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Union Budget 2022

An economy on the heal path after the pandemic, a focus on energizing the catalysts forgrowth with an attendant fiscal constrain: The Union Budget of 2022 was presentedunder these backdrops and certainly it ticked all the right boxes!

Progressive Budget!

The budget has continued on the broad road map they have laid in past 2-3 years. Fiscalsupport to boost economy, productive spending over subsidies, thrust on AtmanirbharBharat using PLI, push for Infrastructure creation, Clean energy. Good growth in nominalGDP has cleared way for maintain fiscal deficit as a % of GDP despite the increase inabsolute size of fiscal deficit.


Infrastructure – Capex spend
  • Budget provides for higher spends for asset creation. Capital expenditure isplanned to increase 25% YoY. This is in continuation of trends of recent past ascentral govt's capex to GDP ratio has risen by 1.3% over the last three years.
  • Capex is mainly allocated towards creating transportation infrastructure, solarenergy, defence procurement and electric battery swapping. It also provides forprojects under Gati Shakti, river linking, Jal Jeevan mission etc.
Atmanirbhar Bharat – PLI support for manufacturing
  • Thrust for domestic manufacturing re-iterated with concessional income tax rate of 17% extended for new manufacturing unit being set up by another year to March 2022
  • Government committed to reduce import in defence sector with allocation of 68% of capital expenditure on defence sector to be earmarked for local industry
  • Private industry will be encouraged to take up the design and development ofmilitary platforms and equipment in collaboration with DRDO and otherorganizations through SPV model.
  • Import duties have been revised to support goal of Atmanirbhar Bharat,making domestic manufacturing more competitive especially where unutilised capacities exist.
Banks
  • Banks are expected to gain from increasing credit demand as economic growth picks up as well as need for financing capex cycle picks up.
  • Extension of ECLGS scheme by another year to support MSME
  • Digital rupee (Central Bank Digital Currency), to be issued in FY23. This could pave way for more transparent economy and improve tax compliance
  • Capital infusion for PSU banks insignificant, signalling government comfort on asset quality and capital of PSU banks.
Focus on clean energy and EVs
  • Announcement Battery swapping programme
  • Energy storage included in list of infrastructure
  • Funds will be used for projects aimed at reducing carbon intensity of the economy
  • Sovereign green bonds will be part of government’s borrowing programme in FY23
  • Rs 19,500 cr additional allocation for PLI for manufacturing high efficiency solar modules has been made
  • Higher duty on unblended fuels
Disinvestment target
  • Disinvestment target set for FY23 at Rs650bn (US$9bn) appears quite realistic with the risk on the upside especially if the divestment pipeline of FY22 actually materialises in FY23.
Taxation
  • No major changes to taxation structure
  • 30% Tax on trading in crypto currencies
What does an investor do in equity funds:
  • Valuations usually take a backseat when markets momentum is driven by liquidity. This relationship also holds true when there is lack of liquidity. At such times, asset allocation usually provides a good anchor to investment discipline.We believe it’s time now to focus on asset allocation, especially for those investors who have a shorter time-frame in mind. For investors with longer time-frame, staying invested remains the preferred strategy
  • Investors with lumpsum investments style could follow an asset allocation strategy (equity as a % of portfolio) to try and benefit from greed and fear phases. Alternately, the strategy could be to really stick to longer-term outlook rather than focussing on 1-2 years of potential market volatility. For investors with SIP strategy however, such phases are not so relevant as investor is still in the accumulation phase for wealth creation over 5-7 year period. SIP has proven to be a good alternative to avoid the behavioural traps during the extreme phases of markets. We maintain that investors use SIP as part of their core investment philosophy and use the lumpsum route during the extreme phases to top-up on their SIPs amid fearful times and high volatility
Record Borrowing To Spend Big To Spur Growth
The Budget math:
  • All budget math tends to be the proverbial Curate’s egg; partly good and partly bad. But this year budget math had its fair share of hits than misses. We look at both of them
The Good
  • The Finance Minister continues the commitment towards the glide path of reducing the fiscal deficit as the Fiscal deficit is projected to improve to 6.40%of GDP from 6.90 % of GDP in the current Financial Year
  • The revenue projection math looks achievable: The Government is projecting a modest tax revenue growth of 9.6% in FY23 over FY22RE. Direct taxes are expected to grow 13.6% y/y. Government projects Indirect taxes to grow at 5.6% following subdued excise led by recent excise cuts
  • Government’s moderate projection for FY23BE nominal GDP growth at 11.1% provide some headroom for fiscal deficit
  • Over the years the quality of expenditure has shown a remarkable improvement: Effective Capital Expenditure by Fiscal Deficit is expected to move from 23% in FY21 to 38% in FY22RE and 45% in FY23BE deciphering clean and productive spending which essentially implies that the incremental Government borrowing is funding investments / capital expenditure
  • Food & Fertilizer subsidy which stood at 6.7 trillion rupees is expected to recede to 4.27 trillion in FY22RE. Government is planning to further trim the aforementioned to 3.1 trillion in FY23.
  • Government’s dividend projections from RBI & other public enterprises look sattainable. Divestment target of 68,000 crores as well is accomplishable.
Outlook:
  • The Bond markets sold off following the increased borrowing program of the Central Government. We believe that the borrowing may surprise on the lower side as we go through the next fiscal year on account of increased tax revenue and potentially higher small savings collection. While there is further room for rates to rise, we think that the rate rise journey has travelled a long way, especially the benchmark 10 year GSec yield, with a larger movement possibly in the shorter end of the curve
What does an investor do in debt funds
  • We believe that the investors with a shorter time horizon of less than one year should continue investments in ultra-short term and low duration funds
  • Short term fund category may be suitable for investors looking to stay for atime horizon beyond one year with a lower risk volatility
  • For a long investment horizon and with a suitable risk appetite, a small allocation to Dynamic Bond fund merits attention
Equity Market Outlook

