Credit Risk Fund

Nippon India Credit Risk Fund (Number of Segregated Portfolios- 2)

Details as on March 31, 2022

Fund Details

Credit Risk Fund

Type of Scheme

An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds). Relatively High interest rate risk and Relatively High Credit Risk.

Current Investment Philosophy

The Fund focuses on maximizing accrual with increased allocation to AA- and below segment, while maintaining duration of 1.5 - 2.5 years. Core mandate is to generate returns through accrual, hence low duration profile. Emphasis is on credit risk diversification.

Date of Allotment

June 08, 2005

Fund Manager

Sushil Budhia

Benchmark

Nifty Credit Risk Bond Index till Mar 31, 2022
Nifty Credit Risk Bond Index C-III w.e.f Apr 01, 2022

Assets Under Management (AUM)

Fund Size	Main Portfolio	Segregated Portfolio 2
Monthly Average :	₹ 1,177.11 Cr	0.00 Cr.
Month End :	₹ 1,154.56 Cr	0.00 Cr.

NAV & Load Structure

NAV as on March 31, 2022

	Main Portfolio	Segregated Portfolio 2
Growth Plan	₹ 27.7612	₹ 0.0000
IDCW Plan	₹ 15.2291	₹ 0.0000
Quarterly IDCW Plan	₹ 12.7145	₹ 0.0000
Direct - Growth Plan	₹ 29.8369	₹ 0.0000
Direct - IDCW Plan	₹ 16.1545	₹ 0.0000
Direct - Quarterly IDCW Plan	₹ 13.2309	₹ 0.0000
Institutional - Growth Plan	₹ 28.8856	₹ 0.0000

Load structure

Entry Load:	Nil
Exit Load:	10% of the units allotted shall be redeemed without any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be subject to the following exit load. Redemption of units would be done on First in First out Basis (FIFO): • 1% if redeemed or switched out on or before completion of 12 months from the date of allotment of units. • Nil, if redeemed or switched out after completion of 12 months from the date of allotment of units. Not applicable for Segregated Portfolio
Segregated Portfolio 1 Vodafone Idea Limited was segregated from the scheme's portfolio due to some adverse developments and rating downgrade by CARE to BB- on Feb 17, 2020. An amount of 4.30% of total exposure realized on Sep 16, 2020. The annual coupon amounting Rs 6.98 cr received on Jan 27, 2021. Further entire due amount of Rs 93.78 Cr (Face Value + Accrued Interest) was received on January 27, 2022, subsequently all the units in this segregated portfolio were redeemed and the portfolio was closed, and the investors were duly paid in proportion to their holding. Segregated Portfolio 2 Yes Bank Limited has been segregated from the scheme’s portfolio due to rating downgrade by ICRA to “D” on March 6, 2020.

Ratios

Average Maturity

2.28 years

Modified Duration

1.87 years

Yield to Maturity

7.12%

Macaulay Duration

1.94 Years

Total Expense Ratio^

	Main	Segregated Portfolio 2
Regular/Other than Direct	1.66%	-
Direct	1.00%	-

Main Portfolio as on March 31, 2022

Company/Issuer	Rating	% of Assets
Commercial Paper		1.29
Trust Investment Advisors Private Limited	CARE A1+	1.29
Corporate Bond		65.08
JSW Steel Limited	CARE AA	4.94
Piramal Capital & Housing Finance Limited	ICRA AA	4.69
TATA Realty & Infrastructure Limited	ICRA AA	4.33
National Bank For Agriculture and Rural Development	ICRA AAA/CRISIL AAA	4.32
Greenlam Industries Limited	ICRA AA-	3.89
L&T Metro Rail (Hyderabad) Limited (Guarantee by L&T Ltd.)	ICRA AAA(CE)	3.78
U.P. Power Corporation Limited	CRISIL A+ (CE)/FITCH AA(CE)	3.78
Grasim Industries Limited	CRISIL AAA	3.14
Nirma Limited	CRISIL AA-	3.05
Power Finance Corporation Limited	CRISIL AAA	3.04
Prestige Projects Private Limited	ICRA A+(CE)	3.03
Hero Solar Energy Private Limited	CRISIL A+	3.02
India Shelter Finance Corporation Limited	ICRA A	3.02
Summit Digitel Infrastructure Private Limited	CRISIL AAA	2.99
Embassy Office Parks REIT (Blackstone group(Exposure to the NCDs issued by REIT))	CRISIL AAA	2.98
Ashoka Concessions Limited	CRISIL AA-(CE)	2.58
Godrej Industries Limited	CRISIL AA	2.18
Veritas Finance Private Limited	CARE A-	2.17
Indiabulls Infraestate Limited	BWR A+(CE)	1.85
SK Finance Limited	ICRA AA+ (CE)/CARE A+	1.30
Vivriti Capital Private Limited	ICRA AA+(CE)	0.57
TMF Holdings Limited	CRISIL AA-	0.41
Floating Rate Note		2.60
Vivriti Capital Private Limited	ICRA A-	2.60
Government Bond		12.71
Government of India	SOV	12.71
PTC		4.09
Innovation Trust XXX (Backed by Loan against property & Home Loan receivables)	CRISIL AAA(SO)	2.71
First Business Receivables Trust (Mukesh Ambani Group)	CRISIL AAA(SO)	1.38
Cash & Other Receivables		14.23
Grand Total		100.00
#Security defaulted beyond its maturity date as on 31st March 2022 (forming part of net current assets) are as follows : Avantha Realty Ltd ZCB Matured on 29/03/2019 - 1.00% 8.9% Reliance Home Finance Ltd Ser I Matured on 03/01/2020 - 4.42%
Segregated Portfolio 2 as on March 31, 2022
Company/Issuer	Rating	% of Assets
Corporate Bond		0.00
Yes Bank Limited BASEL III	ICRA D	0.00
Cash & Other Receivables		100.00
Grand Total		100.00

Rating Profile (Main Portfolio)

Asset Allocation (Main Portfolio)

IDCW History

Record Date	Rate (₹/ Unit)	Cum IDCW NAV	Ex-IDCW NAV
Quarterly IDCW Plan
21-Mar-22	0.1100	12.8251	12.7151
21-Dec-21	0.1417	12.8067	12.6650
21-Sep-21	0.2800	12.9335	12.6535
Direct - Quarterly IDCW Plan
21-Mar-22	0.1300	13.3594	13.2294
21-Dec-21	0.1646	13.3370	13.1724
21-Sep-21	0.2990	13.4558	13.1568

Past performance may or may not be sustained in future. Pursuant to IDCW payment, NAV falls to the extent of payout & statutory levy (if applicable). Face Value-₹ 10.

PRC Matrix

Product Label

This product is suitable for investors who are seeking*:
• Income over medium term.
• Investment predominantly in AA and below rated corporate bonds.

Fund Riskometer
Nippon India Credit Risk Fund
(Number of Segregated Portfolios- 2)

Benchmark Riskometer
Nifty Credit Risk Bond Index

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.