Reliance Nivesh Lakshya Fund: Fixed income investment for very long-term..!


Reliance Nivesh Lakshya Fund: Fixed income investment for very long-term..!

by Mr. Joydeep Sen, Wiseinvestor.in

When your investment horizon is very long, say 20 or 30 years, there is a case for higher allocation to equity. That apart, fixed income allocation also may be for the very long term, e.g., when allocation to equity is already done, or fixed income is the mandate.
How to do it? Let us look at the options that are safe, i.e., of good credit quality.

There are perpetual bonds available (non-Banks), but there the only way to encash it is to sell in the secondary market, which may be uncertain, and credit rating is less than AAA.

Tax-free PSU bonds where the longest maturity was 20 years when issued, are now less than 20 years as there are no fresh issuances over the last couple of years. Tax free bonds are issued by AAA rated PSUs. You can hold them till maturity, or sell them in the secondary market;

Public Provident Fund (PPF), which offers tax-free interest but has a limit of Rs. 1.5 lakh per year. PPF has a tenure of 15 years, extendable in blocks of five years. Liquidity is an issue, at least in the initial years of the scheme.

Apart from these, other safe fixed income avenues, like bank deposits, RBI taxable bonds or Post Office deposits are available, but these do not have that long a tenure.

Government securities..!

The other option is to buy government securities, which are available in long maturities, e.g., 30 years or more. G-Secs are the best credit, perceived to be better than AAA rated bonds.

However, there are certain practical limitations of buying G-Secs directly. The G-Secs market is wholesale, where trades happen in very large lot sizes, out of reach for the common investor.

The better option is to purchase it through the mutual fund route, where you can invest in any size, starting at Rs. 5,000. The option of a very long maturity G-Sec was not available so far, which is there now. Reliance Nivesh Lakshya Fund, which is available as an NFO from June 18-July 2, 2018 is an open ended debt fund where they will purchase very long maturity G-Secs, say, of 30-year maturity.

There are certain advantages of investing through the mutual fund route instead of buying G-Secs directly. Tax efficiency is one. When you buy a G-Sec yourself, the interest is taxable at your marginal slab rate, which is 30% for most investors. In debt mutual funds, growth option, for a holding period of more than 3 years, the taxation is at 20% after the benefit of indexation.

Indexation reduces your tax quantum significantly, hence the effective tax incidence is that much lower. Indexation is the benefit given by the government, while computing your long term capital gains (LTCG) tax, to account for inflation.

Moreover, it is cumbersome and costly for you to manage the fund management and operational aspects of investing in G-Secs directly.

In the fund mentioned above, the maturity of the portfolio will be rolled down. Let us say the fund manager purchases a G-Sec maturing in 2051, i.e., 33 years from now.

With every passing year, the remaining maturity of the instrument will become one year less. The advantage of maturity roll down is that the market risk in bonds comes down along with residual maturity, so that eventually the investor gets the return initially contracted.

Return expectation

Tax-free PSU bonds are available at yields of 6.25-6.5%, which is the tax-free return you will get if you hold till maturity. In PPF, you get a tax-exempt return of 7.6%, which is the best.

In the mutual fund mentioned above, assuming a return of more than 8% on the portfolio, net of fund recurring expenses and long term capital gains tax, a return of more than 7% may be expected.

About the author. 

Joydeep Sen is founder, wiseinvestor.in


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Herbalife Nutrition India Sets new GUINNESS WORLD RECORDS®

Herbalife Nutrition India Sets new GUINNESS WORLD RECORDS® 

Record for Most Participants in a Body Percussion Ensemble in Bengaluru


RHYTHMS OF UNITY is a unique concept created by Herbalife Nutrition to unite the family towards achieving their purpose in a fun and musical initiative to build a better tomorrow.

It showcased the activity with a total of 12,471 attendees and the record was achieved by11,256 participants

Hyderabad, June 28, 2018: Herbalife Nutrition, the global nutrition company, whose purpose is to make the world healthier and happier, created a new GUINNESS WORLD RECORDS® record for the most participants in a Body Percussion ensemble activity.

As a part of the event, Herbalife Nutrition and its Independent Associates set the new world record with 11,256 people achieving status of the Largest Body Percussion Ensemble, held at Bangalore International Exhibition Centre (BIEC) in Bengaluru.