We present a summary of changes in key Indian & Global equity indices


 Nifty 50 Nifty Midcap 100 Nifty Small Cap 100 Dow Jone Indus. S&P 500 Index Nasdaq Composite
1 Mth Performance -0.1% -0.6% -1.5% -3.3% -5.3% -9.0%
1 Yr Performance 27.2% 44.8% 54.9% 17.2% 21.6% 8.9%

Source: Bloomberg; Data as on January 31st, 2022

Month-end picture of a broadly unchanged equity markets in India, hides the intra-month swings. The markets rallied in 1st half, gave up all gains sharply and then staged a comeback to close flattish for the month of January. The market actions continue to be dominated by selling pressure by foreign portfolio investors (FPIs). The pace of selling is quite unusual when looking at it against longer-term trends. The markets continue to see good participation by domestic investors (direct retail participation, as well as investor flows coming in through mutual funds). Sector-wise, Energy, Auto, Banks & Financials and Commodities outperformed markets while IT, FMCG and Pharma underperformed .

Globally, the news flow was dominated by the US Fed policy action as the spread of Omicron variant is diminishing. The US Fed announced its intent of monetary tightening via a combination of rate hike, taper as well as unwinding of past liquidity. The global markets, especially in US reacted negatively to Fed announcements with major indices reporting their highest monthly fall in last 18-24 months. With expectations of liquidity reversal, there is a change in outlook for many of the loss-making businesses, which were building a long time-frame for profitability. From a Growth vs Value debate, the market mood has also been shifting towards Value stocks as investment preference.

In India’s context, the overall economic activity has started improving as Omicron fears have receded and economic activities have resumed. Schools being opened by policymakers gives a good hope about policymakers’ confidence about managing Omicron. Vaccination got a revised focus with booster shot being introduced for vaccinated people and children between 15-18 age group now also eligible for vaccination. Globally also, vaccination has been seen as the solution to Covid variants

Economic survey presented during month, with key highlights being

  • GDP growth estimates at 9.2% and 8-8.5% for FY22 and FY23, respectively.
  • Growth led by capex and exports with vaccine coverage providing necessary support against Covid.
  • Well-capitalised banking system to support economic revival.
  • Energy prices-led imported inflation being an area of concern.
Looking Ahead

Globally, the monetary policy response to high inflation remains the key variables for financial markets. We have already seen a reasonable correction in January across markets and this may continue going by the commentary across financial market participants. Markets in short-term are usually driven by incremental liquidity, which was aplenty in CY21 with huge flows coming into equity funds globally. With US Fed now on path of reversal of monetary expansion, that incremental liquidity is likely to be an issue. Financial markets being closely-linked globally, any issue in global markets can have directionally a similar effect on Indian markets.

