DHFL Pramerica Short Maturity has holdings in papers of ADAG, DHFL and Yes Bank group entities aggregating to 55% of the fund portfolio. Similarly, Aditya Birla Dynamic Bond and Aditya Birla SL Medium Term Plan have holdings in Essel and IL&FS entities totalling 16.7% and 22.01% of their corpus, respectively. While singular instances of rating downgrade in a debt fund do not impact the NAV much owing to diversified holdings, multiple downgrades have started to put pressure on fund NAVs.
Debt mutual funds' combined exposure, across IL&FS, Essel, Ys, ADAG & DHFL
Scheme | Number of troubled houses in portfolio | Holding % | Market value of holdings (Rs crore) | Total corpus (Rs crore) |
DHFL Pramerica Short Maturity | 3 | 54.99 | 165 | 300 |
Baroda Treasury Adv | 3 | 38.79 | 210 | 542 |
Tata Corp Bond | 2 | 28.21 | 52 | 184 |
Aditya Birla SL Medium Term | 2 | 22.01 | 1,728 | 8,093 |
IDBI Credit Risk | 2 | 19.35 | 18 | 94 |
Aditya Birla SL Dynamic Bond | 2 | 16.67 | 677 | 4,059 |
Reliance Strategic Debt | 3 | 16.25 | 909 | 5,593 |
DHFL Pramerica Credit Risk | 3 | 12.85 | 102 | 796 |
Reliance Credit Risk | 4 | 12.60 | 1,171 | 9,292 |
UTI Bond | 2 | 12.13 | 82 | 674 |
Source: Ace MF; Data compiled by ETIG Database