The official GUINNESS WORLD RECORDS® adjudicator, Swapnil Dangarikar confirmed that Herbalife Nutrition had successfully created a new world record for the most participants in a body percussion activity in one location breaking the previous record of 7089 participants. The certificate was received by Richard P. Goudis, Chief Executive Officer of Herbalife Nutrition, along with Ajay Khanna, Vice President and Country Head, Herbalife Nutrition India at their Flagship Event the India Extravaganza held at Bengaluru.
L-R-Richard P. Goudis, Chief Executive Officer Herbalife Nutrition, Swapnil Dangarikar ,Adjudicator at Guinness World Records along with Ajay Khanna, Vice President and Country Head, Herbalife Nutrition India confirming GUINNESS WORLD RECORDS® record for the most participants in a Body Percussion ensemble activity in Bengaluru
Swapnil Dangarikar, who was present at the event in Bengaluru, said, “It was great to be there in person to see so many excited and enthusiastic people all taking part in creating music by stomping, clapping, snapping fingers among others. I was delighted to be able to confirm the record had been set and personally present the certificate to the company”.

“The Herbalife Nutrition family from across the country came together with one motto – to make the world healthier and happier. This is an incredible achievement for everyone at Herbalife Nutrition, as there are so many ways to be healthy and active & this was just one of our ways to support our purpose and have some fun,” said Ajay Khanna, Vice President and Country Head, Herbalife Nutrition India.


About Herbalife Nutrition:

Herbalife Nutrition is a global nutrition company whose purpose is to make the world healthier and happier. The Company has been on a mission for nutrition - changing people's lives with great nutrition products & programs - since 1980. Together with our Herbalife Nutrition independent associates, we are committed to providing solutions to the worldwide problems of poor nutrition and obesity, an aging population, sky-rocketing public healthcare costs and a rise in entrepreneurs of all ages. We offer high-quality, science-backed products, most of which are produced in Company-operated facilities, one-on-one coaching with an Herbalife Nutrition independent associate, and a supportive community approach that inspires customers to embrace a healthier, more active lifestyle.

Our targeted nutrition, weight-management, energy and fitness and personal care products are available exclusively to and through dedicated Herbalife Nutrition associates in more than 90 countries.

Through its corporate social responsibility efforts, Herbalife Nutrition supports the Herbalife Family Foundation (HFF) and its Casa Herbalife programs to help bring good nutrition to children in need. The Company is also proud to sponsor more than 190 world-class athletes, teams and events around the globe, including Cristiano Ronaldo, the LA Galaxy, and numerous Olympic teams.

The company has over 8,000 employees worldwide, and its shares are traded on the New York Stock Exchange (NYSE:HLF) with net sales of approximately US$4.5 billion in 2016. To learn more, visit Herbalife.com or IAmHerbalife.com.

The company also encourages investors to visit its investor relations website at ir.herbalife.com as financial and other information is updated and new information is posted.

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Sunil Subramaniam new MD of Sundaram Mutual


Mr. Sunil Subramaniam new MD of Sundaram Mutual

Sundaram Mutual has elevated Mr. Sunil Subramaniam, CEO, as Managing Director (MD) of Sundaram Asset Management Company with immediate effect. He succeeds Mr. Harsha Viji.

Mr. Subramaniam, (Age 57), was also inducted into the board of Sundaram Asset Management Singapore Pte Ltd.

He joined Sundaram AMC in September 2005. In his tenure spanning over twelve-and-a-half years, he has handled various roles such as Vice-President (Retail Distribution), Executive Director (Sales & Marketing), Director (Sales and Global Operations) and Deputy CEO.

Mr. Subramaniam has completed Master in Business Administration from The Open University Business School, London, and is an MSc graduate from IIT- Madras.

Mr. Sunil Subramaniam
new MD of Sundaram Mutual

He has 34 years of work experience in the financial services sector across MNC, public sector and private sector companies. He had worked with SBI, American Express Bank and Bank of America.