Over medium-term and long-term, however, it is economy and corporate earnings that drive markets as investors will look to spot better opportunities for growth. IMF in its January 2022 outlook update has estimated global growth at 4.4% with Indian economy likely to grow significantly better at 9%. The prospects for India to emerge as 3rd largest economy by 2030 remains on track based on demography, policy reforms, global trade opportunities for corporate India and a well-capitalised banking system. We expect corporate India to lead the economic growth by higher profit growth and re-investment thereof. Challenge to Indian markets is perhaps more on valuation front at present as market momentum is driven by liquidity and that liquidity is likely to get a reality check by monetary policy action by US Fed. We believe next 6 months may provide some clarity on this.

Asset allocation usually acts as a good anchor to investment discipline. We believe current environment needs focus on asset allocation, especially for those investors who have a shorter time-frame in mind. For investors with longer time frame, staying invested may be a preferred strategy.

Investors who prefer lumpsum investing could have an asset allocation strategy (equity as a percentage of portfolio) to try and benefit from greed and fear phases. Alternately, the strategy could be to really to stick to longer term outlook rather than focussing on 1-2 years of volatility. However, for investors with SIP investment strategy such phases are not so relevant as the investor is still in accumulation phase for wealth creation over the 5-7 years. SIP may be a good alternative to avoid the behavioural traps during the extreme phases of markets. We maintain that investors may use SIP as part of core investment philosophy and use the lumpsum route during the extreme phases to top-up on their SIPs when there is volatility amid fearful times






Scheme Strategy - Equity Schemes
  • Mahindra Manulife Multi Cap Badhat Yojana
  • Mahindra Manulife Mid Cap Unnati Yojana
    • This scheme among other things would aim to invest in companies that have a strong product line and leadership position in that sector and can take advantage of the India’s growth story. The portfolio will focus on mid-cap stocks apart from some exposure to small and large-cap stocks. The portfolio will have a mix of top-down and bottom-up approach to investing, depending on market conditions.
  • Mahindra Manulife ELSS Kar Bachat Yojana
    • The portfolio has allocation to stocks across market capitalization and may focus on companies that have the power to take advantage of the opportunities the economy offers. The stocks in the portfolio are likely to have a superior product line, manageable debt and leadership in their respective sectors.
  • Mahindra Manulife Rural Bharat and Consumption Yojana
    • The portfolio is a concentrated portfolio and aims to have a rural bias and look for opportunities in rural consumption, rural infrastructure and rural lending.
  • Mahindra Manulife Large Cap Pragati Yojana
    • The portfolio is a concentrated portfolio with a top-down approach would be adopted to identify sectors with potential across different periods based on emerging macro trends. In addition, a bottom-up stock selection would also be followed, to identify companies with good governance and strong leadership
  • Mahindra Manulife Top 250 Nivesh Yojana
    • The scheme focusses on investing in companies that have demonstrated strong leadership and sustained growth. The portfolio currently has around 45%,35% and 8% of net equity holdings in large, mid and small cap respectively.
  • Mahindra Manulife Focused Equity Yojana
    • The Scheme focuses on maintaining an appropriate diversified portfolio of companies with a medium term perspective. The Scheme follows a top down approach to select sectors and a bottom up approach to pick stocks across the sectors based on the quality of business model and quality of management. Quality of business model and quality of management will be assessed by evaluating past track record and/or future outlook. The selection of companies will be guided by a combination of one or more factors like:
      1. a) Growth opportunities.
      2. b) Cash flows generated and ability to finance the growth.
      3. c) Management quality to deliver the growth
Scheme Specific Strategies for Hybrid Schemes
  • Mahindra Manulife Equity Savings Dhan Sanchay Yojana

    Equity:

    • Portfolio composition would have preference for growth style of investing.
    • Bottom-up approach would be adopted to identify companies that have ability to scale up, gain market share and/or are present in sunrise/high growth sectors.


