms and as % to NAV) (Rs.in lakhs) | Total amount (including principal and interest) that is due to the scheme on that investment (Rs.in lakhs) | |
| 0% IL&Fs Transportation Networks Limited Ncd Series A 23032019 | INE975G08140 | 0.00 | 0.00% | 23,396.18 |
| 0% IL&Fs Energy Development Company Limited Ncd 07062019 | INE938L08049 | 0.00 | 0.00% | 13,861.96 |
| 0% IL&FS Energy Development Company Limited Ncd 28062019 | INE938L08056 | 0.00 | 0.00% | 10,645.02 |
| 9.10% Dewan Housing Finance Corporation Limited Ncd Series N7 Sr.4A 16082019 | INE202B07HQ0 | 160.92 | 0.10% | 654.60 |
| 6% Coffee Day Natural Resources Pvt Ltd Ncd 23122019 (P/C 24122017, Call 31102018 & 23062019) | INE634N07075 | 4,065.27 | 2.47% | 8,121.01 |
| Performance (CAGR Returns in %) | ||||
| 1 yr | 3 yr | 5 yr | SI | |
| SI - Since inception | 0.42 | 2.80 | 5.73 | 6.52 |
An Open ended income Scheme,
seeking to generate returns
commensurate with risk from a
portfolio constituted of money
market securities and/or debt
securities.
There is no assurance that the
investment objective of the
Scheme will be realized.
This Scheme is suitable for investors who are seeking*
• Income over a medium-term to long term investment horizon
• Investment predominantly in corporate bonds which are AA and below rated instruments
* Investors should consult their financial advisors if in doubt whether the product is suitable for them.