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CONSUMERS ASSOCIATION OF INDIA URGE TAMIL NADU TO STRICTLY IMPLEMENT THE TOBACCO CONTROL LAW



FOLLOWING UNDERCOVER EXPOSE; CONSUMER VOICE AND CONSUMERS ASSOCIATION OF INDIA URGE TAMIL NADU TO STRICTLY IMPLEMENT THE TOBACCO CONTROL LAW

Move comes after an UnderCover Investigation by Covai Post Revealed That Banned Tobacco Products Being Sold in Tamil Nadu

Tamil Nadu: In  the wake of a recent undercover investigation by Covai Post, which revealed that banned tobacco product gutka is still easily available inspite of ban in 2013.Consumer VOICE along with its state partner Consumers Association of India has written to Shri C.Vijaybhaskar, Minister  for Health and Family Welfare, Government of Tamilnadu, urging for strict implementation of tobacco control laws.

Some of the major revelations found during investigation:

1.    Gutka was freely available in every nook and corner in Coimbatore.Gutka was banned in Tamil nadu in 2013.
2.    This banned substance was available in several petty shops, also those near schools and hospitals as found in investigation.
3.    Found in most small shops in Coimbatore it seems that buying gutka is still as easy as buying any other commodity.

Copy of the investigation report can be found 
at




Recently Shri C.Vijaybhaskar, Hon’ble Minister Health and Family Welfare announced in the Assembly that there will be a ban on  e-cigarettes in  Tamilnadu. Consumer VOICE and Consumers  Association of India have welcomed this bold step to save precious lives from the menace of  tobacco.

According to Shri Ashim Sanyal, COO, Consumer VOICE New Delhi “Strict Implementation and strong steps like ban of e-cigarettes are crucial for tobacco control by government. We sincerely urge Government to ensure strict implementation to save precious lives from tobacco consumption in the state of Tamilnadu.

Mrs. Nirmala Desikan, Chairman  and Managing Trustee,  CAI  says that

"As per latest Global Adult Tobacco Survey 2 overall use of tobacco went up from 16.2 per cent in 2009-10 to 20.0 per cent in 2016-17 in Tamil Nadu.   Also tobacco smoking usage rose from 9.6 percent to 10.5 percent and smokeless tobacco usage went from 8.1 to 10.6 per cent. This is a serious issue and government needs to act on violations" 

Consumers Association of India(CAI) is a 17 year old Voluntary Consumer Organization headquartered at Chennai with members all over India.CAI has been nominated to serve on various committees on TRAI,DGCA,TNERC,TANGEDCO,MTC, FSSAI,Board of BIS,CCPC(Ministry of Consumer Affairs,GOI,New Delhi)etc where we represent consumers' interest.For  full details ,please visit our Web site  http://WWW.caiindia.org

Consumers Association of India in collaboration with Voluntary Organisation in Interest of Consumer Education (VOICE) is working on various social issues including tobacco control. VOICE is a Delhi based national level consumer organization, representing consumer interests in various policy making and regulatory agencies at national and international level since 1983. See details at: www.consumer-voice.org.

Nirmala Desikan
Chairman and Managing Trustee 
Consumers Association of India & The CONCERT Trust
32, Kohinoor Complex
Vettuvankeni, Chennai 600115
Ph:   044 24494575/77
Fax: 044 24492140
E-mail: cai.india1@gmail.com



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Top 5 investors in Indian Share Market..!


Investing in stocks requires a lot of research and knowledge about the market traits and changing economic conditions. You need to work smartly and understand market traits to receive a decent amount of return on your investments. 

Visit BankBazaar web site to know everything about NIFTY, NSE, top stock, etc. There are a couple of investors who have cracked the dynamics of stock market and have become successful over the years.

Let’s take a look at some of the top investors in India who have become rich with thanks to their smart investment strategies.

1.    Mr. Rakesh Jhunjhunwala: Popularly known as India’s Mr. Warren Buffett, Mr. Rakesh Jhunjhunwala is synonymous to the Indian stock market. He is one of the most successful stock market investors in India. According to Forbes, his net worth as on 25 June 2018 is $2.9 billion.
The 57 year old stock investor forayed in stock when he was in college and started investing with $100 in 1985. The first large income garnered by Mr. Jhunjhunwala was after he sold 5000 shares of Tata Tea that he had bought for Rs.43 per share and later sold them at Rs.143. He owns a private stock trading asset management firm Rare Enterprises.                                                              

 A qualified Chartered Account, Mr. Jhunjhunwala believes in the power of long-term investment. He believes that stock trading is based purely on price and trends. His knowledge and investment strategies has helped several investors earn good returns from stock. He has managed to prompt new as well as experienced investors with decent rewards from investments.