    Debt:

    • The Modified duration of the portfolio has decreased to 1.50 years for the debt portion.
    • The allocation at the moment has larger allocation towards short tenor quality credits but we intend to have an equal allocation between credits and gilts as we move ahead.
  • Mahindra Manulife Hybrid Equity Nivesh Yojana

    Equity:

    • Portfolio composition would have preference for growth style of investing.
    • Bottom-up approach would be adopted to identify companies that have ability to scale up, gain market share and/or are present in sunrise/high growth sectors.


    Debt:

    • The Modified duration of the portfolio is around 2.30 years for the debt portion.
    • We have now a larger allocation to gilts than credits and may maintain this stance in the near future.
What should an investor do?
For investments in equity oriented products:

  • Our view is that volatility may continue and SIP may be a good way to increase equity market allocations
  • Investors looking to invest for a medium to long period, can consider SIPs or STPs into focused, multicap or hybrid funds based on risk appetite.
  • Investors looking for a better return opportunity and with a suitable risk appetite, may consider part allocation in mid cap fund as well.
Bond And Money Market Outlook

We present a matrix detailing movement in few key market rates (domestic and global) and key events:

Parameters 31-Jan-22 31-Dec-21 31-Jan-21
RBI Repo Rate % 4.00 4.00 4.00
5Y AAA PSU % 6.35 6.05 5.59
1 year CD % 4.83 4.56 397
10Y Gsec % 6.68 6.45 5.91
CPI (%) 5.59 4.91 4.59
IIP (YoY) % 1.42 3.16 -1.63
US 10Y % 1.78 1.51 1.07
Dollar Rupee 74.62 74.34 72.95

Source: Bloomberg; Data as on January 31st, 2022

It was a difficult month for the debt markets with rates heading higher through the month. The benchmark 10 year treaded higher by around 25 bps through the month. Similar movements were witnessed in 1 and 5-year segments with the rates rising between 25-30 bps. The rate rise continued after the budget session as the Government borrowing was more than the street expectation. Further, as the budget had no mention on inclusion of domestic bond on the global indices and the related taxation, this added to the sell-off in the bond markets. The continued rise in rates was a combination of the US Fed normalizing its balance sheet, a continued rise in crude and high commodity prices and a continued entrenched domestic inflation. Also, the shorter-end of the curve has got anchored itself away from the reverse repo rate due to the Variable rate reverse repo auction (VRRR) by the RBI. The market views this as quasi reverse repo rate hikes.

Looking Ahead
  • As the MPC /RBI meets in February, the street will be looking for guidance on the stance of the policy in face of larger borrowing and the inflationary pressures. It will also be interesting how RBI views OMO or GSAP to assuage the fears of the bond market.
  • With its continued focus on increasing the amounts under Variable Reverse Repo rate auctions (VRRR), RBI is attempting to normalize the shorter end rates in a possibly non-disruptive fashion. Globally, several Central Bankers have started increasing the monetary policy rates. There are apprehensions on the street that inflation this time around may no longer be transient, but can be long drawn out complicating the monetary policy stance. The markets while having one eye on RBI moves may also be looking askance at the evolving inflationary dynamics globally..
  • We continue to remain apprehensive of a rate rise as we move through the year. The effect of a sustained input price inflation is feeding into the retail prices and a gradual normalization in the economy may eventually lead to the rate rise.
  • The possibility of a bear flattening of the yield curve exists with long-term rates rising lesser than short-term rates
  • We also believe that AAA credit spreads are very tight and the probability of spreads to increase in the near future remains a distinct possibility
  • Liquidity being gradually sterilized through VRRR, the extreme short-end of the yield curve may also remain under pressure.
  • The phenomenon of a persistent steep yield curve and a negative real interest rate regime may be a catalyst for a deleterious effect on all asset classes, and the probability of all central banks moving towards a calibrated normalization approach may dominate the movement of all asset classes in the future.
What should an investor do?

