Portfolio Manager Maneesh Dangi heads the fixed income desk at Birla Sun Life Asset Management Company and is also the co-chief investment officer at the fund house. He has extensive experience in research and portfolio Management and has been managing this strategy since 2007.
Investment strategy
The fund's investment strategy is rooted in a combination of duration and credit calls. The ability to allocate between government securities and corporate bonds, take the right interest rate directional views and ensure thorough fundamental research on issuers - all constitute important aspects of this fund.
Dangi can go down the credit ladder when required and move aggressively between corporate bonds and government securities based on their relative spreads.
The strategy is well-defined and in line with the fund's investment proposition. The issuer selection process seems extremely detailed and based on a very well-defined set of processes. They rely on their internal ratings and processes as opposed to external credit rating agencies. The in-depth macro research and the presence of dedicated macro analysts also ensures thorough evaluation from a macro perspective.
We have conviction on the team's ability to evaluate credits, invest across different parts of the yield curve and evaluate spreads efficiently. The fixed income team could take structural, cyclical, or tactical views Given their focus on quality, analysts tend to evaluate the asset backing, corporate governance practices, financial standing of the issuer, liquidity and risk in detail.
Trailing returns
The fund has beaten the benchmark over one-year, three-year, five-year and 10-year periods.
Portfolio composition
Some of the companies the fund has invested in are Sugee Builders, Adilink Infra and Multi-trading, Indiabulls Housing Finance, RKN Retail and Clearing Corporation of India.
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