2.    Mr. Dolly Khanna:  Dolly Khanna is a renowned investor whose worth is valued at more than Rs.700 crore as of November 2017. The Chennai-based investor is married to Rajiv Khanna who invests in her name. Dolly Khanna’s portfolio includes companies like Rain Industries Ltd which has given more than 577% returns since in 2017. NOCIL Ltd., PPAP Automotive, RadicoKhaitan, Som Distilleries, IFB etc. are some of the other companies in her portfolio. As per a report from MoneyControl, over 80% of Dolly Khanna’s stocks resulted in positive returns. In last one year, eight of her stocks recorded an increase of 100%. The couple is stated to have a knack of spotting the right stocks that bound to rope in excellent returns. They have always believed in focusing on the momentum of the stock market. Khanna has been investing in the domestic stock market since 1996.

3.    Porinju Veliyath: Another well known investor in the Indian stock market is PorinjuVeliyath. The Kochi based investor owns a portfolio management firm called Equity Intelligence India Ltd. Popularly known as mid cap and small cap expert, Porinju’s stock portfolio includes companies like Force Motors, Biocon, GVK Power, Piramal Enterprises and many more. The 56 year-old investor a portfolio of more than Rs.1,200 crore. Porinju sticks by the strategy of selling the shares if he thinks they are overvalued. He strongly believes that analysing the fundamentals of company before investing is the key to good returns.

4.    Mr. Radhakishan Damani: With a net worth of more than $11.8 billion as on 25 June 2018, Radhakishan Damani is a veteran investor in India. He was named the 20th wealthiest Indian by the Bloomberg Billionaires Index in April 2017.                                                   In 2002, Damani started the business of supermarket chain D-Mart. He started IPO for D-Mart last year. Mr. Rakesh Jhunjhunwala considers him as a mentor. His portfolio includes companies like Century Textiles, Sterling Holiday Resorts, Gati, Blue Dart Express and others.

5.    Mr. Vijay Kedia: Mumbai-based investor Mr. Vijay Kedia has an experience of over 30 years of investing in the Indian stock market. His portfolio includes companies like ABC Bearings, Karnataka Bank, Sudarshan Chemical, Panasonic Energy India, Cera Sanitary, and others.

In 2017, Mr. Vijay Kedia's portfolio stocks rose up to 170%. He believes investors should look out for companies that have a good management and invest in that company for 10-15 years.                                                       He has often stated that an investor should have patience, knowledge, and courage before venturing into the world of stock market.

All of the aforementioned investors have been successful in the stock market as they have worked hard on gathering knowledge about the businesses and have done thorough research about the same.


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Reduction of trail commission: FIFA, FIAI to meet AMFI..!


Reduction of trail commission: FIFA, FIAI to meet AMFI..!

Foundation of Independent Financial Advisors (FIFA) & Financial Intermediaries Association of India (FIAI), an association of national distributors will meet AMFI soon on reduction of trail commission.
Mr. Dhruv Mehta, Chairman, FIFA told Cafemutual “We will request AMFI that the industry should share the impact of reduced cost equally among fund houses and distributors.”

Many mutual fund houses have reduced trail commission to the extent of 0.15% to 0.20% (15 to 20 bps) following rationalization of Total Expense Ratio (TER) SEBI.

Earlier, SEBI has revised the definition of top cities and beyond top cities for additional TER. It has also reduced expenses charged in lieu of exit to 0.05%. Both these changes have led to reduction in overall TER and trail commission.


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DSP BlackRock MF Manages assets in excess of Rs.1,10,000 crore with over 20 lakh individual investors…!

DSP BlackRock MF Manages assets in excess of Rs.1,10,000 crore with over 20 lakh individual investors…!


By DSP BlackRock MF

On the one hand, we have some encouraging demand-pickup trends seen through corporate results this quarter - with key trends including IT stocks seeing scaling up of digital projects; FMCG, discretionary companies highlighting improvement in consumer demand led by rural; cement stocks reporting better-than-expected realization trends and retail private banks seeing strong loan growth. However, on aggregate, a select set of companies (corporate banks, pharma) dragged down the overall numbers.