  • We believe that the investors with a shorter time horizon of less than one year may continue investments in ultra-short term and low duration funds
  • Short-term fund category may be suitable for investors looking to stay for a time horizon beyond one year with a lower risk volatility
  • For a medium to long term investment horizon and with a suitable risk appetite, a small allocation to Dynamic Bond fund merits attention
Scheme Strategy - Debt Schemes
  • Mahindra Manulife Low Duration Fund
    • The average maturity is around 220 days
    • The YTM of the portfolio is around 4.43%
    • With our view on Gsec offering better opportunities than Bonds, we may derive around 30% of our duration through Gsecs in this fund
    • We intend to keep duration at this level
      • Potential Risk Classification (PRC)
      Potential Risk Class Matrix
      Credit Risk Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
      Interest rate Risk
      Relatively Low (Class I) B-I
      Moderate (Class II)
      RelativelyHigh (Class III)
  • Mahindra Manulife Ultra Short Term Fund
    • The average maturity of the portfolio increased to around 96 days
    • We will maintain the maturity as we move ahead through the next month
    • The YTM of the portfolio is around 4.16%
    • With surplus liquidity conditions getting drained out, we will remain in the lower band of the scheme duration bucket
      • Potential Risk Classification (PRC)
      Potential Risk Class Matrix
      Credit Risk Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
      Interest rate Risk
      Relatively Low (Class I) B-I
      Moderate (Class II)
      Relatively High (Class III)
  • Mahindra Manulife Liquid Fund
    • We continue to maintain a healthy mix of certificate of deposits and commercial papers
    • We will attempt to ensure adequate liquidity, safety and accrual
      • Potential Risk Classification (PRC)
      Potential Risk Class Matrix
      Credit Risk Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
      Interest rate Risk
      Relatively Low (Class I) B-I
      Moderate (Class II)
      Relatively High (Class III)
  • Mahindra Manulife Dynamic Bond Yojana
    • The YTM of the portfolio is around 5.32%.
    • The Modified Duration of the portfolio (MD) decreased to around 3.24 years
    • We derive around 75% of our duration through our exposure to longer-dated gilts as we believe they offer a relatively higher margin of safety
      • Potential Risk Classification (PRC)
      Potential Risk Class Matrix
      Credit Risk Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
      Interest rate Risk
      Relatively Low (Class I)
      Moderate (Class II)
      Relatively High (Class III) B-III
  • Mahindra Manulife Short Term Fund
    • The YTM of the portfolio is around 5.20%
    • The Modified duration of the portfolio is around 1.58 years
    • Our portfolio continues to have a large allocation towards gilts, accounting for around 50% as we are wary of the spreads increasing in AAA credits
      • Potential Risk Classification (PRC)
      Potential Risk Class Matrix
      Credit Risk Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
      Interest rate Risk
      Relatively Low (Class I)
      Moderate (Class II) B-II
      Relatively High (Class III)
Scheme Name Product Suitability Scheme Riskometer Scheme Benchmark Benchmark Riskometers
Mahindra Manulife Multi Cap Badhat Yojana
(Multi Cap Fund - An open-ended equity scheme investing across large cap,mid cap, small cap stocks.)
This Product is suitable for investors who are seeking*:
  • Medium to Long term capital appreciation.
  • Investment predominantly in equity and equity related securities including derivatives.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 Nifty 500 Multicap 50:25:25 Index TRI
Mahindra Manulife Mid Cap Unnati Yojana
(Mid Cap Fund – An open ended equity scheme predominantly investing in mid cap stocks)
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation.
  • Investment predominantly in equity and equity related securities including derivatives of mid cap companies..
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 Nifty Midcap 150 TRI
Mahindra Manulife ELSS Kar Bachat Yojana
(An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation
  • Investment predominantly in equity and equity related securities.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 Nifty 500 TRI Index
Mahindra Manulife Rural Bharat and Consumption Yojana
(An open ended equity scheme following rural india theme)
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation
  • Investment predominantly in equity and equity related securities including derivatives of entities engaged in and/or expected to benefit from the growth in rural India
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 Nifty India Consumption Index TRI
Mahindra Manulife Large Cap Pragati Yojana:
(Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocks)
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation
  • Investment predominantly in equity and equity related securities including derivatives of large cap companies.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 Nifty 100 Index TRI
Mahindra Manulife Top 250 Nivesh Yojana
(Large & Mid Cap Fund- An open ended equity scheme investing in both large cap and mid cap stocks)
This Product is suitable for investors who are seeking*:
  • Long term wealth creation and income
  • Investment predominantly in equity and equity related securities of large and mid cap companies.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 Nifty LargeMidcap 250 Index TRI
Mahindra Manulife Focused Equity Yojana
(An open ended equity scheme investing in maximum 30 stocks across market caps (I.e Multi Cap))
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation
  • Investment in equity and equity related instruments 1in concentrated portfolio of maximum 30 stocks across market capitalziation
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very High risk
 NSE 500 Index TRI
Mahindra Manulife Equity Savings Dhan Sanchay Yojana
(An open ended scheme investing in equity, arbitrage and debt)
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation and generation of income
  • Investment in equity and equity related instruments, arbitrage opportunities and debt and money market instruments.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Moderately high risk
 Nifty Equity Savings Index TRI
Mahindra Manulife Hybrid Equity Nivesh Yojana
(An open ended hybrid scheme investing predominantly in equity and equity related instruments)
This Product is suitable for investors who are seeking*:
  • Long term capital appreciation and generation of income.
  • Investment in equity and equity related instruments and debt and money market instruments.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Very high risk
 CRISIL Hybrid 35+65 Aggressive Index
Mahindra Manulife Low Duration Fund
(An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the Portfolio is between 6 months and 12 months. A relatively low interest rate risk and moderate credit risk)
This Product is suitable for investors who are seeking*:
  • Regular Income over short term.
  • Investment in debt and money market instruments.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Moderate risk
 CRISIL Low Duration Debt Index
Mahindra Manulife Ultra Short Term Fund
(An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 to 6 months. A relatively low interest rate risk and moderate credit risk)
This Product is suitable for investors who are seeking*:
  • Regular Income over short term.
  • Investment in a portfolio of short term debt and money market instruments
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Moderate risk
 CRISIL Ultra Short Term Debt Index
Mahindra Manulife Liquid Fund
(An open ended liquid scheme. A relatively low interest rate risk and moderate credit risk)
This Product is suitable for investors who are seeking*:
  • Regular income over short term
  • Investment in money market and debt instruments
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Low to Moderate risk
 CRISIL Liquid Fund Index
Mahindra Manulife Dynamic Bond Yojana
(An open ended dynamic debt scheme investing across duration. A relatively high interest rate risk and moderate credit risk)
This Product is suitable for investors who are seeking*:
  • To generate regular returns and capital appreciation through active management of portfolio.
  • Investments in debt & money market instruments across duration.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Low to Moderate risk
 CRISIL Composite Bond Fund Index
Mahindra Manulife Short Term Fund
(An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 year and 3 years. A moderate interest rate risk and moderate credit risk)
This Product is suitable for investors who are seeking*:
  • Income over short to medium term
  • Investment in debt and money market instruments.
  • Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors understands that their principal will be at Moderate risk
 CRISIL Short Term Bond Fund Index
Disclaimer

The views expressed here in this material are for general information and reading purpose only and do not constitude any guidelines and recommendations on any course of action to be followed by the reader. No representation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any Financial product or instrument or mutual fund units for the reader. This material has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. While utmost care has been exercised while preparing this material, Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) (AMC) does not warrent the completeness or accuracy of the information and disclaimers all liabilities, losses and damages arising out of the use of this information. The data/statistics given in this material are to explain general market trends in the securities market, it should not be construed as any reasearch report/reasearch recommendation. Readers of this material should rely on information / data arising out o their own investigations and advised to seek independent professional advise and arrive at an informed decision before making any investments. Neither Mahindra Manulife Mutual Fund, the AMC nor Mahindra Manulife Trustee Private Limited (formerly known as Mahindra Trustee Company Private Limited), its directors or associates shall be liable for any damages that may arise from the use of the information contained herein.

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Cno.01188

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.