On the other hand, we have weak macro trends such as rising Current Account Deficit, oil prices, bond yields, inflation and a falling rupee.

The macro trends weren’t always bad though. Since PM Modi took over in 2014, a lower CAD, controlled fiscal deficit, low inflation, stable / appreciating INR among other factors helped the Sensex rally 50% and the small and mid-cap indices rally 110% in INR terms. However, the market in 2018 so far has been in a see-saw mode. 

The Sensex hit a peak of 36200 in Jan 2018, dropped 10% over the next two months, rallied 6-7% thereafter, and then corrected again. The small-cap and mid-cap indices are down 15-20% from their peaks, while individual stocks have fallen 30% or more in some cases.

On overall market valuations, if one compares the current valuations to 2007-08 peaks, markets valuations are certainly not outlandish on key metrics like 12m forward PE, 12m forward Price to Book, Market cap/GDP or Corporate profits to GDP. On a relative PB basis, large caps appear more attractive versus small and mid-caps and hence we advise investors to use SIPs as the means to investing in the small and mid-cap category.

As far as fixed income market is concerned, any increase in rates is a welcome for the savers.


Rate hikes indeed determine the trajectory of rates; and thankfully for savers this trajectory has shifted towards a hike. Rates on fixed income investments are determined by the demand and supply of money to fund growth. Post the structural changes of demonetisation and GST implementation, economic growth is gained momentum inducing higher demand for credit. Rise in credit induces higher demand for money from government as well as banks leading to higher yields (rates) on government securities as well as deposit rates. We expect the growth momentum to increase implying higher demand for money from government as well as banks.

To put things in perspective, credit growth in the economy is pegged at 13% whilst deposit growth at 8% implying higher demand for deposits to fund credit. Herein the saver stands to benefit from elevated rates especially in the current phase of interest cycle wherein the spread between the deposit rates and the inflation is relatively higher than in the past cycle of higher interest rates.

We remain underweight on bonds maintaining low duration across funds. We continue to recommend fixed income investments to be apportioned in close ended as well as open ended funds.

This not only helps to earn higher accruals (Fixed Maturity Plan) but allocations in open ended funds operating at lower duration profile stand to benefit from the roll down of the maturity.

The DSP Group recently bought out BlackRock’s 40% stake in DSP BlackRock Investment Managers Pvt. Ltd. 

The reason for this is that the DSP Group did not want to reduce its footprint in the asset management business. BlackRock’s approach is to have a global integrated technology and operating model and therefore they expressed a desire to have a controlling stake in the company.BlackRock respected the DSP Group’s 152 year old legacy and their desire to retain a controlling stake.

DSP BlackRock manages assets in excess of Rs.1,10,000 crore ($ 16.5 billion) across equity, fixed income and alternatives (as on 30th April 2018) with over 2 million individual investors.


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Equinomics: Interactive Session on "Market Outlook"- Chennai on 30 June 2018


Equinomics: Interactive Session on "Market Outlook"- Chennai

 Interactive Session on "Share Market Outlook" in Chennai on 30 June 2018, from 10:00 AM to 2:00 PM.

Large focus would be on answering the queries from the participants on Investment Strategies.

Limited seats are available and registration is compulsory and on first come first basis.

FEES:- *Rs.1000 (Free for Advisory Clients)

*Includes taxes & Lunch.



Click Here to Register - https://goo.gl/EVjTk5


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Patience Pays. Dividends Declared in Select Equity / Debt Schemes in HDFC MF


Patience Pays. Dividends Declared in Select Equity / Debt Schemes

HDFC Trustee Company Limited, the Trustee to HDFC Mutual Fund, has approved declaration of dividend under the Dividend Options of the Scheme(s) as under:



Name of the Scheme/ Plan/Option
Amount of Dividend
(  per unit) #
Individuals & HUF^
Others^
Face value
( per unit)
NAV as on June 18, 2018
( per unit)
Record Date *
Dividend Frequency~
Impact of Dividend Distribution on NAV (per unit)
HDFC Balanced Advantage Fund- Regular Plan- Dividend Option (Payout and Reinvestment) – (erstwhile HDFC Prudence Fund and HDFC Growth Fund)
0.310
10.00
30.597
Monday,
June 25,
2018
Monthly
0.350
HDFC Balanced Advantage Fund- Direct Plan – Dividend Option (Payout and Reinvestment) – (erstwhile HDFC Prudence Fund and HDFC Growth Fund)
31.860
HDFC Hybrid Equity Fund - Regular Plan - Dividend Option- (Payout and Reinvestment) – (erstwhile HDFC Balanced Fund and HDFC Premier Multi-Cap Fund)
0.320
12.725
Quarterly
0.361
HDFC Hybrid Equity Fund - Direct Plan – Dividend Option~ (Payout and Reinvestment) - (erstwhile HDFC Balanced Fund and HDFC Premier Multi-Cap Fund)
13.295
HDFC Equity Savings Fund – Regular Plan - Dividend Option (Payout and Reinvestment)
0.221
11.511
Quarterly
0.250
HDFC Equity Savings Fund – Direct Plan - Dividend Option (Payout and Reinvestment)
12.185
HDFC Hybrid Debt Fund - Regular Plan - Quarterly Dividend Option ( Erstwhile HDFC MF monthly income plan - LTP after merger of HDFC MF monthly income plan - STP therein)
0.2400
0.2222
14.2247
Quarterly
0.3332
HDFC Hybrid Debt Fund - Direct Plan - Quarterly Dividend Option ( Erstwhile HDFC MF monthly income plan - LTP after merger of HDFC MF monthly income plan - STP therein)
14.7306
HDFC Credit Risk Debt Fund - Regular Plan - Half Yearly Dividend Option – (Erstwhile HDFC corporate debt opportunities fund after merger of HDFC regular savings fund therein)
Distributable surplus, as reduced by applicable statutory levy
10.2759
Half Yearly
Distributable surplus
HDFC Credit Risk Debt Fund - Direct Plan - Half Yearly Dividend Option - (Erstwhile HDFC corporate debt opportunities fund after merger of HDFC regular savings fund therein)
10.4465
# The dividend will be subject to the availability of distributable surplus and may be lower, depending on the distributable surplus available on the Record Date.
~ Interim Dividend may be declared from time to time.

Pursuant to payment of dividend, the NAV of the Dividend Option(s) of the above Scheme(s) would fall to the extent of payout and statutory levy, if any.

Income distribution/Dividend will be paid to those Unit holders/Beneficial Owners whose names appear in the Register of Unit holders maintained by the Mutual Fund/ Statement of Beneficial Ownership maintained by the Depositories, as applicable, under the Dividend Option(s) of the Scheme(s) on the Record Date.

With regard to Unit holders of the Scheme(s) who have opted for Reinvestment facility under the Dividend Option(s), the dividend due will be reinvested by allotting Units for the Income distribution / Dividend amount at the prevailing ex-dividend NAV per Unit on the Record Date.

Intimation of any change of address / bank details should be immediately forwarded to the Investor Service Centres of the HDFC Mutual Fund (for units held in non-demat form) /Depository Participant (for units held in demat form).

MUTUAL FUND INVESTMENTS

 ARE SUBJECT TO MARKET RISKS,
READ ALL SCHEME RELATED 

DOCUMENTS CAREFULLY.
 


Name of Schemes
This product is suitable for investors who are seeking*
HDFC Balance advantage Fund (An open ended balanced advantage fund)
·         To generate long-term capital appreciation / income.
·         Investments in a mix of equity and debt instruments.
HDFC Hybrid Equity Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments)
·         To generate long-term capital appreciation / income.
·         Investments predominantly in equity & equity related instruments. The scheme will also invest in debt and money market instruments.
HDFC Equity Savings Fund ( An open ended scheme investing in equity, arbitrage and debt )
·         Capital appreciation while generating income over medium to long term.
·         Provide capital appreciation and income distribution to the investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments.
HDFC Hybrid Debt Fund (An open ended hybrid scheme investing predominantly in debt instruments
·         To generate long-term income / capital appreciation.
·         Investments primarily in debt securities, money market instruments and moderate exposure to equities.

Name of Schemes
This product is suitable for investors who are seeking*
HDFC Credit Risk Debt Fund (An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)
·         Income over short to medium term.
·         To generate income/capital appreciation by investing predominantly in AA and below rated corporate debt (excluding AA+ rated corporate bonds.)

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS,
READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
.


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